Best Interest Rate for Retirement Account
We share the latest news on the best interest rate for retirement account in 2014 in Singapore for our loyal Singapore Savings Account Rates readers.
We present best interest rate for Retirement Account rates to help you make your money work harder for you at Singapore Savings Account Rates in 2014.
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Singapore savings account rates for 2014 are presented for personal information. You should re-confirm bank rates before you invest your money based on these rates.
Best Interest Rate for Retirement Account (RA) Monies
New RA savings are invested in SSGS (Special Singapore Government Securities) which earn a fixed coupon equal to either the 12-month average yield of the 10YSGS plus 1% at the point of issuance, or 4% per annum, whichever is the higher, adjusted yearly.
Given the lower 10YSGS yield, new RA savings will earn a fixed coupon of 4% (floor rate).
The interest rate to be credited to the RA is the weighted average interest rate of the entire portfolio of these SSGS, and adjusted yearly in January.
The weighted average interest of the entire portfolio of these SSGS is 4% at the moment, so the interest rate payable to CPF members on their RA balances from 1 January 2014 to 31 December 2014 is 4% per annum, as announced on 13 December 2013.
Rates are subject to change without prior notice at discretion of the bank entity or finance company in 2014 and beyond. 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.
The Team