Monies in the OA will earn an annual interest rate of 2.5% while the SA, RA and MA will earn CPF members an annual interest of 4.05% in the 2Q2024. The interest rate for the latter three accounts is pegged to the 12-month average yield of the 10-year Singapore government securities (10YSGS) plus 1%.
The Central Provident Fund (CPF) is a savings system established by the Singapore government that helps citizens with their housing, medical bills and retirement, in a nutshell.
CPF members will have three accounts — the Ordinary Account (OA) for retirement, housing, insurance and investment; Special Account (SA) for retirement and retirement-related financial products; Retirement Account (RA), where citizens aged 55 and above get to receive monthly payouts; and the Medisave Account (MA) that’s used for hospitalisation expenses and approved medical insurance.
