Your CPF savings earn a minimum risk-free interest of 2.5% guaranteed by the government. In 2010, savings in the Special, Medisave and Retirement Accounts will continue to earn a guaranteed minimum rate of 4%. In addition, the first $60,000 in your combined CPF balances, with up to $20,000 from your Ordinary Account, will earn an extra 1% interest.
Here are three easy tips to grow your CPF savings:
Leave your CPF savings in your accounts to earn the extra 1% interest
The first $60,000 of your combined CPF balances, with up to $20,000 from your Ordinary Account (OA), will earn an extra 1% interest. So, leave your money in your CPF accounts to enjoy this extra interest!
Transfer savings from your Ordinary Account (OA) to your Special Account (SA)
Transfer the savings from your OA to your SA for higher interest. However do note that this transfer is not reversible. You can transfer an amount up to the prevailing Minimum Sum (MS) of $155,000 in your SA.
Estimate the additional interest that you might earn if you perform the transfer.
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Top-Up the Special / Retirement Account for yourself and your loved ones
You can top up your Special (if you are below 55 years old) / Retirement Account (if you are aged 55 and above) to the prevailing Minimum Sum of $155,000 yourself using cash. Or ask your spouse, children, grandchildren and siblings to top up for you using cash or their CPF savings. (You can also top up for them.)
CPF members can enjoy these tax reliefs* for cash top-ups:· Up to $7,000 tax relief for top-up for yourself or from your employer;
· Up to another $7,000 tax relief for top-up for your siblings, spouse, parents and grandparents.
*Terms and conditions apply.