Celine

12 Aug 2020

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As a 20 year old, should i make deposits to my CPF OA account for future housing use?

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Gideon Ng

12 Aug 2020

Blogger at FI Pharmacist

Hi Celine,

If you wish to make a deposit into your CPF OA account, you can only do so by a Voluntary Contribution. There is no possible way of contributing solely to your OA account.

If you wish to transfer to your OA, your contribution be allocated into all 3 CPF accounts (OA, MA and SA) based on the prevailing contribution percentage for your age. (For more info, you can refer to the CPF website).

As such, I would think that topping up to just your SA or MA would be better since it earns you a higher interest rate.

Ultimately, it depends on what your goals are, and whether you are mainly focused on saving up for your house in the future.

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