Follow us on Telegram for the latest updates: https://t.me/mothershipsg
CPF members can expect the same interest rates for their various accounts from July 1 to Sep. 30, 2021.
The current interest rate floor is 2.5 per cent for Ordinary Account (OA), 4 per cent for Special Account (SA) and MediSave accounts (MA), and 4 per cent for Retirement Account (RA).
These remain unchanged.
Under 55
In a joint press release by CPF and HDB on May 28, they said that members below 55 years old will earn up to 5 per cent interest on the first S$60,000 of their combined CPF balances during this July to Sep. period.
For the third quarter of 2021, those below 55 will continue to earn interest rates of up to 3.5 per cent per annum on their OA monies, and up to 5 per cent per annum on their Special and MediSave accounts monies.
An extra 1 per cent interest on the first S$60,000 of their combined balances (capped at S$20,000 for OA), will continue to be paid.
55 and above
Those aged 55 and above will earn up to 6 per cent interest on the first S$30,000 of their combined CPF balances, and up to 5 per cent on the next S$30,000.
For those 55 and above, the government will also continue to pay an extra 2 per cent interest on the first S$30,000 of their combined balances (capped at S$20,000 for OA), and an extra 1 per cent on the next S$30,000.
Hence, members aged 55 and above will earn up to 6 per cent interest per year on their retirement balances.
The concessionary interest rate for HDB housing loans, pegged at 0.1 per cent above the OA interest rate, will remain unchanged at 2.6 per cent per annum from July 1 to Sep. 30, 2021.
These interest rates remain the same as the previous quarter.
Top photo via CPF, Gabriel Chin/Google Maps.