4% CPF SMRA Interest Rate Extended to 2010

4% CPF SMRA Interest Rate Extended to 2010

We note that the 4% CPF SMRA interest rate has been extended to the year 2010.

It was long held that the special 4% per annum minimum floor interest rate for CPF Special account, Medisave account and Retirement account would end by 31 December 2009.

We checked and confirmed that the 4% CPF SMRA interest rate has indeed been extended to 2010 when we looked through the CPF website here.

As quoted from CPF site on 11 Sep 2009:

"From 1 January 2008, savings in the Special Account, Medisave Account and Retirement Account (SMRA) is pegged to the 12-month average yield of the 10-year Singapore Government Securities (10YSGS) plus 1%. To help members adjust to the floating SMRA interest rate, a 4% floor for the SMRA rate will be maintained for the first three years (2008 - 2010).

In addition, an extra 1% of interest will be paid on the first $60,000 of a member's combined balances, with up to $20,000 from the OA. The extra interest from the OA will go into the member's Special or Retirement Account to improve his retirement savings.

Under the CPF Act, the Board pays interest at a minimum rate of 2.50% per annum. CPF interest is computed monthly and, compounded and credited annually."


Thanks for reading Singapore Savings Account Rates, where we bring you the latest and best Singapore savings account and CPF savings account rates.

The Team
Singapore Savings Account Rates.

Protect Your Savings Account 3

Protect Your Savings Account 3

In the third part of our 'Protect Your Savings Account' series, Singapore-savings-account-rates.blogspot.com will highlight another idea to help protect your hard-earned cash savings when deposited into a bank savings account.

Protect Your Savings Account(3)
Secure your PIN number. Keep it secret.

Keep your PIN number secret and confidential at all times

Never use the same Internet Banking PIN for other financial or non-financial web-based services such as for email, online shopping, digital identity and other online subscription services.

Do not choose a PIN that is easily guessed, like your telephone number, NRIC number, date of birth, User ID, or other associated data.

Do not use sequential numbers (eg. 123456) or the same number more than twice (eg. 121145).

Do not share or divulge your PIN to anyone.

You should memorise your PIN and not to write it down or store it in computer hard-disk, diskette, mobile phone or other insecure means.

Do not use your PIN when someone else can see you keying it in.

Before entering your User ID and PIN, you should always check that the site you are visiting is the correct, secure and official URL.

Change your PIN regularly.

Once you suspect that your PIN has been compromised, change your PIN immediately.

Simple measures like those mentioned above will go a long way to prevent someone from swiping the hard-earned contents of your bank savings account.

Do not just concentrate on getting the highest and best savings account interest rates in Singapore. How you take care of your savings account has a great impact on your likelihood of losing money. We hope these simple steps will protect your savings account and your hard-earned money.

Thanks for reading Singapore Savings Account Rates.