The CPF Investment Scheme (CPFIS) lets you invest part of your CPF savings in approved products instead of leaving them to earn CPF interest. You can invest Ordinary Account (OA) savings above S$20,000 and Special Account (SA) savings above $40,000.
Any gain stays inside CPF. Any loss is yours. This guide covers the rules: what you can buy, the limits, the fees and where the money goes when you sell.
Who Can Use the CPF Investment Scheme
- You are at least 18 and not an undischarged bankrupt.
- You have more than $20,000 in your OA, or more than $40,000 in your SA.
- You have completed the Self-Awareness Questionnaire, which is mandatory.
To invest OA savings, you open a CPF Investment Account with an agent bank: DBS, OCBC or UOB. SA savings need no such account. You deal with the product provider directly.
Your Investment dashboard on the CPF website shows how much you can invest.
The First $20,000 and $40,000 Rule
The first $20,000 in your OA and the first $40,000 in your SA cannot be invested. Only the excess can.
A member with $65,000 in the OA can invest up to $45,000. A member with $18,000 cannot invest any of it.
That money keeps earning CPF interest. Members below 55 also earn an extra 1% on the first $60,000 of combined balances, with up to $20,000 of that from the OA. Our guide to CPF interest rates shows how the extra interest is worked out.
One point for older members. The SA closes at 55, so the SA side of the scheme matters only before then.
What OA and SA Money Can Buy
The SA list is narrower because that money is meant for retirement. This table follows CPF Board’s product list.
| Product | With OA savings | With SA savings |
|---|---|---|
| Fixed deposits | Yes | Yes |
| Treasury bills and Singapore Government bonds | Yes | Yes |
| Annuities and endowment policies | Yes | Yes |
| Unit trusts and investment-linked policies | Yes | Yes, lower-risk ones only |
| Exchange-traded funds | Yes | None currently available |
| Fund management accounts | Yes | No |
| Shares, property funds and corporate bonds | Yes, up to 35% | No |
| Gold products | Yes, up to 10% | No |
Not everything on the market qualifies. Only products admitted to the scheme can be bought. CPF Board says there are more than 700, and that it does not endorse any of them.
The 35% and 10% Limits
Two caps apply to OA money:
- Stock limit. Up to 35% of your investible savings in shares, property funds and corporate bonds.
- Gold limit. Up to 10% in gold products; our guide to buying gold with CPF or SRS has the detail.
“Investible savings” is your OA balance plus the CPF you have already withdrawn for investment and education.
Take a member with $80,000 in the OA and $20,000 already invested. Investible savings are $100,000. The stock limit is $35,000 and the gold limit $10,000. The $20,000 floor still applies on top.
Fees
Fees matter more here than in most places, because the alternative is a rate with no fees at all.
CPF Board lists these caps and charges:
| Charge | Level |
|---|---|
| Sales charge on unit trusts and investment-linked policies | None. Removed from 1 October 2020 |
| Wrap fee | Capped at 0.4% a year of portfolio value |
| Fund total expense ratio | Capped at 0.35% to 1.75% a year, by risk category |
| Brokerage on exchange-traded products | 0.25% to 0.28% of the trade, minimum $25 |
Agent banks also charge transaction and service fees on the investment account. Our article on T-bills, fixed deposits and the OA break-even lists them and works through the maths for short-term products.
A fund with a 1.5% expense ratio has to return 4% a year before fees just to match the OA’s 2.5%.
Profits Stay In, Losses Are Yours
You cannot cash out a gain. CPF Board states that profits from CPFIS investments cannot be withdrawn. The scheme exists to grow retirement savings. Gains can be used under other CPF schemes, subject to those schemes’ terms.
Sale proceeds go back to CPF. For OA investments, proceeds are held in your CPF Investment Account. If you do not reinvest, they are returned to your OA at the end of the second month. In that gap, CPF Board notes, you can lose up to two months of CPF interest.
For SA investments, proceeds return to the SA. For members aged 55 and above, they go to the Retirement Account up to the Full Retirement Sum, and the rest to the OA.
Losses are not made good. If an investment falls, your CPF savings fall with it. CPF Board’s own guidance says plainly that not all investments make money, including those under the scheme, and that higher risk does not guarantee higher returns.
The short version: CPFIS lets you invest OA savings above $20,000 and SA savings above $40,000 in approved products. Returns are potentially higher but not guaranteed, gains cannot be withdrawn, and any loss comes out of your own retirement savings.
What You Give Up by Investing
Every dollar invested stops earning CPF interest. That is the hurdle.
- OA savings earn 2.5% a year, a minimum set by law.
- SA savings earn a 4% floor, extended to 31 December 2027.
An investment has to beat those rates after fees, over the whole period, to leave you better off. For SA money, the hurdle is a guaranteed 4%, which is a demanding comparison for any lower-risk product.
CPF Board suggests asking whether you can stay invested for a long time. It gives the example of a 20% or 30% fall, and notes that a horizon of 20 years or more gives room to ride out such swings.
Investing your OA also draws on the same pot you may need for a home. See how much CPF you can use for housing.
What Is Changing
About $21.4 billion of OA and SA savings were invested by members as at 30 September 2025, according to CPF Board.
A new, voluntary life-cycle investment scheme was announced in Budget 2026. It is due in the first half of 2028, offered by a small number of commercial providers with CPF Board. Portfolios will shift from equities to lower-risk assets as the investor ages, and fees will be capped. Details are still to come.
What To Do Next
- Check your Investment dashboard for how much you can invest and whether you have completed the questionnaire.
- Compare a product’s expected return, after all fees, with 2.5% or 4%. Our CPF OA vs invest calculator does the comparison.
- See what your savings would grow to untouched with the CPF interest projector.
- Decide how much OA you need to keep for housing before investing any of it.
- Read every CPF strategy by age for where investing sits among your other options.
