Updated: 07/11/2014 21:15

More transferring money from OA to SA to benefit from higher interest rates



More transferring money from OA to SA to benefit from higher interest rates

CPF members are transferring more of their savings from their Ordinary Account to the Special Account to benefit from higher interest rates. 

In response to queries from 938LIVE, the CPF Board says over the last three years, there has been a seven per cent increase in the number of transactions, and a 35 per cent increase in the amount transferred. 

Last year some 19,300 transfers were made, amounting to some $204 million.

Members below 55 can do so as long as the total savings in the Special Account does not exceed the current CPF Minimum Sum.

The CPF Board says voluntary cash or CPF top-ups into members' Special or Retirement Accounts or those of their loved ones are also rising. 

Over the last three years, the board says there has been a 58 per cent increase in the number of such top ups, and an 86 per cent increase in the amount. 

In 2013, there were close to 60,500 such transactions, amounting to more than $400 million.

Members who make cash top-ups benefit from tax reliefs of up to $14,000 per calendar year.

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