CPFB | Earning CPF interest

Overview

Interest on your CPF savings

To help boost retirement savings, the Government pays extra interest on the first $60,000 of your combined balances, which is capped at $20,000 for Ordinary Account (OA).

The extra interest earned on your OA savings will go into your Special Account (SA) or Retirement Account (RA) to enhance your retirement savings.

If you’re participating in the CPF LIFE scheme, you will still earn the extra interest on your combined CPF balances, including savings used for CPF LIFE.

Learn more about extra interest

Earn up to 6% or 5% per annum on your CPF savings*

Here are the interest rates your savings could earn across your CPF accounts.

*Based on the current 4% interest rate floor on Special, MediSave and Retirement Account monies. The interest rate for Special and MediSave Account is 4.04% per annum from 1 October 2023 to 31 December 2023.

Rate structure

How are CPF interest rates determined?

More about CPF interest rates

Ordinary Account interest rate

Interest rate from 1 October 2023 to 31 December 2023: 2.5% per annum

Reviewed quarterly, this rate is computed based on the 3-month average of major local banks' interest rates¹(subject to the legislated minimum interest of 2.5% per annum).

¹0.66% for the period from May 2023 to July 2023.

Special Account and MediSave Account interest rates

Interest rate from 1 October 2023 to 31 December 2023: 4.04% per annum

Reviewed quarterly, this rate is computed based on the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%² (subject to the current floor interest rate of 4% per annum³).

² 4.04% for the period from August 2022 to July 2023.

³ To help CPF members grow their savings, the Government will further extend the 4% floor rate for interest earned on all Special, MediSave and Retirement savings until 31 December 2024.

Retirement Account interest rate

Interest rate from 1 January 2023 to 31 December 2023: 4% per annum

Reviewed annually, this rate is computed based on the weighted average interest rate of all the investments that RA monies are put into. New savings credited to RA each year earn the 12-month average yield of 10YSGS plus 1%⁴ computed for the year (subject to the current floor interest rate of 4% per annum⁵).

⁴ 3.47% for the period from November 2021 to October 2022.

⁵ To help CPF members grow their savings, the Government will further extend the 4% floor rate for interest earned on all Special, MediSave and Retirement savings until 31 December 2024.

How are CPF savings invested?

Your CPF savings are invested in Special Singapore Government Securities (SSGS) which are guaranteed by the Government. SSGS are non-tradable bonds issued specifically to the CPF Board for the investment of CPF savings.

This ensures that CPF savings are safe, regardless of financial market conditions, and ensures that CPF Board will be able to pay the respective interest rates to you.

More details on MOF website