CPF Investment Scheme Singapore: How to Invest Your CPF OA Savings in 2026

CPF Investment Scheme Singapore: How to Invest Your CPF OA Savings in 2026

Many Singaporeans know that their CPF savings earn interest.

But did you know that part of your CPF savings can also be invested?

Under the CPF Investment Scheme (CPFIS), eligible CPF members can invest part of their CPF savings in selected investment products with the objective of potentially earning higher returns over the long term.

However, CPF investing is very different from investing with cash.

There are minimum balances you cannot invest, restrictions on what you can buy, and additional steps you need to complete before you start.

Here is a simple guide.

How Much CPF OA Must You Keep Before You Can Invest?

Under CPFIS-OA, you can invest CPF Ordinary Account savings above the first $20,000 in your OA.

For example:

If you have $80,000 in your CPF OA, the first $20,000 cannot be invested under CPFIS.

This means up to $60,000 may potentially be available for CPFIS-OA investments, subject to the CPF investment limits applicable to different products.

This $20,000 minimum balance is important because CPF savings already earn government-guaranteed interest.

Before investing, you therefore need to ask:

Can my investment reasonably outperform the CPF interest I am giving up, after fees and investment risk?

What About CPF Special Account (SA)?

This is where older articles about CPF investing can become confusing.

Previously, members could invest savings above $40,000 in their Special Account through CPFIS-SA.

However, the CPF system changed from January 2025.

For CPF members aged 55 and above, the Special Account was closed from 19 January 2025.

SA savings were transferred first to the Retirement Account up to the applicable Full Retirement Sum, with any remaining balance transferred to the Ordinary Account.

For members below age 55, the SA continues to exist until age 55, but new CPFIS-SA investments are no longer available from October 2024.

Therefore, if you are considering a new CPF investment today, the more relevant route for most members is CPFIS-OA.

Existing CPFIS-SA investments may continue to be held under the applicable transitional rules.

Is There a Limit to How Much OA You Can Invest?

Yes.

Even after keeping the first $20,000 in OA, certain investment categories have additional limits.

For example, under CPFIS-OA:

  • Up to 35% of investible savings can be invested in shares, property funds and corporate bonds.
  • Up to 10% of investible savings can be invested in gold.

Other eligible CPFIS investment products are subject to CPF rules and product eligibility.

So having $100,000 in OA does not automatically mean every dollar above $20,000 can be invested into any investment you want.

Can I Invest My CPF in Any Fund I Want?

No.

This is one of the biggest differences between CPF investing and cash investing.

CPFIS only allows investments in products that fall within the CPF Investment Scheme’s permitted investment categories.

For unit trusts and investment-linked insurance products included under CPFIS, there are admission criteria relating to areas such as fees and investment quality.

This acts as an additional filter on the universe of investment products that CPF money can access.

However, this does not mean that every CPF-included fund is guaranteed to perform well or cannot lose money.

CPF eligibility is not the same as a guarantee of investment returns.

You still need to assess the fund’s:

  • Investment objective
  • Asset allocation
  • Risk level
  • Historical behaviour
  • Fees
  • Time horizon
  • Suitability for your financial goals

CPF Investment vs Cash Investment: What’s the Difference?

This is another common question.

Investing with CPF

Your starting point is money that is already earning CPF interest.

Therefore, there is an opportunity cost when you take CPF money out to invest.

If your CPF OA is earning 2.5% per annum and your investment delivers less than that after costs over your investment period, you may have been financially better off leaving the money in CPF.

Investment losses are also possible.

Investing with cash

Cash investment does not have the same CPFIS restrictions.

Depending on your investment platform and eligibility, you may have access to a much wider investment universe, including different funds, ETFs, shares and other securities.

Cash also provides greater liquidity because CPF money remains subject to CPF rules even when invested.

A simple comparison

CPF Investment

Cash Investment

Starting capital CPF savings Personal cash
Minimum CPF balance First $20,000 OA cannot be invested Not applicable
Investment choices Restricted to CPFIS-eligible investments Generally wider
Existing return to compare against CPF OA interest Depends on where cash is held
Liquidity Subject to CPF rules Generally more flexible
Investment risk Yes Yes
Returns guaranteed? No No

The important point is:

CPF investing is not automatically better simply because you are allowed to invest your CPF.

The investment should have a reasonable role in your overall financial plan.

Before You Start CPF Investing: Complete the CPFIS Self-Awareness Questionnaire

If you are a new CPFIS investor, one important step is completing the CPFIS Self-Awareness Questionnaire (SAQ).

The questionnaire is designed to help you understand key concepts such as:

  • Investment risk
  • CPFIS rules
  • Products available under CPFIS
  • Investment considerations

It contains learning modules followed by questions to assess your understanding before you begin investing your CPF savings.

CPFIS Self-Awareness Questionnaire:
https://www.cpf.gov.sg/member/growing-your-savings/earning-higher-returns/investing-your-cpf-savings/cpf-investment-scheme-self-awareness-questionnaire

Step 2: Open a CPF Investment Account

To invest your OA savings in products that require a CPF Investment Account, you need to open a CPF Investment Account with one of the three CPFIS agent banks:

DBS

CPF Investment Account information and application:

https://www.dbs.com.sg/personal/support/investment-vickers-open-cpfis.html

https://www.dbs.com.sg/personal/investments/srs-and-cpf/cpf-investment-account

UOB

CPF Investment Account application:

https://forms.uob.com.sg/investment/cpfia/apply.html

OCBC

CPF Investment Account information and application:

https://www.ocbc.com/personal-banking/investments/cpf-investment-account#apply-online-1

You only need one CPF Investment Account with an agent bank for CPFIS-OA investing where such an account is required.

Should You Invest Your CPF OA?

This is ultimately the more important question.

Just because you can invest your CPF does not necessarily mean you should invest all the amount available.

Before investing, consider:

1. What is this CPF money for?

Are you likely to need your OA for housing?

Or is this money genuinely available for long-term retirement accumulation?

2. What return are you trying to achieve?

Remember that CPF OA already earns interest.

Your investment should therefore be evaluated against the return you are giving up, investment fees and additional risk.

3. How long can you stay invested?

Investing CPF money for one or two years is very different from investing it with a 10- or 20-year horizon.

4. How much risk can you accept?

CPF investment returns are not guaranteed.

Your portfolio can fall below the amount you originally invested.

5. Does the investment fit your overall portfolio?

Your CPF should not be viewed separately from your cash, SRS, property and other investments.

For example, if most of your cash investments are already heavily exposed to US equities, using CPF to buy another similar fund may increase concentration rather than improve diversification.

CPF Is Already Part of Your Investment Portfolio

This is the point I think many people overlook.

When you look at your investment portfolio, don’t only look at your brokerage account.

Your CPF is also part of your financial assets.

Your cash is part of it.

Your SRS is part of it.

Your property is part of it.

The real question is therefore not:

“Which CPF fund should I buy?”

It should be:

“Based on everything I already own, what role should my CPF money play?”

Sometimes the answer may be to invest part of it.

Sometimes the answer may be to leave it earning CPF interest.

And sometimes a combination of both may make the most sense.

The objective is not to maximise the amount of CPF you invest.

The objective is to make every part of your money work towards the same financial goal.

Frequently Asked Questions

How much must I have in CPF OA before I can invest?
You can generally invest your OA savings above the first $20,000, subject to CPFIS rules and product-specific investment limits.

Can I still invest my CPF Special Account?
New CPFIS-SA investments are no longer available. CPF rules changed from October 2024, while the SA was subsequently closed for members aged 55 and above in January 2025.

Can I use CPF to buy any unit trust?
No. Only eligible investment products admitted under CPFIS can be purchased using CPF savings.

Is CPF investment guaranteed?
No. CPFIS investments are subject to market risk, and you may lose part of the amount invested.

Do I need a CPF Investment Account?
For CPFIS-OA investments that require one, you need a CPF Investment Account with DBS, UOB or OCBC.

Want to Find Out More?

If you are interested to find out more, you are welcome to contact me:

WhatsApp: +65 8680 2340
WeChat: lidwinabq

Based on your current financial situation, needs and goals, I will provide objective and professional recommendations and advice that are suitable for you.

 

Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek unbiased financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.

Published By:

Lidwina Teo 维娜

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