Do we really 'lose' 1.5% interest once SA account is closed or do we lose more than that?

Primarily, no. The option to earn that 4% interest is still there via RA (although there is no liquidity there).

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What most people "lose" is an unintended opportunity to keep an overpowered high-yield account, and fewer still (say 2%) to maximize it and use it like an emergency bank account. If you are like most people, the impact is either not there, or it is very minimal in the grand scheme of things.

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As unpopular as it looks, the government is not known for keeping loopholes open for long.

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(Source for that 2%: https://www.mom.gov.sg/newsroom/parliament-ques...)

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Yes,1.5%

I agreed that no more SA after 55. since we hv the new RA account alry.

Suggest RA interest rise to 5%, and extend our retirement age to 65 ASAP. some people retired at 62 but cannot find job have to suffer till 65 to collect the little payout!

RA interest should rise to at least 10%.Everyone get payout @60yrs