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Interest Rates<p> <strong>CPF Interest Rates (01 October 2020 to 31 December 2020)</strong><br></p><p>As a CPF member, you enjoy risk-free interest on your CPF savings. Please refer to the illustration below for the current CPF interest rates. </p><p> <img class="img-responsive" alt="CPF Interest Rates" src="/Assets/common/PublishingImages/CPFInterestRate.png" /> </p> <br> <p>To enhance the retirement savings of Singaporeans, the Government pays extra interest on the first $60,000 of your combined balances (capped at $20,000 for Ordinary Account (OA)). Please refer to the details on extra interest in the table below. </p> <span style="color:#444444;"></span> <table width="100%" class="ms-rteTable-default" cellspacing="0"><tbody><tr class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default" style="width:50%;"> <strong>​Age</strong></td><td class="ms-rteTableOddCol-default" style="width:50%;"> <strong>​Extra interest (capped at $20,000 for OA)</strong></td></tr><tr class="ms-rteTableOddRow-default"><td class="ms-rteTableEvenCol-default" rowspan="1" style="width:50%;">​<span style="color:#444444;">Below 55 years old</span></td><td class="ms-rteTableOddCol-default" rowspan="1" style="width:50%;">​1% per annum on the first $60,000</td></tr><tr class="ms-rteTableFooterRow-default"><td class="ms-rteTableFooterEvenCol-default" rowspan="1" style="width:50%;"> <span style="color:#444444;">55 years old and above​</span></td><td class="ms-rteTableFooterOddCol-default" rowspan="1" style="width:50%;"> <span style="color:#444444;">2% per annum on the first $30,000, 1% per annum on the next $30,000 <br> <br>This means that you earn up to 6% on your retirement savings. ​</span></td></tr></tbody></table> <br> <p>Extra interest earned on OA savings go into your Special Account (SA) or Retirement Account (RA) to enhance your retirement savings. If you are participating in the CPF LIFE scheme, the extra interest will still be earned on your combined balances, including the savings used for CPF LIFE.</p><p> </p><h4>Interest Rate for Ordinary Account</h4><p> <strong>Interest rate from 1 October 2020 to 31 December 2020:</strong> 2.5% per annum </p><p>The interest rate is computed based on the 3-month average of major local banks' interest rates<sup>1</sup>, subject to the legislated minimum interest of 2.5% per annum. The interest rate for OA is reviewed quarterly.</p><p>​</p><h4> Interest Rate for Special and MediSave Account​</h4><p> <strong>Interest rate from 1 October 2020 to 31 December 2020:</strong> 4% per annum</p><p>The interest rate is computed based on the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%<sup>2</sup>, subject to the current floor interest rate of 4% per annum<sup>3</sup>. The interest rate is reviewed quarterly.</p><p> </p><h4>Interest Rate for Retirement Account</h4><p> <strong>Interest rate from 1 January 2020 to 31 December 2020:</strong> 4% per annum</p><p>The interest rate is computed based on the weighted average interest rate of the entire invested portfolio. New savings credited to RA each year earn the 12-month average yield of 10YSGS plus 1%<sup>4</sup> computed for the year, subject to the current floor interest rate of 4% per annum<sup>3</sup>. The interest rate is reviewed annually.</p><p> </p><h4>How are CPF monies invested?</h4><p>CPF monies are invested in Special Singapore Government Securities (SSGS) which are guaranteed by the Government. This assures that CPF savings are safe, regardless of financial market conditions. The coupon rates which these SSGS earn for the CPF Board match the interest rates that CPF members receive. SSGS are non-tradable bonds issued specifically to CPF Board for the investment of CPF monies.</p><p> </p><h4>Additional Details</h4><p>Details on <a href="https://www.cpf.gov.sg/members/FAQ/schemes/Other-Matters/Others/FAQDetails?category=Other%20Matters&group=Others&folderid=13726&ajfaqid=2192040" target="_blank">extra interest</a> and <a href="https://www.cpf.gov.sg/members/FAQ/schemes/Other-Matters/Others/FAQDetails?category=Other%20Matters&group=Others&folderid=13726&ajfaqid=2192031" target="_blank">how CPF interest rates are computed</a> can be found in our FAQs.</p><p> </p><h4>Archive</h4><p> <a href="/Assets/common/Documents/InterestRate.pdf" target="_blank">CPF Interest Rat​es 1955 - 2020​</a> (PDF, 0.2MB)<br></p><p> </p><h4>Footnotes</h4><p> <span style="font-size:0.9em;"> <sup>1</sup> 0.57% for period between May 2020 to July 2020 </span></p><p> <span style="font-size:0.9em;"> <sup>2</sup> 2.43% for period between August 2019 to July 2020</span></p><p> <span style="font-size:0.9em;"> <sup>3</sup> In view of the continuing low interest rate environment, the Government has decided to further extend the 4% floor rate for interest earned on all Special, MediSave and Retirement monies until 31 December 2021. </span></p><p> <span style="font-size:0.9em;"> <sup>4</sup> 3.05% for period between November 2018 to October 2019</span></p>Interest RatesTrueFalseTrue

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