CPF Board Singapore: Current Interest Rates July 2008

CPF Board Singapore: Current Interest Rates July 2008

We checked the latest interest rates of the Central Provident Fund CPF Board for July 2008. The latest quote of CPF Board Singapore current interest rates July 2008 are here:

CPF Interest Rates (01 Jul 2008 to 30 Sep 2008)(reviewed quarterly)

• Ordinary account 2.50% p.a.
• Special, Medisave & Retirement accounts 4.00% p.a.

For CPF Board’s Ordinary Account (OA), interest rate is based on the 12-month fixed deposit and month-end savings rates of the major local banks.

Starting 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 Special Account, Medisave Account and Retirement Account SMRA interest rate, a 4% floor for the SMRA rate will be maintained for the first two years (from 1 January 2008 to 31 December 2009).

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 Ordinary Account OA.

The extra interest from the Ordinary Account OA will go into the member's Special or Retirement Account to improve his retirement savings.

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

Link to CPF Interest Rate File in PDF format:

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Tags: CPF, Central Provident Board, Current Interest Rates, Ordinary Account, Special Account, Medisave Account, Retirement Account.

Make Money With Best Bank Deposit Interest Rates

Make Money With Best Bank Deposit Interest Rates

If you are banking on a way to make money, the best and simplest way to make money is to choose the best bank with the highest un-fixed savings deposit interest rates in Singapore. Not-so-savvy investors who miss the woods for the trees often overlook this simple, easy yet logical method to make money.

With the hard earned money that you have made from your sweat and blood, do you put it in any bank un-fixed deposits savings account with average un-fixed bank deposit interest rates and then look out for investment opportunities elsewhere? Do you spend time and resources to check up on the best investments in the market to make money, only to see your cash earning miserable bank deposit interest rates while parked in a run-of-the-mill savings deposits account at the end of a week, a month, or even one or two years?

If you wish to keep your cash handy yet make money without locking into a fixed term like a fixed deposit account, a unit trust, a treasury bond or a Singapore blue-chip company, why not make more money by sourcing for the bank that will pay the highest bank deposit un-fixed interest rates for your hard earned cash savings in the meantime?

Average Singapore savings bank deposit interest rates now hover around 0.25% per annum on average in the last few years. We have found banks and financial institutions that can make money at 0.5% per annum or more interest rates on un-fixed sums as little as $5000 or less.

What this means is that by switching bank savings deposits account from one earning interest rates of 0.25% p.a. to another that earns 0.5% p.a. interest rates, you make money with a 100% ‘profit’ on your earned interest income. Add the effect of compounding and the gains would be even higher. If you have larger sums sitting in your bank savings deposits un-fixed account, you can potentially make more money and make more happiness with un-fixed bank deposits interest rates at 1.0% p.a. or even higher!

Choosing bank savings accounts for better interest rate payments to make money is a legitimate, safe and worry-free method: no worries about any lock-in period or fixed deposits tenures or fluctuating stock or property market conditions.

Here at Singapore Savings Account Rates blog, we provide you with simple un-fixed interest rates numbers. The latest and best bank deposits interest rates that we keep track will help you make money even as you hunt for better money making investments in the Singapore financial markets and around the world.

by Singapore Savings Account Rates