**SINGAPORE:** Great news for CPF members! The interest rate for Central Provident Fund (CPF) Special, MediSave, and Retirement accounts has officially been bumped up to **4.14%** for the fourth quarter of 2024, a rise from the previous 4.08%. From October through December, your savings will now grow at this enhanced rate, as confirmed by a joint release from the CPF Board and Housing Board (HDB) on September 20th.

But that's not all! The government has taken a proactive step to ensure the sustainability of these savings by extending the **4% interest rate floor** for all these accounts for another year, from January 1 to December 31, 2025. This means CPF members can continue to enjoy a safeguard on their returns, even amidst the ever-fluctuating interest rate landscape.

The secret to this enticing interest rate? It's pegged to the average yield of **10-year Singapore Government Securities** plus an additional 1%.

In contrast, the interest rate for the Ordinary Account (OA) remains stagnant at **2.5%**, as it sits below this established floor. Likewise, the concessionary interest rate for HDB housing loans—set at 0.1% above the OA's interest rate—will maintain its steady state at **2.6%** throughout the same period.

In line with the government’s mission to bolster retirement savings, CPF members aged below 55 will receive an **extra 1% interest** on the first S$60,000 (approximately US$46,500) of their combined CPF balances, with a cap of S$20,000 applicable for the OA. Meanwhile, for members aged 55 and above, there's even better news: they'll earn an **extra 2% interest** on the first S$30,000 of their combined savings, capped at S$20,000 for the OA, along with an additional **1%** on the next S$30,000.

Now, here’s where it gets interesting! Any extra interest earned on OA balances will be deposited directly into a member’s Special Account or Retirement Account. If a member over 55 opts to join **CPF LIFE**, the extra interest accrued will also apply to their combined CPF balances, including those funds earmarked for CPF LIFE.

Stay tuned for more updates as you maximize your savings with these promising rates! Whether you're actively saving for retirement or simply looking to optimize your CPF accounts, there’s never been a better time to take charge of your financial future!