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How to make your CPF savings work harder
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OCBC is the only lender that offers a deal for people who want to open fixed deposit accounts with money in their OA.
ST PHOTO: ALPHONSUS CHERN
If you want to earn more interest from cash in the Ordinary Account (OA) of your Central Provident Fund (CPF), you do not have to hope for the official rate to go up – just head to the nearest OCBC Bank branch.
It is the only lender here that offers a special deal for people who want to open fixed deposit accounts with money in their OA. Its fixed deposit rate is higher than the 2.5 per cent the OA pays: OCBC offers 3.4 per cent for a full-year placement and 3.88 for eight months. The minimum CPF amount required is $20,000.
