Which bank (DBS, OCBC or UOB) is better for CPF investment account for CPF OA investing? If I buy SG listed shares with CPF OA, will they be held in custody or CDP account? - Seedly
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Anonymous

Asked on 04 Jun 2020

Which bank (DBS, OCBC or UOB) is better for CPF investment account for CPF OA investing? If I buy SG listed shares with CPF OA, will they be held in custody or CDP account?

Thanks!

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Shengshi Chiam, CFA
Shengshi Chiam, CFA, Personal Finance Lead at Endowus
Level 7. Grand Master
Answered on 10 Jun 2020

UOB is the cheapest, as Elijah pointed out. The shares or instruments are either held with the agent banks, or the investment administrator.

Just FYI, you can only invest 35% of your investible CPF monies in stocks, but you can invest in 100% unit trust. Endowus offers exlusive access to 2 vanguard fund for CPF investments at the lowest fees, do find out more here!

https://endowus.com/insights/webinar-cpf-investing-best-exclusive-infinity-vanguard/

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Hi anon,

Charges wise there is actually a small difference as of writing, based on what I gather.

For shares/UTs/ETF, UOB charges S$2 per 1000 shares / units or part thereof, subject to a maximum of S$20 per transaction. The other banks charge $2.5/$25 max.

For Fixed Deposits, Fund Management Accounts & Insurance Policies, Singapore Government Securities and most other transactions, it's $2 per transaction for UOB compared to $2.50 for the other banks.

However, for IPO application by CPF cashier's order, UOB charges $5 per application, compared to $2 for the other banks.

As always, invest through a CPF investment administrator to consolidate and save costs.

You may refer to the full schedule of charges here:

https://www.uob.com.sg/web-resources/personal/pdf/personal/invest/financial/cpf-investment-account/CPFIS-charges.pdf

https://www.ocbc.com/assets/pdf/investment/cpfia_schedule_of_charges_201112.pdf

https://www.dbs.com.sg/iwov-resources/media/pdf/invest/cpf_schedule_charges.pdf

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ūüĎć
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Question Poster

06 Jun 2020

Thanks both!
Thank You!
Can you clarify
I wonder if
This is so helpful ūüĎć
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Jonathan Chia Guangrong
Jonathan Chia Guangrong, Fund Manager at JCG Fund
Level 9. God of Wisdom
Answered on 06 Jun 2020

Don't believe there is any difference between the banks for CPFIS account handling. Personally I'm using dbs after transferring out from ocbc as I'm boycotting the latter. Don't really find any difference between the two.

The shares will be held with the agent bank and not with cdp.

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