Singapore's Best 5% Savings Account Rates
In this post, we share our Little Red Dot's highest savings account rates of 5% per annum. For a savings account (NOT a fixed deposit), this 5% p.a. payout is too attractive for any Singaporean to miss.
So we present Singapore's Best 5% Savings Account rates to help you make your money work harder for you at Singapore Savings Account Rates in 2014.
Singapore's Best 5% Savings account rates for 2014 are presented for personal information. You should re-confirm interest rates before you invest your money based on these rates.
Singapore's Best 5% Savings Account Rates Details:
The 'Bank' : CPF (Central Provident Fund) Board
The Rate : 5% p.a.
CPF Interest Rates (01 Jul 2014 to 30 Sep 2014)
Ordinary Account =2.50% p.a.
Special & Medisave Accounts =4.00% p.a.
CPF Interest Rates (01 Jan 2014 to 31 Dec 2014)
Retirement Account =4.00% p.a.
Additional Interest of 1%
As part of the government’s efforts to enhance the retirement savings of CPF members, an additional 1% per annum will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the OA.
This works out to be 3.5% per annum earned on the first $20,000 in a member’s OA, and 5% per annum earned on the first $40,000 (up to $60,000 if no OA savings) in a member’s SMA and Retirement Account (RA).
The additional interest received on the OA will go into the member’s Special Account (SA) or RA to enhance his retirement savings. If a member is above 55 years old and participates in the CPF LIFE scheme, the additional 1% per annum interest will still be earned on his combined balances, which includes the savings used for CPF LIFE.
Singapore's Best 5% Savings Account rates are subject to change without prior notice. You should assess the suitability of these financial products based on your personal financial investment objectives.
Keep reading Singapore Savings Account Rates, for new information on financial savings accounts in Singapore.