One of the biggest perks of being a resident in Singapore is having a Central Provident Fund (CPF) account. This mandatory savings scheme is designed to help Singaporeans save for their retirement, healthcare, and housing needs. However, not many people are aware that their CPF savings can also be invested, potentially providing higher returns than the standard CPF interest rate. If you’re interested in growing your CPF savings, here are some investment options that you can explore.
First, you can consider investing in stocks through the CPF Investment Scheme (CPFIS). This allows you to invest your CPF savings in a wide range of approved stocks, including those listed on the Singapore Exchange (SGX). With the potential for higher returns, this option can help you grow your CPF savings over the long term. Next, you can also consider investing in unit trusts through the CPFIS. Unit trusts are professionally managed investment products that pool money from many investors to purchase a diversified portfolio of assets, such as stocks, bonds, or real estate. This option allows you to choose from a variety of unit trust funds based on your risk appetite and investment objectives. It’s important to do your research and consult a financial advisor before making any investment decisions with your CPF savings.