An Ordinary Account is an Ordinary Account in Singapore. It is one of the two most common types of accounts in Singapore, the other being a Special Account.
On the other hand, a Special Account is a better account than an Ordinary Account. Though we might not be able to tell the difference visually, an SA account allows for more transactions and flexibility as compared to an Ordinary Account, which means you can use it as your main everyday banking statement.
The only way to move from an Ordinary Account to a Special Account is by applying for
Note: To transfer an Ordinary Account to Special Account, you must be 55 years old and above. If you are less than 55 years old, you can only withdraw from your Ordinary Account.
Requirement To Transfer Ordinary Account To Special Account
To Transfer Ordinary Account to Special Account You need a copy of NRIC or passport as well as the original Ordinary Account withdrawal slip. If the person who will receive the funds is not you, you need to have a copy of the NRIC or passport of that person.
How To Transfer An Ordinary Account To Special Account?
To transfer Ordinary Account to Special Account, you must be 55 years old and above.
Steps to Transfer an Ordinary Account to Special Account:
Step 1: Download the CPF SA/OA withdrawal form for transfer from Ordinary Account to Special Account: http://www.cpf.gov.sg/forms-publications/forms-and-applications/forms2/index.html
Step 2: Tick the box for “Transfer between Ordinary Account and Special Account”
Step 3: Fill in your NRIC or Passport number (with the suffix letter “Z”)
Step 4: Write the beneficiary’s NRIC or Passport number (with suffix “Z”) if you are not making the request yourself. Otherwise, write the same details as the person who will receive funds. If that person is not you, remember to keep a copy of the NRIC or Passport for your records.
Step 5: Sign and date the form. If the request is made by someone else on your behalf, please write “For (your name), By (your name)“, followed by their signature and date.
Step 6: Make two photocopies of this form.
Step 7: Submit the original copy together with the required documents below to the CPF Board at any of its branches. Cash or cheque deposits are not allowed for this request.
Amount Limit For Transferring Ordinary Account To Special Account?
No, there is no limit on how much you can transfer from an Ordinary Account to Special Account.
Interest Rate For Ordinary Account & Special Accounts
The interest rates for Ordinary Accounts and Special Accounts are different:
Ordinary Account: 0.05% p.a, subject to a minimum of $1 per month and maximum of $5 per month; or a balance of $50,000 and above will earn a higher interest rate of 0.1% p.a
Special Account: 0% p.a
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Special Account Withdrawal Limits
There is no limit on how much you can withdraw from your Ordinary Account or Special Account. For those below 55 years old, they may not be allowed to withdraw all their money in Ordinary Accounts and Special Accounts.
If you are 55 years old and above, you may withdraw the full balance of your Ordinary Account and Special Account without restrictions.
Is It Good To Transfer Ordinary Account To Special Account?
It is advisable to transfer Ordinary Account to Special Account since the interest rate for Ordinary Account and Special Account is different.
It allows us to have both cash and Ordinary Account funds for other possibilities by keeping the Ordinary Account and Special Account separate.
According to a researcher, allowing the Ordinary Account to develop over time with a 2.5% growth rate would give investors an opportunity to jump on the real estate market.
Will My Withdrawal Slip Still Be Valid After I Transfer Ordinary Account To Special Account?
Yes, your withdrawal slip will remain valid even after you make a request for the transfer of funds from an Ordinary Account to a Special Account. You can still use it to withdraw funds from your Ordinary Account.
Can CPF Ordinary Account Transfer To Special Account ?
Yes, you can transfer from your CPF Ordinary Account to Special Account. This transfer process is really good for individual thinking to earn higher interest.
Moreover, it is a good way to invest by setting aside some of the amounts this way. However, the age of an individual should be 55 or above.
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Can I Transfer My Ordinary Account To Special Account After 55?
Yes, you can transfer your Ordinary Account to Special Account even after 55 years old. It is mandatory to be aged 55 or above to transfer Ordinary Account to Special Account.
How Much Can One Earn From CPF?
CPF members will earn a fixed interest of 2.5% a year for the first S$30,000 in their Ordinary Account (OA) if they are above 50 years old or 3.5% if they are below 50 years old. The interest will be credited monthly.
Final Thoughts
If you have an existing Ordinary Account, you can transfer all or part of your savings in the Ordinary Account to a Special Account.
You must be at least 55 years old to move your money from an Ordinary Account to a Special Account. There is no minimum amount when moving funds from an Ordinary Account to a Special Account and there is no maximum amount.
If you have an existing Ordinary Account, you can now transfer all or part of your savings in the Ordinary Account to a Special Account.
You must be at least 55 years old to move your money from an Ordinary Account to a Special Account. There is no minimum amount when transferring funds from an Ordinary Account to a Special Account and there is no maximum amount.
Hope this article has provided you with an insight into what you can do to transfer Ordinary Accounts to a Special Account.
