From October to December this year, CPF members will continue to earn interest rates of up to 3.5 per cent on their Ordinary account and up to 5 per cent on their Special and MediSave accounts.These rates include an extra 1 per cent paid on the first S$60,000 of a member's combined balances - part of the Government's efforts to enhance the retirement savings of CPF members, the authorities said.
Members aged 55 and above will earn another 1 per cent on the first S$30,000 of their combined balances - bringing their earnings to a total of up to 6 per cent on their retirement balances.Members above 55 years old who are part of the CPF LIFE scheme will still earn the extra interest on their combined balances, including the savings used for CPF LIFE.
The concessionary interest rate for HDB mortgage loans will remain at 2.6 per cent in the last quarter of 2019. This rate is pegged at 0.1 per cent above the Ordinary account interest rate, which will remain at the legislated minimum of 2.5 per cent - above the computed rate of 0.64 per cent.The interest rate for Special and MediSave accounts will remain at the legislated minimum of 4 per cent in the same period, above the computed rate of 3.24 per cent.
As previously announced, the Retirement account interest rate will remain at 4 per cent until the end of this year.
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