CPF and HDB mortgage rates won't change

SINGAPORE- The Central Provident Fund (CPF) Ordinary Account interest rate and HDB mortgage rate will remain the same from Jan 1 to March 31 next year.

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Here is the full statement from the Central Provident Fund:

CPF INTEREST RATES FROM 1 JANUARY 2015 TO 31 MARCH 2015

 Up to 3.5 per cent per annum* on the Ordinary Account
 Up to 5 per cent per annum*on the Special and Medisave Accounts
 Up to 5 per cent per annum* on the Retirement Account from 1 January 2015 to 31 December 2015

Central Provident Fund (CPF) members will continue to earn interest rates of up to 3.5 per cent per annum on their Ordinary Account (OA) monies, and up to 5 per cent per annum on their Special and Medisave Accounts (SMA) monies in the first quarter of 2015. Retirement Account (RA) monies will earn up to 5 per cent per annum in the year 2015.

The above interest rates include an additional 1 per cent interest paid on the first $60,000 of a member's combined balances (with up to $20,000 from the OA), which is part of the Government's efforts to enhance the retirement savings of CPF members.

Interest Rate for Ordinary Account and HDB Mortgage Rate

The OA interest rate will be maintained at 2.5 per cent per annum from 1 January 2015 to 31 March 2015, as the computed rate of 0.21 per cent is lower than the legislated minimum interest rate.

Correspondingly, the concessionary interest rate for HDB mortgage loans, which is pegged at 0.1 per cent above the OA interest rate, will remain unchanged at 2.6 per cent per annum from 1 January 2015 to 31 March 2015.

Interest Rate for Special and Medisave Accounts

The SMA interest rate will be maintained at 4 per cent per annum from 1 January 2015 to 31 March 2015, as the computed rate of 3.4 per cent is lower than the current floor interest rate.

Interest Rate for Retirement Account

The RA interest rate will be maintained at 4 per cent per annum from 1 January 2015 to 31 December 2015.