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Anonymous
I topped up $9500 after SCB announced the dip in interest rate and I only received $0.64 cents in interest from Singlife.
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Gabriel
07 Jun 2020
Undergraduate at National University of Singapore
Hey Anon, the interest is credited on a monthly basis to your Singlife account, depending on when you created your account, it is not based on calendar month as per banks.
For a more detailed explanation, interest is calculated on a daily basis but only will only be credited monthly. So if you opened the account on the 10th, the interest should be credited on the 10th next month too. Once it is credited, the amount of "$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.
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Assuming you opened on 1st June and credited on 1st June, interest will be in on 1st July.
The 0.64...
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OP, refer to the above screenshot. Interest will be calculated on daily basis, accumulated and reflected throughout the whole POLICY MONTH (NOT CALENDAR MONTH). It will not be credited to your account balance but instead displaying as separate amount. It will only be credited together with your account balance when the whole policy month has reached, and thereafter resetting the display counter for daily interest to be zero (0) to repeat the cycle while also updating the account balance to its new amount with addition of interest. Hope my post helps.