CPF Interest Rates Update: Ordinary Account (OA), Special Account (SA), Retirement Account (RA), and MediSave Account (MA)

CPF Interest Rates Update: Ordinary Account (OA), Special Account (SA), Retirement Account (RA), and MediSave Account (MA)
Table of Contents

Welcome to the comprehensive guide on CPF Interest Rates for 2023 and 2024. Whether you are just starting your investment journey in Singapore or you are a seasoned investor looking to optimize your savings, understanding the details of CPF (Central Provident Fund) rates will be  important. In this comprehensive article, we will be looking into the latest updates for interest rates associated with the Ordinary Account (OA), Special Account (SA), Retirement Account (RA), and MediSave Account (MA).

I wrote this article in 2023, however I updated all the figures in February 2024.

By the end of this guide, you will be equipped with the knowledge you need to make informed decisions about your CPF investments and savings strategies. Afterwards, you can explore further by clicking here to gain deeper insights into the various CPF investment schemes that are available. 


Interest Rates of Special and MediSave Accounts Increased in Q1 2024-Q4 2023

Special Account (SA) and MediSave Account (MA) are two automatically created components of  CPF accounts. The SA is primarily targeted towards old age and retirement-related financial needs, while the MA is dedicated to covering medical expenses and health insurance. Both these accounts play crucial roles in ensuring the financial well-being of individuals during their retirement and in times of healthcare needs.

The recent extension of the 4% interest rate floor for both Special and MediSave Accounts until December 31, 2024, represents a significant development for CPF account holders. This extension ensures that both SA and MA accounts will yield a minimum 4,08% annually, providing a robust and stable growth environment for these savings. Such a policy is instrumental in reinforcing the security and efficiency of long-term savings, particularly in times of economic uncertainty or fluctuating market conditions.

CPF Special and MediSave Account Interest Rates (Q1 2024)

Account Type Interest Rate
Special Account 4.08%
MediSave Account 4.08%

Source: www.cpf.gov.sg

CPF Special and MediSave Account Interest Rates (Q4 2023)

Account Type Interest Rate
Special Account 4.04%
MediSave Account 4.04%

Source: https://www.cpf.gov.sg

CPF Ordinary Account (OA) Interest Rate in 2023-2024

The CPF OA interestrate for Q4 2023 and Q1 2024 has been maintained at 2.5%. This rate, while lower than that of the SA and MA, still offers a steady and risk-free return for funds used primarily for housing, education, investment, and insurance purposes. The OA's versatility, combined with its stability, makes it a critical component of financial planning for many Singaporeans, offering a balance between accessibility and growth.

MediSave (MA) and Special (SA) Account CPF Interest Rate in 2023-2024

In Q4 2023, both the Special (SA) and MediSave (MA) Accounts offer 4.04%, and increasing to 4.08% returns in Q1 2024. This consistent rate across both accounts simplifies planning for retirement and healthcare needs. The SA's focus on long-term savings for retirement, coupled with the MA's emphasis on healthcare costs, underscores the CPF's multifaceted approach to financial security.

retirement account interest SG by Freepik.com

Retirement Account (RA) Interest in 2023-2024

For retirement planning, the RA rate remains a key factor. In 2023, the RA interest rate isset at 4%, aligning with the rates of the SA and MA. This has been increased to 4.08% in Q1 2024. This uniformity ensures that individuals nearing retirement can expect consistent growth in their retirement funds, providing a more predictable and stable financial future.

CPF RA Interest Rate (2024): 4.08%

CPF RA Interest Rate (2023): 4%


Singapore CPF Interest Rate Formula in 2024

The formula used for calculating CPF interest rates is tailored for each account type, reflecting their respective purposes. The OA's base of 2.5% caters to its more fluid role in financial planning, while the 4% base rate for the SA, MA, and RA reflects their emphasis on long-term growth and stability. This structured approach to interest rates underlines the CPF's commitment to catering to diverse financial needs and stages of life.

Account Type Interest Rate (Q1 2024) Review Frequency Calculation Basis Floor Interest Rate
Ordinary Account (OA) 2.5% per annum Quarterly 3-month average of local banks' rates 2.5% per annum
Special Account (SA) 4.08% per annum Quarterly 12-month average yield of 10YSGS* + 1% 4% per annum
MediSave Account (MA) 4.08% per annum Quarterly 12-month average yield of 10YSGS + 1% 4% per annum
Retirement Account (RA) 4.08% per annum Annually Weighted average of RA investments 4% per annum

*10-year Singapore Government Securities

Do you know that you can reduce your taxes with CPF? Read our article "How to Relief Your Income Tax Through CPF Top-Ups" and find out all the details.

SMA Floor Rates vs SMA Computed Rates:

SMA Floor Rates vs SMA Computed Rates
Sources: www.cpf.gov.sg

Extra Interest Rate

The additional interest rates offered based on account balance and age are a crucial aspect of the CPF system. They provide an incentive for account holders to build larger balances and reward long-term savings. These additional rates, up to 1%, are applied under specific conditions and can significantly enhance the growth of CPF savings over time.

Additional Extra Interest Rates (Based on Account Balance and Age)

Account Type Additional Interest Rate
Ordinary Account Up to 1%
Special Account Up to 1%
MediSave Account Up to 1%
Retirement Account Up to 1%

Additional Extra Interest Rate

For individuals aged 55 and above, there is an additional bonus of 1.0% applied to the first $30,000 of combined CPF balances. This bonus interest is in addition to the extra interest earned on the first $60,000 of combined CPF balances. It is important to note that the additional bonus rate is capped at $20,000 from the Ordinary Account.

How to Increase Your CPF Money

Increasing CPF savings is achievable through a combination of regular contributions, strategic monitoring of account balances, and informed investment decisions. By utilizing the CPF investment schemes and understanding the nuances of interest accrual in different accounts, individuals can optimize their CPF funds for maximum growth. This proactive approach to managing CPF accounts can lead to significant long-term financial benefits. To sum up, here are the steps that you can take to increase your CPF savings:

  • Leverage CPF Investment Schemes:

The Central Provident Fund (CPF) in Singapore offers various investment schemes, such as the CPF Investment Scheme (CPFIS), which allows you to invest your CPF savings in a range of instruments like shares, bonds, and unit trusts.

It is important to familiarise yourself with the details of these schemes, including eligibility criteria, the types of investments permitted, and the associated risks. Given the diversity of options, assess your own risk tolerance and long-term investment goals carefully. This will guide you in selecting the most suitable investments in Singapore that aligns with your financial objectives, enhancing the potential for higher returns on your CPF savings.

  • Understanding Interest Accrual:

Each account within the CPF – the Ordinary Account (OA), Special Account (SA), MediSave Account (MA), and Retirement Account (RA) – accrues interest at different rates, which are periodically reviewed by the CPF Board.

special account interest rate by Freepik.com

Gaining a clear understanding of how interest is calculated in each of these accounts will enable you to strategically allocate your funds across different accounts. For instance, the SA and RA typically offer higher interest rates, which could influence your decision to transfer funds from the OA to the SA for long-term growth, subject to the prevailing regulations and limits.

  • Set Financial Goals:

Establishing clear financial objectives for your CPF savings is vital. Your goals could range from securing a comfortable retirement, financing your children's education, to purchasing your first home using the CPF Ordinary Account. Having well-defined goals will not only motivate you to save more diligently but also assist in crafting a more targeted and effective investment strategy within the CPF framework. This approach ensures that your CPF savings are aligned with your specific life stages and financial needs.

  • Stay Informed:

The landscape of CPF policies and investment options are dynamic and subject to changes based on economic conditions and government policies. Therefore, it's crucial to stay informed about the latest developments in CPF regulations, interest rates, and available investment options. 

Regularly reviewing official CPF communications, attending financial planning seminars, and consulting with financial advisors can help you stay abreast of these changes. This proactive approach allows you to make timely adjustments to your savings and investment strategies, enabling you to capitalise on new opportunities and navigate the evolving financial landscape effectively.

CPF Interest Rate History

The historical analysis of CPF interest rates from 2018 to 2024 provides crucial insights into the trends and shifts in Singapore’s financial landscape. This history reflects the government's responsiveness to economic conditions, ensuring that CPF rates remain competitive and relevant. Understanding this evolution can guide individuals in making informed decisions regarding their long-term financial strategies.

CPF Interest Rate History(2018-2024):

Year OA Interest Rate SA Interest Rate MA Interest Rate RA Interest Rate
2018 3.50% 5% 5% 4%
2019 3.50% 5% 5% 4%
2020 3.50% 5% 5% 4%
2021 2.50% 4% 4% 4%
2022 2.50% 4% 4% 4%
2023 2.50% 4% 4% 4%
2024 2.50% 4.08% 4.08% 4.08%

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  1. www.cpf.gov.sg/member/faq/growing-your-savings/cpf-interest-rates/how-are-cpf-interest-rates-determined
  2. www.cpf.gov.sg/member/growing-your-savings/earning-higher-returns/earning-attractive-interest
  3. www.mof.gov.sg/policies/reserves/is-our-cpf-money-safe-can-the-government-pay-all-its-debt-obligations

*KILDE PTE LTD (“Kilde”) is incorporated in Singapore (registration no. 201929587K) is licenced and regulated by the Monetary Authority Singapore and holds a Capital Markets Services Licence (CMS101016) and an Exempted Financial Advisor License under the Financial Adviser Act. The information provided in this marketing material is intended for “accredited investors” and “institutional investors” (collectively “qualified persons”) only. This marketing material, and any information in this marketing material, or any documentation that Kilde provides in relation to this marketing material is provided without any representation or any kind of warranties whatsoever (whether express or implied by law).

This advertisement has not been reviewed by the Monetary Authority of Singapore.

The views expressed in this blog post are solely my personal opinions and do not constitute professional financial advice. I am simply sharing my opinions with no guarantee of accuracy or completeness. No reader should make decisions based solely on the contents of this blog post. Readers should consult their own financial advisor before making any investment decisions. Neither the author of this blog post, Kilde, nor its employees will be held liable for any financial losses or damages that may result from the use of the information contained herein. Investing contains risks, including total loss of capital. Past performance does not guarantee future returns. Please conduct your own research before investing.

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Oleg Kryukovskiy
The founder & co-CEO of KILDE
Radek Jezbera
Founder & co-CEO of KILDE, a regulated platform for alternative investments.
Aleksandra Yurchenko TEST
Aleksandra is managing investor relations at KILDE
Aleksandra Yurchenko
Aleksandra is managing investor relations at KILDE


How is the CPF interest rate determined?

It is set by the Singapore government, based on the returns of comparable investment instruments, ensuring competitiveness and stability.

What is the additional extra interest rate and who qualifies for it?

Additional interest of up to 1% is paid on the first $60,000 of a member's combined balances, with higher rates for older members.

Can I increase the interest rate on my CPF accounts?

While the base interest rate is fixed, earning additional interest is possible by maintaining higher balances and being eligible for extra interest rates for older members.

Are CPF interest rates guaranteed?

CPF interest rates are backed by the Singapore government, making them effectively guaranteed.

Why is the Special Account interest rate typically higher than that of the Ordinary Account (OA)?

This encourages long-term savings and provides greater financial security for account holders. The SA is specifically designed for retirement savings, and the higher interest rate reflects its purpose to grow these savings more substantially over time. The government's policy in setting these rates is aimed at balancing the need for immediate liquidity, as provided by the OA for housing and education, with the long-term goal of secure retirement savings in the SA.

What are the current CPF interest rates for 2024?

Ordinary Account (OA): 2.5% (unchanged from 2023). Special Account (SA): 4.08% (4% in 2023). MediSave Account (MA): 4.08% (4% in 2023). Retirement Account (RA): 4.08% (4% in 2023).

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