To capitalise on Singaporeans parking their OA savings outside of the CPF system for higher yield, OCBC announced last week that it will be offering fixed deposits for CPFOA savings at 3.4% p.a.įixed deposits were always an eligible product that CPF members can invest their OA savings. And with Singapore government treasury bills already yielding 4% in recent months, some Singaporeans including members of the DollarsAndSense editorial team have started investing their excess OA savings in these higher-yielding treasury bills. The base interest rate for our CPFOA is 2.5%, with the first $20,000 in our OA earning us an extra 1.0%. Our CPF Ordinary Account (CPFOA) forms a big part of our savings. Combining this with the fact that the stock market has been performing poorly since the start of 2022, it’s no surprise that Singaporeans are on the search for higher, safer returns. Higher interest rates mean better yield on the money that we lend. Since the start of the year, interest rates have been rising.
