How does Singlife account work since it is technically not a bank? How does it allocate you interest?

Hey Dex, the interest is credited on a monthly basis to your Singlife account, depending on when you created your account, it is not based on calendar month as per banks.

For a more detailed explanation, interest is calculated on a daily basis but only will only be credited monthly. So if you opened the account on the 10th, the interest should be credited on the 10th next month too. Once it is credited, the amount of "$xx.xx earned this month" will move and add on to "you have: $XX,XXX". The amount "earned this month" will then be reset to $0 and you can proceed to withdraw the credited interest.

Singlife is an insurance savings plan but it allows great flexibility, as you can choose to withdraw the money anytime you want. The money that you withdraw reflects quite quickly in your bank acc too.

The interest rate allocated is based on the amount that is inside your Singlife acc. In other words, your Singlife acc will reflect the amount you deposited + the money you earned from interest for the month. Just note that you need to have at least $500 in your Singlife acc to earn the non-guaranteed 2.5% interest rate :)