Hi, could anyone please share how the amount credited due to interest rate for savings account (JumpStart & SinglLife etc) is being calculated?

From the website:

https://singlife.com/manage/

How are the returns calculated

Returns are calculated daily and credited to your account value on a monthly basis.

The returns will be credited on the first day of the following policy month.

• So the interest will be credited on the date that you signed up, instead of calendar month. The Singlife does display the amount of interest earned during the month so you can easily compare.

JumpStart, assume balance = $21k.

For the first $20k, you will earn an interest rate of 2% per annum. Hence,

$20,000 x 2% = $400

For balance above $20k, you will earn an interest rate of 0.1% per annum. Hence,

$1,000 x 0.1% = $1

In any case, take note that this is the prevailing rate and is subjected to change by the bank.

For Singlife:

2.5% p.a. for your first S$10,000

1% p.a. for your next S$90,000

0% p.a. for account value above S$100,000

Calculation is same as first example. However, take note that the interest rate is non-guaranteed.

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