Anonymous
When should I top up my SA and MA account?
I'm going to top up a lump sum into my son CPF SA and MA account. I heard there is some difference to gain the interest between Dec and next year Jan.
So should I top up in Dec or Jan for lump? Thanks
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JK
23 Nov 2020
Salaryman at Random Company
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Jiayee
22 Nov 2020
Salaryman at some company
Between Dec this year and Jan next year, it's just an extra month's interest but topping up this year will offer some tax relief for this year's taxes.
Between Jan next year and Dec next year, it's an extra 11 months' interest.
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Elijah Lee
22 Nov 2020
Senior Financial Services Manager at Phillip Securities (Jurong East)
Hi anon,
CPF interest is computed monthly and paid at the end of the calendar year.
Thus, if you w...
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Hi Anon,
CPF interest is calculated monthly. Hence, topping up as early as possible will help to increase the interest earned.
One thing that I would like to check is, are you topping up into your CPF or your son's CPF? This will make a difference, as topping up into your person CPF will provide you with tax relief, while topping up your son's will not. If you are after the tax relief as well, then I suggest that you take a look to determine which Calendar Year will you require the tax relief more.