By The Ledger desk · Last verified 11 October 2026
The CPF Investment Scheme (CPFIS) lets members aged 18 and above invest part of their CPF. Under CPFIS-OA, only Ordinary Account savings above S$20,000 can be invested; under CPFIS-SA, only Special Account savings above S$40,000. OA money can go into a wide range: fixed deposits, government bonds, T-bills, annuities, endowment and investment-linked policies, unit trusts, ETFs, and up to 35% in shares, REITs and corporate bonds and 10% in gold. SA money is limited to safer choices and selected funds. New investors must first complete CPF’s Self-Awareness Questionnaire. The key test: will you beat the 2.5% (OA) and 4% (SA) CPF already pays, after fees?
CPFIS is a useful door, and walking through it is a choice, not a duty. Here is what lies on the other side.
Quick facts
- Eligibility: aged 18+, not an undischarged bankrupt, and more than S$20,000 in OA or more than S$40,000 in SA.
- New investors must pass through the Self-Awareness Questionnaire (in place since October 2018).
- CPFIS-OA needs a CPF Investment Account with an agent bank: DBS, OCBC or UOB.
- CPFIS-SA needs no investment account; you deal with product providers directly.
- Limits: 35% of investible savings in shares, REITs and corporate bonds; 10% in gold.
- Gains and losses stay inside CPF; you cannot cash out profits before the usual CPF withdrawal ages.
What can you invest in?
CPF Board’s list of instruments (last updated December 2022):
| Instrument | CPFIS-OA | CPFIS-SA |
|---|---|---|
| Fixed deposits | Yes | Yes |
| Singapore Government Bonds and T-bills | Yes | Yes |
| Statutory board bonds | Yes | Yes (secondary market only) |
| Annuities and endowment policies | Yes | Yes |
| Investment-linked policies | Yes | Selected products only |
| Unit trusts | Yes | Selected funds only |
| ETFs | Yes | Selected ETFs only |
| Fund management accounts | Yes | No |
| Shares, REITs, corporate bonds | Up to 35% | No |
| Gold (gold ETFs, other gold products) | Up to 10% | No |
Not every fund qualifies: only CPFIS-included unit trusts, policies and ETFs, which CPF screens and classifies by risk. Singapore Savings Bonds are not on the list.
How the limits work: a worked example
The 35% and 10% caps are measured against investible savings: your OA balance plus any CPF already withdrawn for investment and education. Take Arjun, with S$80,000 in his OA and nothing invested or used for education yet.
- He must keep S$20,000 in the OA, so up to S$60,000 can be invested.
- Investible savings = S$80,000. Shares cap = 35% × S$80,000 = S$28,000.
- Gold cap = 10% × S$80,000 = S$8,000.
- The remaining room can go into unit trusts, ETFs, bonds, T-bills or deposits, up to the S$60,000 total.
Money used for housing is not investible: if Arjun pays his mortgage from the OA, his free balance, and so his room to invest, shrinks.
How to start
- Complete the Self-Awareness Questionnaire on the CPF website (new investors only).
- For OA investing, open a CPF Investment Account with DBS, OCBC or UOB, then link it to your broker, fund platform or insurer.
- For SA investing, approach a CPFIS-SA product provider directly.
- Check your investible amounts in the Investment dashboard on my cpf or the CPF Mobile app.
- Review annually. Sale proceeds go back into your Investment Account or CPF, not to you in cash.
The hurdle: CPF interest you give up
Every dollar you invest stops earning CPF interest, including the extra interest on your first S$60,000 of combined balances (with OA counted up to S$20,000). Because the first S$20,000 of OA is kept back, the extra interest on that portion is not affected, but SA money is: moving it out costs a guaranteed 4% plus any extra interest. CPF Board’s own advice is plain: invest only if you are confident of earning more than CPF interest. Fees count. Platform fees, fund expense ratios and insurance charges all come off before you compare.
The WahLiao Verdict
Leave your SA alone unless you have a strong, long-term reason: 4% guaranteed is a high bar. For OA savings you will not need for housing, a low-cost, diversified fund or ETF held for ten years or more is the sensible way to use CPFIS. Skip anything you do not understand, anything with high ongoing charges, and stock picking with retirement money. If in doubt, doing nothing is a perfectly good choice here.
Questions people ask
Can I lose my CPF money through CPFIS?
Yes. Investments can fall in value, and losses are not made good by CPF Board, which does not endorse any product or provider.
Can I take out my profits?
Not before 55. From 55, you can withdraw CPFIS investments once you have set aside the Full Retirement Sum (or the Basic Retirement Sum with a property pledge).
Can I buy T-bills with my CPF?
Yes, through CPFIS-OA or CPFIS-SA via your agent bank. Singapore Savings Bonds, however, cannot be bought with CPF.
Do I need a CDP account to buy shares with CPF?
No. Shares bought with CPF are held through your CPF Investment Account with the agent bank, not in your own CDP account.
Sources: CPF Board, investing your CPF savings; CPF Board, instruments under CPFIS; CPF Board, CPF interest rates and extra interest. The Ledger explains; it does not advise.
Read next: CPF Accounts Explained: Ordinary, Special, MediSave and Retirement · Buying Shares on SGX: CDP Accounts, Board Lots and Brokerage Fees · Back to The Ledger
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