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, MediSave and Retirement Account is 4.08% per annum from 1 January 2024 to 31 March 2024.

Rate structure

How are CPF interest rates determined?

More about CPF interest rates

Ordinary Account interest rate

Interest rate from 1 January 2024 to 31 March 2024: 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 August 2023 to October 2023.

Special Account and MediSave Account interest rates

Interest rate from 1 January 2024 to 31 March 2024: 4.08% 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 4.08% for the period from November 2022 to October 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 2024 to 31 March 2024: 4.08% per annum

Reviewed quarterly⁴, this rate is computed based on the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%⁵ (subject to the current floor interest rate of 4% per annum⁶).

⁴The Retirement Account (RA) interest rate peg will be aligned to that of the Special and MediSave Account and computed quarterly instead of annually from 1 January 2024. This change will allow the RA interest rate to be more responsive to the prevailing interest rate environment.

⁵4.08% for the period from November 2022 to October 2023.

⁶ 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