Better than OCBC 360?

Love the 3% that OCBC 360 is giving? But too many hoops to jump through? How about the one below? 4% per annum and no hoops to jump through?

Wait! There is more!! On top of the 4% per annum interest, they will give you a one time 7% rebate for the amount you deposit!! Sounds too good to be true? Well there are some catches.

First, this is only valid for the first $7000. Next, you have to leave the money with them till you are 55. Some of you would have probably guessed by now that this is the deal that you can get with voluntary contribution to your CPF Special Account. The 4% per annum is the interest rate you will be getting from the Special Account and the one time 7% is the income tax rebate you will be getting. Ofcourse the percentage of tax rebate depends on your annual income and 7% is just a median.

For me this seems like a pretty good deal and a good opportunity for me to beef up my Special Account base so that I can have the government help me compound my retirement savings faster.

Happy Value Investing