CPF is a goldmine not just for retirees but for savers as well

FOR retirees, the Central Provident Fund Board is a goldmine. Less well known is that savers too can also use the CPF like a bank to house their savings with peace of mind. CPF is safe as houses, actually safer - given the number of fires a year in homes (2,898 last year according to the Singapore Civil Defence Force.)

Singapore is one of the few countries, actually only nine, accorded the strongest credit rating of AAA by international credit rating agencies.

Critically, being safe does not mean measly interest rates on our CPF accounts - ordinary, special, medisave and retirement. In fact, the interest rates are amazingly good, much higher than those offered by local and foreign banks here.

The highest 12-month fixed deposit rates are still sub-2 per cent while the CPF interest rates range between 2.5 per cent and 6 per cent…