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CPF interest rates kept the same across all accounts; no change to HDB mortgage rate

CPF interest rates kept the same across all accounts; no change to HDB mortgage rate.

SINGAPORE - The interest rates for all Central Provident Fund (CPF) accounts will remain unchanged in the second quarter of this year, said the CPF Board and Housing Board (HDB) in a joint statement on Wednesday (Feb 20).

This means that the concessionary interest rate for HDB mortgage loans, which is pegged at 0.1 per cent above the CPF Ordinary Account (OA) interest rate, will also remain unchanged at 2.6 per cent yearly for that time period.

The Special and Medisave Account (SMA) interest rate will be maintained at 4 per cent a year from April 1 to June 30, while the Retirement Account (RA) interest rate will be kept at 4 per cent a year from Jan 1, 2019 to Dec 31, 2019.

The OA interest rate will be kept at 2.5 per cent a year.

This means that CPF members will continue to earn interest rates of up to 3.5 per cent yearly on their OA funds and up to 5 per cent yearly on their SMA.

For their RA funds, members will earn interest rates of up to 5 per cent a year in 2019.

To read more: https://www.straitstimes.com/singapore/cpf-interest-rates-kept-the-same-across-all-accounts-no-change-to-hdb-mortgage-rate

Adapted from The Straits Times 20 February 2018