CPF Special, MediSave, and Retirement accounts' interest rate rises to 4.14% for Q4 2024

The government has also extended the 4% interest rate floor for these accounts for another year, valid from January 1 to December 31, 2025. “This extension of the floor rate will continue to provide CPF members with certainty on the returns of their CPF savings amidst the volatile interest rate environment,” the announcement stated. The interest rate for these accounts is tied to the average yield of 10-year Singapore Government Securities plus an additional 1%. Meanwhile, the Ordinary Account (OA) interest rate will remain unchanged at 2.5% for the upcoming quarter, as its pegged rate is below the floor rate. Additionally, the concessionary interest rate for HDB housing loans, set at 0.1% above the OA interest rate, will stay at 2.6%. To further bolster retirement savings, CPF members will continue to earn extra interest. Members below 55 years will receive an additional 1% on the first S$60,000 (approximately US$46,500) of their combined balances, capped at S$20,000 for the OA. For those aged 55 and above, the extra interest comprises 2% on the first S$30,000, capped at S$20,000 for the OA, and 1% on the subsequent S$30,000. Extra interest accrued on OA balances will be allocated to a member’s Special Account or Retirement Account. For members above 55 who join CPF LIFE, the additional interest applies to their combined CPF balances, including savings utilized for CPF LIFE.