@trewq@lemm.ee to Almost anything regarding Singapore@lemmy.worldEnglish • 2 years agoInterest rate for CPF Special and MediSave accounts rises to 4.04% in Q4www.channelnewsasia.comexternal-linkmessage-square2fedilinkarrow-up15arrow-down10
arrow-up15arrow-down1external-linkInterest rate for CPF Special and MediSave accounts rises to 4.04% in Q4www.channelnewsasia.com@trewq@lemm.ee to Almost anything regarding Singapore@lemmy.worldEnglish • 2 years agomessage-square2fedilink
minus-square@Hi1307linkEnglish1•2 years agoSo you get the same rate as straight up buying SGD bonds, but instead with a 55yr-lifetime lock in period
minus-square@trewq@lemm.eeOPlinkfedilinkEnglish1•2 years agoFrom what i know cpf interest is compounded while ssb is simple one (i forgot the actual term, rate * invested amt). By right compunded interest give better result than simple one for the same rate over time. Source: https://www.cpf.gov.sg/member/faq/growing-your-savings/cpf-interest-rates/how-is-my-cpf-interest-computed-and-credited-into-my-accounts -> first paragrah: compounded annually. Using this calc https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator $1000 with 4% compounded interest gives you $3,243.40 1,000 with simple 4% rate gives you $2,200
So you get the same rate as straight up buying SGD bonds, but instead with a 55yr-lifetime lock in period
From what i know cpf interest is compounded while ssb is simple one (i forgot the actual term, rate * invested amt). By right compunded interest give better result than simple one for the same rate over time.
Source: https://www.cpf.gov.sg/member/faq/growing-your-savings/cpf-interest-rates/how-is-my-cpf-interest-computed-and-credited-into-my-accounts -> first paragrah: compounded annually.
Using this calc https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator $1000 with 4% compounded interest gives you $3,243.40 1,000 with simple 4% rate gives you $2,200