Strictly speaking, the funds in the Special Account (SA) should attract a higher interest rate of 4% only if the monies are locked-in for the long term. This is analogous to market practice, where fixed deposits which are locked-in for the long term attract higher interest rates than savings deposits which are withdrawable at any time.
Accordingly, the funds in members’ SA that are actually withdrawable at any time should not be earning the higher interest rate of 4%. As a concession, we currently allow the withdrawable funds to remain in SA, but will require any withdrawals to be taken from SA first before Ordinary Account (OA).
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