I am 55, can I transfer my Ordinary Account savings to my Special Account to earn a higher interest rate?
No, you will not be able to make CPF transfers to your Special Account (SA) after you turn 55. Instead, your transfers will be made to your Retirement Account (RA), which was created for your retirement needs.
Did you know? If you wish to earn higher interest on your Ordinary Account (OA) savings (which earns at least 2.5% interest* per annum) and boost your monthly payouts, you can make a CPF transfer to your RA (which earns at least 4% interest* per annum), up to the current Enhanced Retirement Sum. Do note that for CPF transfers to RA, your SA savings (if any) will be transferred first followed by your OA savings.
* Based on the current 4% interest rate floor on Ordinary and Retirement Account monies.
