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.
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.