With interest rates in Singapore rising, the interest rate for the Central Provident Fund (CPF) Ordinary Account (OA) – 2.5 per cent a year – is now lower than the interest rate for financial products such as fixed deposits, Treasury bills and the Singapore Savings Bonds (SSBs).

Perhaps CPF members should be allowed to use OA funds to buy SSBs, which are issued and fully backed by the Government, and can offer interest rates of 3 per cent or higher.

Giving Singaporeans more ways to use their CPF savings would help them fight inflation better, and save more in the long term.

Mark Chua Hsien-Min