SINGAPORE — Interest rates for the Central Provident Fund (CPF) Special and Medisave accounts will increase in the third quarter of this year to 4.01 per cent per annum, up from 4 per c
to 4.01 per cent per annum, up from 4 per cent — the first increase since 2008.
The formula consists of 80 per cent of the interest rates for 12-month fixed deposit accounts, and 20 per cent of the interest rates for savings accounts among DBS, OCBC and UOB banks. For the Retirement Account, the rate is computed based on the weighted average interest rate of all the investments that Retirement Account monies are put into, subjected to a floor rate of 4 per cent per annum.
The Fed has implemented 10 straight rate hikes over the past 14 months, pushing its benchmark interest rate to about 5.1 per cent, the highest in 16 years.Mr Timothy Ho, the managing editor and co-founder of personal finance website DollarsAndSense said that rates going up or reverting back to the base level would likely be based on US monetary policy.
The interest rate for HDB housing loans are pegged at 0.1 per cent above the Ordinary Account interest rate.
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