How to open a CPF Investment Account (CPFIA)

Your Central Provident Fund (CPF) savings earn a guaranteed rate of up to 3.5% per annum in your Ordinary Account (OA), but for members with balances above the minimum floor, the CPF Investment Scheme (CPFIS) offers a path to potentially higher long-run returns through market-based investments. The first step is opening a CPF Investment Account.

This guide explains who qualifies, which agent banks are approved, and exactly what you need to do to get started. If you have been putting it off because the process seemed complicated, you may find it more straightforward than expected.

What is the CPF Investment Scheme (CPFIS)?

The CPF Investment Scheme allows CPF members to invest their OA and Special Account (SA) savings in a range of approved financial products, including unit trusts, exchange-traded funds (ETFs), Singapore Government Securities (SGS), Treasury Bills (T-bills), bonds, and insurance products. 

There are two sub-schemes: CPFIS-OA for OA funds, and CPFIS-SA for SA funds. SA funds can be invested in a more limited universe of lower-risk products, reflecting the account's primary function as a retirement savings vehicle. More CPF members invest via CPFIS-OA, where the minimum account balance is lower and the product range is wider.

Who is eligible to open a CPF Investment Account?

To invest under CPFIS-OA, you must meet all of the following conditions:

• You are a Singapore Citizen or Permanent Resident.
• You are aged 18 or above.
• You are not an undischarged bankrupt.
• Your OA balance exceeds $20,000. Only the amount above this threshold is investible—the first $20,000 in your OA must remain in the account to continue earning CPF interest.
• You have completed the CPFIS Self-Awareness Questionnaire (SAQ). 

For CPFIS-SA, a $40,000 minimum balance applies in the same way: only the amount above $40,000 may be invested, and the investible product range is more restricted. A CPF Investment Account is not required for SA investing.

Which banks offer CPFIS-approved CPF Investment Accounts?

For CPFIS-OA, you must open your CPF Investment Account with one of the three CPFIS-approved agent banks in Singapore:

• DBS Bank* 
• Oversea-Chinese Banking Corporation (OCBC) Bank
• United Overseas Bank (UOB)

*POSB customers can create a CPF Investment Account using the DBS digibot.

Each bank charges different fees, so it is worth comparing before you commit. A common fee structure includes a quarterly service charge (typically around $2 per quarter) and transaction fees that vary by product type. These charges are deducted from your CPF Investment Account cash balance first. If there is insufficient balance, they will be charged from your OA.

Note: if you plan to invest via Endowus, you will still need a CPF Investment Account with one of the three agent banks, as Endowus operates as an intermediary on the CPFIS platform.

Meanwhile, as CPFIS-SA does not require a CPF Investment Account, you may invest your SA savings directly with us.

How do you open a CPF Investment Account? Step by step

The process differs slightly across banks, but follows the same general sequence:

1. Complete the CPF Investment Scheme Self-Awareness Questionnaire here.
2. Check your OA balance. Log in to the CPF website to confirm that your OA and SA balance exceeds $20,000 and $40,000 respectively before proceeding.
3. Choose your agent bank. Select DBS, OCBC, or UOB. If you already hold a savings account with one of them, the process may be faster.
4. Submit your application. You can do so online with your Singpass.
5. Wait for account activation, which typically takes two to three business days. The bank will notify you once your CPF Investment Account is active, or login to your bank account to check.
6. Once your account is opened, link it to your Endowus account to start investing. 

For online applications, login credentials to the bank's internet banking portal are sufficient in most cases, as the bank can verify your identity and CPF details electronically.

What can you invest in once your account is open?

CPFIS-OA-approved products fall into several broad categories:

• Shares, property bonds, and corporate bonds: Up to 35% of investible savings may be placed in these instruments.
• Unit trusts and investment-linked insurance products (ILPs): A wide range, though the CPF Board applies a risk classification. All eligible funds must meet defined expense ratio caps for their respective risk classification.
• ETFs: Six approved SGX-listed ETFs (as of 5 June 2026) evaluated for low tracking error, at least 3 years of good tracking record, and 0% sales charge.
• Singapore Government Bonds (SGBs) and T-bills: Low-risk, capital-preserving options for members who prefer to stay close to the OA interest rate.
• Gold: Up to 10% of investible savings may be placed in gold through ETFs and approved gold products.

Other CPFIS-OA approved products include annuities, endowment policies, and fund management accounts.

For the complete list of CPFIS-OA approved products, please refer to the CPF website.

Where Endowus fits in your CPF investment journey

Once your CPF Investment Account is open with any of the three agent banks, you can link it to Endowus and invest in a curated range of institutional-class funds across equity, fixed income, and multi-asset strategies—at a fraction of the cost of typical retail product channels.

The CPF OA earns a risk-free 2.5% per annum (with a further 1% on the first $20,000). Over a long investment horizon, a well-constructed, low-cost diversified portfolio may have the potential to deliver returns in excess of this floor—though as with all investments, returns are not guaranteed, and the value of your investment may go up or down.

Endowus operates as a fee-only platform on CPFIS. It charges no sales charges and no switching fees, and passes through 100% of distribution fees given to us by fund managers to our clients. In our view, this structure substantially improves the net return outcome for long-term CPF investors compared with transacting directly through a bank.

Frequently asked questions

Can I have CPF Investment Accounts with more than one agent bank?

No, you can only have one CPF Investment Account at any given time. For your ease, we recommend opening your account with the bank you use most often for personal transactions.

Can I switch from one agent bank to another?

Yes, you don’t need to liquidate your investments (except for gold bought from your agent bank, if any). You will need to visit a branch of your desired agent bank and sign the CPFIA Account Opening Form and the CPFIS-Inter-Bank Transfer Form.

Is there a minimum investment amount?

This depends on the product. Unit trusts typically have minimum lump-sum amounts of $1,000, while some platforms allow lower monthly amounts for regular savings plans. ETFs are subject to standard lot sizes on the SGX.

Can I close my CPF Investment Account if I change my mind?

There is no custodian fee even if your CPF Investment Account is kept open without any investment holdings.

However, if you wish to close your account, you can instruct your agent bank to do so, provided all investments have been liquidated.

Are profits from CPFIS investments taxable?

No, investment gains realised within your CPF Investment Account are not subject to Singapore income tax. Dividends and capital gains credited to your CPF accounts are also tax-exempt.