8 Investments You Can Make Under The CPF Investment Scheme (CPFIS)
Updated: 13 Mar 2026
Written bySingSaver Team
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If you are thinking of how to make your CPF money work harder (who isn't?), this article is for you. Here are the potential investments you can consider under the CPF Investment Scheme (CPFIS).
Under the CPFIS, you can use the money in your CPF Ordinary Account (OA) and CPF Special Account (SA) to make investments. This means the opportunity for you to earn interest that’s more than what you can receive from CPF.
When you sell your CPFIS investments, the money does not go back to your bank account. Instead, the sales proceeds are credited back into the same CPF account you used to invest, which is either your Ordinary Account (OA) or Special Account (SA), if you’re below 55.
If you’re under 55, your investments stay within your CPF Investment Scheme (CPFIS) account. The money remains part of your CPF savings and cannot be withdrawn freely.
If you’re 55 and above, things work a little differently. As of February 2026, the Special Account (SA) has been closed for members aged 55 and above. Your SA savings would have been transferred to:
-
Your Retirement Account (RA), up to your retirement sum
-
Your Ordinary Account (OA), if there are excess funds
So if you’re 55+, you no longer “invest using SA money”, because that account no longer exists for your age group. When you sell investments after 55, the proceeds will go back into your OA or RA, depending on how your balances were structured.
You can withdraw your CPF savings only after setting aside the required retirement sum in your RA.
With 14 different investment products available, we’ve zoomed in on a handful of products you can consider investing in with CPFIS.
Note that the interest rate for OA is 2.5% p.a. and 4.0% p.a. for SA, MA, and RA from 1 January to 31 March 2026.
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What you can invest in using CPF savings
|
Investment product |
CPF OA |
CPF SA |
|
Unit Trusts |
Yes |
Yes (lower-risk only) |
|
Investment-Linked Insurance Products (ILPs) |
Yes |
Yes (lower-risk only) |
|
Annuities |
Yes |
Yes |
|
Endowment Policies |
Yes |
Yes |
|
Singapore Government Bonds (SGBs) |
Yes |
Yes |
|
Treasury Bills (T-bills) |
Yes |
Yes |
|
Exchange Traded Funds (ETFs) |
Yes |
No (currently unavailable) |
|
Fund Management Accounts |
Yes |
No |
|
Fixed Deposits (FDs) |
Yes |
Yes |
|
Shares |
Yes (up to 35% limit) |
No |
|
Property Funds |
Yes (up to 35% limit) |
No |
|
Corporate Bonds |
Yes (up to 35% limit) |
No |
|
Gold ETFs |
Yes (up to 10% limit) |
No |
|
Other Gold Products |
Yes (up to 10% limit) |
No |
#1 Exchange Traded Funds (ETFs)
Exchange traded funds (ETFs) are funds listed on the stock market, comprising a basket of securities, such as equities, bonds, gold, real estate investment trusts (REITs) and commodities. They can also focus on a specific geography, sector or industry. ETFs seek to track an index, such as the S&P 500 Index or the Straits Times Index (STI).
ETFs make a great investment for investors looking for broader market exposure, diversification and an investment product that is low cost.
Despite the thousands of ETFs available on the market, you can only invest in one of the following seven ETFs with your CPF OA money, as higher risk ETFs are excluded:
-
ABF Singapore Bond Index Fund
-
Amova SGD Investment Grade Corporate Bond Index ETF
-
Amova Singapore STI ETF Class SGD (Dist)
-
Amova Singapore STI ETF Class SGD (Acc)
-
Amova-StraitsTrading Asia ex Japan REIT Index ETF
-
SPDR Gold Shares
-
SPDR Straits Times Index ETF
ETF Fees: The ETFs listed have low expense ratios ranging from 0.25% to 0.55%.
The first two ETFs are bond ETFs. Bonds are generally considered one of the safer asset classes, as they pay fixed coupon income, although prices can fluctuate with interest rate changes.
There are multiple STI ETFs available under CPFIS, including the Amova Singapore STI ETF (Dist and Acc share classes) and the SPDR Straits Times Index ETF. These aim to track the performance of the Straits Times Index (STI), which consists of the 30 largest companies listed on the SGX. If you’re deciding between STI ETFs, you may want to compare differences in expense ratios, tracking error, and dividend treatment.
The Amova-StraitsTrading Asia ex Japan REIT Index ETF provides exposure to real estate investment trusts (REITs) across Asia (excluding Japan). This allows investors to gain diversified property exposure without directly owning physical property.
If you’re looking for gold exposure, the gold ETF gets a special mention. With the CPFIS, you can buy units of SPDR Gold Shares — the only gold ETF you can purchase with your CPF money.
Unfortunately, none of the ETFs available give exposure to the US stock market. If you’re hoping to invest in US ETFs, you can instead consider a robo-advisor such as Endowus.
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#2 Singapore Government Securities (SGS) bonds
Possibly the product that carries the least risk on this list, SGS bonds suit investors looking to grow their wealth without being exposed to market volatility.
SGBs are bonds with AAA credit rating that are issued by the government of Singapore. They have a minimum investment amount of S$1,000 and pay a fixed rate of interest with bond maturities ranging from 2 to 50 years. The interest payments are given every six months (semi-annually), starting from the month of issue.
They can be bought at a primary auction or in the secondary market. To find out what SGB is available, you’ll have to check the MAS website.
At the auction on 25 February 2026, the SGS (Market Development) bond (NX18100A) offered a coupon rate of 1.42% p.a. with a two-year maturity.
Fees: Up to S$2.50 per transaction.
#3 Treasury Bills (T-bills)
T-bills are another low-risk investment product for investors to consider.
A type of short-term Singapore Government Securities (SGS), T-bills don’t pay out coupons. Rather, they are issued at a discount to their face value. As an investor, you will receive the full face value at maturity. This means that the amount discounted will be the yield you receive.
Like SGBs, T-bills have an AAA credit rating and a minimum investment amount of S$1,000. However, T-bills are far more short-term, with tenures of six months and a year.
The cut-off yield for the 6-month T-bill on 12 February 2026 (BS26103Z) reached 1.36% p.a.
Fees: Up to S$2.50 per transaction.
#4 Fixed deposits
Yes, you read that right! You can invest your CPF savings into fixed deposits with any of the four fixed deposit banks (DBS, Maybank, OCBC, and UOB) via the CPFIS.
Fixed deposits are considered safe investments as they offer predictable returns with very low risk. However, CPF fixed deposit rates are currently around 1%–1.20% p.a., which is lower than the 2.5% p.a. interest earned on your CPF Ordinary Account (OA).
This means that in today’s rate environment, parking your CPF OA money in fixed deposits does not make much sense, as you would actually earn less than leaving it untouched in your CPF.
CPF members below 55 years old can also earn up to 5% on the first S$60,000 of their combined CPF balances, capped at S$20,000 for CPF OA. Members aged 55 and above earn up to 6% on the first S$30,000 and up to 5% on the next S$30,000 of their combined balances.
As such, CPF fixed deposits only make sense when fixed deposit rates rise above the CPF OA interest rate of 2.5% p.a. In a higher interest rate environment, they can serve as a short-term, low-risk option for surplus OA funds beyond the first S$60,000.
You should also consider the maturity period for CPF fixed deposits (typically six to 12 months), as well as the investment fees involved, which can eat into your returns.
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#5 Endowment plans, annuities or ILPs from insurance companies
If you have a trusted financial advisor, you might consider making your CPF investments with them. These products offered by insurance companies can also help you to grow your wealth.
Endowment plans: A type of savings plan with an insurance component, endowment plans require you to put in a single or recurring premium, in order to cash out a larger amount than what you’ve put in when the plan matures. Endowment plans can have a tenure of up to 25 years.
Read more about endowment plans here.
Annuities: Like endowment plans, annuities require you to pay a single or recurring premium for a fixed period during your working years. Once you reach the retirement age, you’ll be able to enjoy a monthly payout for a fixed number of years, depending on the plan you chose — this could also be for the rest of your lifetime.
Read more about annuity plans for retirement here.
Investment-linked Policies (ILP): ILPs are a type of life insurance policy that combines both protection and investment. However, your investment returns depend on how the fund performs and are not guaranteed.
Read more about ILPs here.
Insurance-based investment products typically involve multiple layers of fees, including distribution costs, fund management charges, and policy administration fees. These charges vary significantly by insurer and product type. Early surrender may also result in penalties or reduced payout.
Before committing CPF savings to insurance products, review the total distribution cost and projected benefits carefully, as fees can meaningfully reduce long-term returns.
#6 Gold
Under CPFIS, the only gold ETF currently available is SPDR Gold Shares, listed on the SGX under the trading names “GLD US$” and “GLD SG$”. This ETF tracks the price of gold and allows investors to gain exposure to gold without physically holding it. Units are bought and sold like shares on the stock exchange.
Besides the gold ETF mentioned above, you can also invest in other gold products from UOB, such as gold certificates, gold savings accounts or even physical gold. So yes, you can use your CPF money to purchase a gold bar or gold coins.
Do take note that only up to 10% of your investible savings can be invested in gold ETFs or gold products.
Gold certificate fees
-
Gold provider’s charge: S$5 per certificate
-
Gold provider’s charge: S$72 per kilobar per year
-
Agent bank’s charge: S$2 per counter per quarter
Gold savings account fees
-
Gold provider’s charge: Up to 0.25% per year, based on the highest balance for the month, with a minimum charge of 0.12 grams per month
-
Agent bank’s charge: S$2 per counter per quarter
Physical gold (gold wafers) fees
-
Gold provider’s charge: Up to 0.25% per year on the value of gold held with the agent bank, with a minimum charge of S$2 per month
-
Agent bank’s charge: S$2 per counter per quarter
Interested in putting your money in gold beyond your CPF funds? Check out our gold standard guide to gold investments!
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#7 Unit Trusts (UTs)
Unit trusts are funds with money pooled from investors, managed by a fund manager. The fund manager will invest the funds according to the funds investment objectives.
You can select a UT to invest in based on the fund’s objectives and whether it suits your investment goals. You should also take a look at the fund’s past performance, although past performance cannot determine future returns.
Unlike the selection of ETFs available under the CPFIS, there are more than 100 different UTs for you to choose from, ranging from low-risk to high-risk. You can only use your CPF SA money to invest in low- to medium-risk UTs, while your CPF OA money can be used for all the UTs — higher risk UTs included.
The CPF Board’s website provides a full list of CPFIS-approved unit trusts, which includes details such as fund names, share classes, and whether they are eligible for CPF OA and/or SA investment.
If you’d like an idea of how CPF classifies unit trusts into different risk categories, you can refer to CPF’s published risk classification document.
CPFIS-approved unit trusts are managed by established global and regional asset managers, including:
|
S/N |
Provider |
CPFIS-SA codes |
|
1 |
Allianz Global Investors Singapore Limited |
ALLIANZ / ALLIANZ1 |
|
2 |
BlackRock (Singapore) Limited |
N.A. |
|
3 |
Eastspring Investments (Singapore) Limited |
EASTSPRING |
|
4 |
Templeton Asset Management Ltd (Franklin Templeton) |
TEMPLETON / FRANKLIN |
|
5 |
JPMorgan Asset Management (Singapore) Limited |
N.A. |
|
6 |
Lion Global Investors Limited |
LIONGLOBAL |
|
7 |
Manulife Investment Management (Singapore) Pte. Ltd. |
MANULIFEAM |
|
8 |
UOB Asset Management Ltd |
UOB AM |
For the full official list of approved CPFIS fund management companies, refer to CPF Board’s list of approved CPFIS product providers and distributors.
UT Fees: Unit trusts have expense ratios ranging from 0.35% to 1.75% of net asset value.
Based on three-year annualised performance, some of the top performing UTs include:
-
LionGlobal Japan Growth Fund SGD-Hedged Class
-
Amova Japan Dividend Equity Fund – SGD hedged Class
-
Amova Singapore Equity Fund
-
Allianz Best Styles Global Equity Class ET (H2-SGD)
-
Natixis International Funds – Loomis Sayles U.S. Growth Equity Fund Class P/A (H-SGD)
These five UTs are all higher risk UTs (with higher risk comes the potential for higher returns), with fees up to 1.75%.
#8 Shares
Stocks (or shares) need no introduction. With your CPF OA money, you can take your pick from the hundreds of stocks listed on the SGX.
These shares are offered by companies that are incorporated in Singapore. They are listed on the SGX Mainboard as a primary listing and also not placed on the SGX watchlist.
With the many stocks to choose from, how do you know which ones to pick?
Here in Singapore, investors often have a keen interest in bank stocks and REITs. They are popular for their stability and the steady dividend income they reward investors with.
Banks (DBS, OCBC and UOB) have an annual dividend yield that ranges between 3% to 5%. REITs give investors a chance to become property owners, albeit indirectly.
However, do keep in mind that only up to 35% of your CPF investible savings can be invested in stocks.
Fees to purchase shares: Broker commission fees of 0.25% to 0.28% of trade amount, with a minimum fee of S$25 per transaction.
How CPFIS works: eligibility and limits explained
Before you start investing your CPF savings, it’s important to understand how the CPF Investment Scheme (CPFIS) is structured — who qualifies, and how much you’re actually allowed to invest.
Overview of CPF investment schemes
Under CPF, there are two investment-related schemes:
-
CPF Investment Scheme (CPFIS): This allows you to invest your Ordinary Account (OA) and Special Account (SA) savings in approved investment products to potentially earn higher returns.
-
Special Discounted Shares (SDS) Scheme: This was part of a government asset enhancement programme in the 1990s. Today, it applies only to specific Singtel shares offered in 1993 and 1996.
For most members today, CPFIS is the more relevant scheme.
Who can invest under CPFIS?
Not everyone automatically qualifies to invest their CPF savings. You must meet the following criteria:
-
Be at least 18 years old
-
Not be an undischarged bankrupt
-
Have more than S$20,000 in your CPF OA and/or
-
Have more than S$40,000 in your CPF SA
-
Complete the CPFIS Self-Awareness Questionnaire (SAQ) if you are a new investor
The SAQ is a short assessment designed to ensure you understand basic investment concepts, risks, and charges before using your retirement savings.
How much of your CPF savings can you invest?
CPF does not allow you to invest your entire balance. A portion must be set aside to continue earning risk-free CPF interest.
For CPFIS-OA:
-
You must set aside the first S$20,000 in your OA.
-
You can invest up to 35% of your investible savings in shares and property funds.
-
You can invest up to 10% in gold (including gold ETFs and gold products).
For CPFIS-SA:
-
You must set aside the first S$40,000 in your SA.
-
Only lower- to medium-risk products are allowed.
You can check how much of your OA and SA savings are available for investment by logging in to your CPF account via Singpass under “My Investment”.
Before you invest your CPF money
Most CPFIS-approved products are designed with safeguards in place. Even higher-risk investments like shares and gold have limits to cap your exposure, so your retirement savings are not overly concentrated in one asset class.
To invest under CPFIS, you must first complete the Self-Awareness Questionnaire (SAQ), which assesses whether you understand basic investment concepts, risks, and charges. You will also need to have more than S$20,000 in your CPF OA and/or more than S$40,000 in your CPF SA before you can start investing.
If you’re investing using your CPF OA, you must open a CPF Investment Account with one of the three CPFIS agent banks — DBS, OCBC, or UOB — before approaching the product provider to buy or sell investments.
If you’re investing using your CPF SA, you do not need to open a CPF Investment Account. You can approach the product provider directly. Do note that SA investments are restricted to lower- to medium-risk products.
If you're not quite ready to manage investments on your own, you can consider investing through a robo-advisor that supports CPF investing, such as Endowus. You can also consider transferring your CPF OA money into your CPF SA in order to earn higher, risk-free interest!
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About the author
SingSaver Team
At SingSaver, we make personal finance accessible with easy to understand personal finance reads, tools and money hacks that simplify all of life’s financial decisions for you.