9 Feb 2026
SOURCE: CPF Board
If you are interested to explore other ways to grow your CPF savings beyond making top-ups to your CPF account, the CPF Investment Scheme (CPFIS) allows you to invest part of your CPF savings in a variety of investment products that come with varying levels of risk and return.
CPFIS allows you to invest your Ordinary Account (OA) and Special Account (SA) savings in a range of approved financial products to achieve potentially higher expected returns than CPF interest rates and grow your retirement savings further, if you are willing to take some risk.
The scheme consists of two components: CPF Investment Scheme-Ordinary Account (CPFIS-OA) and CPF Investment Scheme-Special Account (CPFIS-SA).
Through CPFIS, you have the flexibility to tailor your investment strategy depending on your risk tolerance by investing in a wide range of financial products such as shares, unit trusts, government bonds, and Treasury Bills (T-bills).
Since its introduction in 1986, the CPFIS scheme has expanded from a limited range of products to include unit trusts, shares, bonds, exchange traded funds, gold products and other instruments, providing members with quality and low-cost investment options.
The scheme has been continuously enhanced over the years to include tighter fund admission criteria, lower cost of investing (e.g. removed sales charges and lowered expense ratios and wrap fees), and imposed a mandatory Self-Awareness Questionnaire (SAQ). This has helped members to make informed decisions and drive down the cost of investing. As of 30 Sep 2025, $21.4 billion of OA and SA savings are held in investments made by CPF members.
Before investing with CPFIS, ensure that you meet the CPFIS eligibility criteria below:
You can invest under CPFIS if you:
- Are at least 18 years old
- Are not an undischarged bankrupt
- Have more than $20,000 in your Ordinary Account (OA); and/or
- Have more than $40,000 in your Special Account (SA); and
- Have completed the Self-Awareness Questionnaire (SAQ).
To invest your OA savings, you will need to open a CPF Investment Account with one of the following CPFIS agent banks:
- DBS's website
- OCBC's website or OCBC's mobile app
- UOB's website
There is no need to open a CPF Investment Account to invest your SA savings. You can approach the product providers directly to buy or sell your investments.
You can invest your OA savings after setting aside $20,000 in your OA. Additionally, you can invest up to 35% and 10% of your investible savings in stocks and gold respectively.
For CPFIS-SA, you can invest your SA savings after setting aside $40,000 in your SA.
First, start with your investment goal.
Your goal will help determine your investment horizon, which is the time frame you plan to commit the invested money. A long-term investment horizon will allow you to better ride out market volatility. This matters because all investments need time to grow and there is no get-rich-quick scheme.
In general, the longer your investment time horizon, the higher risk you may be able to take as you can afford to ride out the ups and downs of the market.
If you are investing your CPF savings, you should consider investing for the long term as these are your retirement savings.
You should make prudent investment choices that are in line with your retirement needs, which includes understanding your risk appetite. Everyone has a different level of risk tolerance, depending on factors such as age and income.
Historically, safer investments offer lower investment returns. On the other hand, higher-risk investments such as shares-related products can provide potentially higher returns. An important point to note is that investing in higher-risk investments does not guarantee higher returns. This is because while there's potential for larger gains, there's also a corresponding possibility of significant losses.
When making investment decisions, including under CPFIS, you should first understand the risk involved before aligning your investment choices with your risk tolerance and financial situation.
There might also be additional costs such as brokerage and transaction fees that apply when you invest with your CPFIS. This can affect your total returns, so it’s important to factor in these costs as well. Examples of some fees are:
Fee category |
Estimated cost |
Note |
Wrap Fee |
Cap of 0.4% per annum, charged over your fund portfolio value |
An annual fee charged by financial advisors or platforms for bundled investment services, including portfolio management, administration, and advice. |
Total Expense Ratio |
Cap of 0.35% – 1.75% per annum across different risk categories of funds, charged over the fund’s net asset value |
Ongoing costs of operating a fund, such as administrative fees, management fees, audit fees, legal fees and other operational costs. |
Broker’s Commission |
0.25%-0.28% of exchange-traded product trade amount with minimum charge of $25 per transaction |
Transactional fee charged for buying or selling exchange-traded products like shares, real estate investment trusts (REITS), exchange traded funds, corporate bonds, Statutory Board Bonds, gold exchange traded funds, Singapore Government Bonds, Treasury Bills. |
The CPFIS lets you invest in a wide range of financial products with varying risks. Here are some that you can consider starting with:
T-bills are short-term Government bills that mature in one year or less from their issue date. The Government currently offers 6-month and 1-year T-bills. They are issued at a discount to their face value. When the T-bills mature, the Government pays the holder an amount of money equivalent to its face value.
SGS bonds are debt securities issued by the Singapore Government. The bonds are longer-term bonds which mature in 2, 5, 10, 15, 20, 30, or 50 years.
SGS bond holders receive fixed coupon payments every six months before the bond matures and the face value of the bond upon maturity.
An important thing to note is that while these bonds are of a longer duration, you might stand to lose your capital if you do not hold the bonds till maturity. This is because the bonds are subject to price fluctuations due to interest rate changes and market movements.
Fixed deposits lock in your money with a bank or financial institution for a set tenure. During this tenure, the institution offers a guaranteed interest rate, and at the end of the tenure, you will receive the initial amount plus earned interest. Early withdrawal may incur fees or penalties, so it's advisable to ensure you have enough funds for daily needs.
Fixed deposits are guaranteed by banks or financial institutions. However, in the event that they fail, it's worth noting that the Singapore Deposit Insurance Corporation Limited (SDIC) insures bank deposits up to $100,000.
Exchange-Traded Funds (ETFs) are investment funds that are listed and traded on a stock exchange. Your investment is pooled with those of other investors and invested according to the objective of the particular ETF. This can range from tracking a particular index, such as the Straits Times Index that tracks the performance of the top 30 leading companies in the Singapore Exchange, or an index that tracks the price of commodities such as gold.
Generally, you should only invest your CPF savings if you:
- Can afford the risk of losing part, or all of your investments.
- Have sufficient funds beyond your basic retirement needs.
- Have the time and financial expertise to monitor your investments regularly so that they can outperform the risk-free CPF interest rates.
You don’t have to feel left out if you choose not to invest your CPF savings. Your CPF savings will continue to grow steadily over time with the stable, risk-free interest rates.
Information in this article is accurate as at the date of publication.
