CPF Investment Scheme

The CPF Investment Scheme (CPFIS) allows Singapore Central Provident Fund (CPF) members to invest part of their Ordinary Account (OA) and Special Account (SA) savings in approved financial products instead of leaving them to earn CPF interest. CPFIS has two parts: CPFIS-OA, which permits a wide range of products, and CPFIS-SA, which permits a narrower, lower-risk range. CPF Board cautions that all investments come with risks and does not endorse the products or providers listed under CPFIS. Investment gains and losses accrue to the member, unlike CPF interest, which is guaranteed by the Government. A separate, planned option of diversified life-cycle portfolios is described in cpf life cycle investment scheme.

How much can be invested

Under CPFIS-OA, a CPF member can invest Ordinary Account savings only after setting aside S$20,000 in the OA. Under CPFIS-SA, a member can invest Special Account savings only after setting aside S$40,000 in the SA. These are account-specific minimum balances; the eligible amount available to an individual member depends on their account balance and can be checked through CPF digital services (CPF Board, accessed 14 October 2026).

Two further limits apply to CPFIS-OA. Investments in shares, property funds and corporate bonds are capped at 35% of investible savings, and gold exchange-traded funds and other gold products at 10%. Investible savings means the OA balance plus any CPF savings already withdrawn for investment and education, so these percentages do not simply apply to the cash currently visible in the OA (CPF Board, accessed 14 October 2026).

What can be bought with OA and SA savings

The CPFIS product range differs between the two accounts. CPFIS-OA and CPFIS-SA both allow unit trusts and investment-linked insurance products that are not classified as higher-risk, annuities, endowment policies, Singapore Government Bonds, Treasury Bills and fixed deposits (CPF Board, accessed Oct 2026).

Only CPFIS-OA allows exchange-traded funds, fund management accounts, shares, property funds and corporate bonds (within the 35% cap) and gold products (within the 10% cap). For CPFIS-SA, CPF Board lists exchange-traded funds as permitted in principle but notes that no products are currently available (CPF Board, accessed Oct 2026). The narrower SA list reflects the SA's role as long-term retirement savings that already earn a higher guaranteed rate.

Investments, nominations and the opportunity cost

CPFIS investments sit outside some of the protections that apply to CPF savings. A CPF nomination does not cover investments made under the CPF Investment Scheme, so those holdings are not paid to CPF nominees in the way that cash balances are (CPF Board, accessed Oct 2026); see cpf nominations.

The main decision for a CPFIS investor is the opportunity cost of giving up guaranteed CPF interest. As of 2026, the OA earns 2.5% a year and the SA, MediSave and Retirement Accounts earn at least 4%, with extra interest on the first tranches of balances; current figures are tracked in annual rates. CPF Board states that CPF savings are invested in Special Singapore Government Securities guaranteed by the Government (CPF Board, Dec 2019). An investment through CPFIS therefore has to beat a risk-free return, after fees, to leave the member better off; a loss permanently reduces savings that would otherwise have funded housing or retirement. This trade-off is the central question for any member considering CPFIS, and it also frames the planned cpf life cycle investment scheme.