CPF interest 2017

[OngHuatHuat]

CPF interest 2017 is in.

Last year didn't really do a lot of top up, manage to get 7000 sgd interest from both SA and MA. Feel good!

 

[The_Davis]

that is inclusive of compulsory contributions?

 

[OngHuatHuat]

I am self employed(occasionally unemployed) so that was the interest credited.

that is inclusive of compulsory contributions?

 

[RoLanTo]

hmm.. how come interest of MA never shoot back into MA, it flows to SA. in the end, my MA still 52000 never meet this year cap automatically

 

[sandwicher]

hmm.. how come interest of MA never shoot back into MA, it flows to SA. in the end, my MA still 52000 never meet this year cap automatically

Because interest awarded on 31 December while the new cap is 1 January?

 

[kehyi4]

hmm.. how come interest of MA never shoot back into MA, it flows to SA. in the end, my MA still 52000 never meet this year cap automatically

Because interest earned last year (2017) belongs to last year, so last year's BHS applies

 

[RoLanTo]

thanks all for answering my query
cheers

 

[tmkedmw]

hmm.. how come interest of MA never shoot back into MA, it flows to SA. in the end, my MA still 52000 never meet this year cap automatically

your end Dec MA + interest from MA exceeds $52k (2017 limit). The overflow amount will go to SA. If your SA already met FRS, then the overflow amount will go to your OA.

 

[cal3135]

Was about to ask, thanks. Indeed MA int went to OA iso SA.
Will consider if move this overflow back to SA.
Should I?

your end Dec MA + interest from MA exceeds $52k (2017 limit). The overflow amount will go to SA. If your SA already met FRS, then the overflow amount will go to your OA.

 

[hwarzoner]

2018 MA limit will be 54500.

 

[linusz]

2018 MA limit will be 54500.

Can we top up to new ma limit to get tax savings? Ha

 

[BBCWatcher]

Can we top up to new ma limit to get tax savings?

Yes, you can, up to the Basic Healthcare Sum ($54,500 in 2018), and as long as your voluntary Medisave top-up fits within the CPF Annual Limit of $37,740.

 

[kehyi4]

Was about to ask, thanks. Indeed MA int went to OA iso SA.
Will consider if move this overflow back to SA.
Should I?

If your MA overflow to OA, that means you already have FRS or more in your SA. You won't be able to top up your SA anymore

 

[henrylbh]

Yes interest already credited to my accounts.

I just logged in into 'My Statement - Transaction History' and noted

31 Dec 2017 interest was credited
2 Jan 2018 housing loan deduction
3 Jan 2018 transfer out of excess MA

So on paper, my MA on 1 and 2 Jan exceeded BHS

Total interest for 2017 is lesser than 2018 by $305.79

Those who want to top up full MA, do now before Dec's contributions flow in.

 

[cal3135]

Thanks mate. Spend sometime time reading cpf web also to understand.
Yes indeed, can’t top up my SA. Will status quo.

If your MA overflow to OA, that means you already have FRS or more in your SA. You won't be able to top up your SA anymore

 

[numbers]

sian see already no shiok. interest so little.

 

[starfish.starfish]

New milestone, see liao jin songz.
3 years ago my OA only left $7k, now slowly replenished.

 

[tmkedmw]

don't know why cpf doesn't want to transfer your overflow BHS out on 2nd Jan. 1st Jan can't as it is a public holiday. 2nd Jan is a working day though but they only do it on 3rd Jan.

actually MA on 1st or 2nd Jan does not flout any rules since BHS for 2018 is $54,500, an increase of $2500 from 2017.

Yes interest already credited to my accounts.

I just logged in into 'My Statement - Transaction History' and noted

31 Dec 2017 interest was credited
2 Jan 2018 housing loan deduction
3 Jan 2018 transfer out of excess MA

So on paper, my MA on 1 and 2 Jan exceeded BHS

Total interest for 2017 is lesser than 2018 by $305.79

Those who want to top up full MA, do now before Dec's contributions flow in.

 

[OngHuatHuat]

Good for you!

New milestone, see liao jin songz.
3 years ago my OA only left $7k, now slowly replenished.

 

[henrylbh]

Yes interest already credited to my accounts.

I just logged in into 'My Statement - Transaction History' and noted

31 Dec 2017 interest was credited
2 Jan 2018 housing loan deduction
3 Jan 2018 transfer out of excess MA

So on paper, my MA on 1 and 2 Jan exceeded BHS

Total interest for 2017 is lesser than 2018 by $305.79

Those who want to top up full MA, do now before Dec's contributions flow in.

don't know why cpf doesn't want to transfer your overflow BHS out on 2nd Jan. 1st Jan can't as it is a public holiday. 2nd Jan is a working day though but they only do it on 3rd Jan.

actually MA on 1st or 2nd Jan does not flout any rules since BHS for 2018 is $54,500, an increase of $2500 from 2017.

Based on annual CPF Statement of Account (for 2016), interest for the year will appear as the last entry on 31 Dec and the total balance at end Dec will show BHS exceeding the cap for the year. Then on 3 Jan following, the excess will be transferred out to OA/SA accordingly.