Is there anyway to do away with the monthly $2 fee from banks for CPF OA investment holdings?

Short answer, no

Think of it as a service fee that you pay for their service.

Although, what service you receive is debatable​​​

Hi slowisfast,

Unfortunately no, as those charges are a given.

However, what you can do is to take steps to minimize the fees, by investing through a CPFIS IA (Investment Administrator) (See: https://www.cpf.gov.sg/Assets/members/Documents... under 'Investment Administrator).

By investing through an administrator, your holdings will be consolidated and you'll be charged in a different manner. For example, if one buys through a bank, they'll be charged $2.50 per 1,000 shares/loan stocks/units or part thereof subject to a maximum of $25 per transaction. If you buy the same stock/ETF/UT through an investment administrator, you'll be charged only $2.50 which is the transactional cost for the investment, regardless of the number of units or shares bought.