Dear readers, it was announced today that interest rates for Special and MediShield accounts will go up by 0.03% to 4.04% for final quarter of 2023.
This is definitely a good news for Singaporeans, many of whom, I believe are CPF members. The increase in CPF rates is also welcome as we have been facing increases in the costs of living. For example, just few days ago, it was announced that public transport fares will increase. I also learnt that postage rates are to increase too.
Let me summarize all you need to know about CPF interest rates for the final quarter of 2023, as below.
CPF Ordinary Account: 2.5% per annum
CPF MediShield Account: 4.04 % per annum
CPF Special Account: 4.04 % per annum
CPF Retirement Account: 4% per annum
HDB Housing Loan Concessionary Interest Rate: 2.6% per annum
For CPF members below 55 years old: an extra 1% on the first $60,000 of combined account balances will be earned, capped at $20,000 for the Ordinary Account. Extra interest received on the Ordinary Account will go into the CPF member’s Special Account or Retirement Account
For CPF members above 55 years old: an extra 2% on the first $30,000 of combined account balances (capped at $20,000 for the Ordinary Account), and an extra 1% on the next $30,000 of combined account balances will be earned. Extra interest received on the Ordinary Account will go into the CPF member’s Special Account or Retirement Account. The combined account balances will include the savings used for CPF LIFE if the member also participates in the CPF LIFE scheme.
I hope you find the above information useful.
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