CPFIS Approved Investments List Singapore 2026: Complete Guide

Last updated: September 2026 | SeaMoneyTips

What Is the CPFIS Approved Investments List?

The CPF Investment Scheme (CPFIS) lets you invest a portion of your CPF Ordinary Account (OA) and Special Account (SA) savings beyond the reserve amount. Not every investment product qualifies. The CPF Board maintains an approved investments list that specifies exactly which unit trusts, exchange-traded funds (ETFs), shares, insurance products, and other instruments you can buy with CPF money.

This matters because the products on the list are screened for risk and eligibility. They are generally considered suitable for retirement savings. Understanding the list prevents you from wasting time on a product that the CPF Board will reject, and it helps you make better decisions about where your CPF savings actually go.

How Much CPF Money Can You Invest Under CPFIS?

Before you look at the approved list, you need to know how much you can deploy. The CPF Board sets a reserve amount that must stay in your accounts before the rest becomes investable.

• Ordinary Account: You can invest OA savings above the first SGD 20,000.
• Special Account: You can invest SA savings above the first SGD 40,000.

For example, if you have SGD 50,000 in your Ordinary Account, about SGD 30,000 is eligible for CPFIS-OA investing. The remaining 20,000 stays untouched as your reserve. If you invest through your SA, you must also set aside the Basic Healthcare Sum before SA savings can be used.

It is worth noting that the reserve amounts are not a one-time calculation. As your CPF balance grows through monthly contributions and interest, the amount above the reserve also grows. You should review your CPF balance regularly to know exactly how much you can deploy this year.

Why Use CPF Funds Instead of Cash?

Using CPF savings to invest has one clear advantage over cash: it lets your retirement money pursue potentially higher returns than the CPF base interest rate. Your Ordinary Account earns a guaranteed rate set by the CPF Board, while your Special Account earns a higher guaranteed rate. In most years these rates are modest. Investment products on the approved list can deliver higher returns, but they also carry investment risk and no guarantee.

The trade-off is straightforward. When you invest CPF savings, you give up the guaranteed floor for the chance of better long-term growth. That is why the CPF Board only allows you to invest the portion above the reserve amount, so a core sum always remains safe. For most people, the decision comes down to whether the potential upside justifies taking risk with money earmarked for retirement.

Another point in favour of using CPF funds is that the money is already set aside. Because it sits in a retirement account, you are less tempted to spend it on short-term needs. For disciplined investors, this creates a natural layer of commitment that cash investing sometimes lacks.

Popular Approved Products and Examples

To give you a clearer picture, here are the kinds of products that frequently appear on the CPFIS approved list. Remember that eligibility changes, so always verify the current list before acting.

Money market and bond funds are the safest choices and are available to both Ordinary and Special Account savings. Equity funds, index ETFs, and REITs carry higher risk and are restricted to the Ordinary Account. This makes sense when you think of your Special Account as the safer retirement bucket.

Categories on the CPFIS Approved Investments List

The approved products fall into a handful of broad categories. Each has its own eligibility rules and risk profile.

Unit Trusts

Unit trusts are the most popular CPFIS product because they are straightforward and professionally managed. The CPF Board maintains a list of approved unit trusts from a range of fund managers. You can find money market funds, bond funds, and equity funds on the list. Each unit trust is classified as either CPFIS-OA or CPFIS-SA, depending on its risk level.

Exchange-Traded Funds (ETFs)

ETFs that trade on approved exchanges, such as the Singapore Exchange (SGX), can be CPFIS-eligible. These are popular with investors who want low-cost index exposure. Examples include ETFs tracking the Straits Times Index, dividend-focused ETFs, and bond ETFs. Not every ETF qualifies, so always confirm an ETF is on the approved list before using CPF funds.

Shares and Bonds

You can also invest in certain shares and corporate or government bonds, subject to the approved list. Real Estate Investment Trusts (REITs) are also eligible in many cases, though you should check the current list because eligibility can change.

Insurance Products

CPFIS also covers certain insurance products, including investment-linked policies (ILP) and endowment plans. These are usually selected through an insurer or financial adviser, and the specific product must be on the approved list.

Risk Classification: CPFIS-OA vs CPFIS-SA

The approved list splits products into two risk tiers. This is important because it controls which CPF account you can use to buy them.

Higher-risk products are only investable through the Ordinary Account, because the Special Account is meant for retirement security. If a product carries higher equity risk, you generally cannot purchase it with SA savings.

How to Check the Current CPFIS Approved Investments List

The approved list changes over time, so you should never rely on a static version. The CPF Board updates the list and publishes it on the official website.

1. Visit the CPF Board website at cpf.gov.sg.
2. Search for the CPF Investment Scheme section.
3. Look for the approved investment products list.
4. Filter by product type, fund manager, or risk tier to confirm eligibility.

You can also check with your bank or investment platform. Most Singapore banks and brokers list the CPFIS eligibility of each product directly on their platform, which makes it easier to confirm before you buy.

Eligibility and Fees to Consider

Using CPFIS is not free. Before you invest, plan for the fees because they reduce your returns over time.

• Platform and transaction fees: Banks and brokers charge buy and sell fees when you use CPF funds.
• Fund management fees: Unit trusts charge ongoing management expenses.
• Sales charges: Some unit trusts carry an upfront sales charge.

Because CPF returns are meant for your retirement, keeping fees low matters even more than with cash investing. A 1 percent difference in annual fees compounds into a large gap over 20 or 30 years. For the latest regulations and investment-related announcements, you can also refer to the Monetary Authority of Singapore at mas.gov.sg.

Key Takeaways

• The CPFIS approved investments list defines which unit trusts, ETFs, shares, bonds, and insurance products you can buy with CPF money.
• You invest OA savings above SGD 20,000 and SA savings above SGD 40,000.
• Lower-risk products are available to both OA and SA; higher-risk products are OA only.
• Always check the current list on cpf.gov.sg before buying, because eligibility changes.
• Factor in platform, management, and sales fees, as they reduce your retirement returns.

Conclusion

The CPFIS approved investments list is your starting point when you want your CPF savings to work harder. Knowing the categories, the risk tiers, and the exact investable amounts helps you choose products that are both suitable and eligible. To go deeper, read our breakdown of how to invest your CPF savings through the CPF Investment Scheme, and compare actual performance in our CPFIS returns analysis.