The closure of Special Account (SA) for members aged 55 and above was announced during Budget 2024, and took effect from 19 January 2025. This change is to better align CPF interest rates to the nature of CPF savings in each CPF account, i.e. savings that cannot be withdrawn on demand should earn the long-term interest rate, and savings that can be withdrawn on demand should earn the short-term interest rate.

 

With the closure of the SA, your SA savings will be transferred to your Retirement Account (RA) up to your Full Retirement Sum (FRS), where they will continue to earn the long-term interest rate. If you have set aside your FRS, whether fully in cash or with a mixture of property and cash, any remaining SA savings will be transferred to your Ordinary Account (OA) and can be withdrawn on demand.

 

- If you were 55 and above on 19 January 2025: Your SA was closed on that date, with your SA savings transferred to your RA, up to your FRS, and any remaining savings transferred to your OA. For more information on how the amounts transferred from your SA to your RA and OA were determined, you may view this infographic. 

- If you turn 55 after 19 January 2025: On your 55th birthday, RA will be created for you, and your SA will be closed. Find out more about what happens when you reach age 55.