By The Ledger desk · Last verified 3 October 2026
Singapore Savings Bonds (SSBs) and Treasury bills (T-bills) are two of the safest places to put spare cash in Singapore, because both are issued and fully backed by the Singapore Government. SSBs start from S$500, pay interest that rises every year for up to ten years, and let you take your money back in any month without penalty. T-bills start from S$1,000, last six months or a year, and pay you the whole return when they mature. Right now, the November 2026 SSB averages 2.45% a year over ten years, and the latest six-month T-bill came in at 1.92%.
They sound alike, but they suit different jobs. Here’s how to tell which one fits your money.
Quick facts
- Both are backed by the Singapore Government: you get your principal back.
- SSB: from S$500, holding cap of S$200,000, S$2 per application, redeem any month.
- T-bill: from S$1,000, six-month or one-year tenor, no holding cap, held to maturity.
- November 2026 SSB (SBNOV26): 1.67% in year one, 2.45% average over ten years; apply by 9pm on 27 October 2026.
- Six-month T-bill auction of 24 September 2026: cut-off yield 1.92%.
- SSBs can be bought with cash or SRS; T-bills with cash, SRS or CPF.
SSB or T-bill: the side-by-side
| Singapore Savings Bond | Treasury bill | |
|---|---|---|
| Minimum | S$500, in multiples of S$500 | S$1,000, in multiples of S$1,000 |
| Maximum | S$200,000 held across all SSBs | No cap |
| Tenor | Up to 10 years | 6 months or 1 year |
| How you earn | Interest every six months, stepping up each year | Bought at a discount; paid full face value at maturity |
| Getting out early | Any month, no penalty | Only by selling on the market, if a buyer exists |
| Pay with | Cash or SRS | Cash, SRS or CPF |
| Rate known | Before you apply | After the auction |
How do Savings Bonds work?
A new SSB is issued every month. Its rates are fixed and published before you apply, and they step up the longer you hold it, which rewards patience. The November 2026 bond starts at 1.67% in its first year and rises to 3.08% by year ten, averaging 2.45% if you keep it the whole way. Interest is paid into your bank account every six months.
The lovely part is flexibility. Need the money back? Ask to redeem in any month and you’ll receive your principal plus the interest earned so far by the second business day of the next month. That makes the SSB a calm home for an emergency fund. If an issue is oversubscribed, everyone’s allotment is scaled down, so you may get less than you asked for; the S$2 fee is charged either way.
How do T-bills work?
T-bills are sold at auction. You don’t receive interest along the way: you pay a little less than face value and receive the full amount at maturity. Put in S$10,000 for six months at 1.92% a year, for example, and you’d pay roughly S$9,905 up front and get S$10,000 back. Six-month T-bills are auctioned about every two weeks; one-year T-bills about once a quarter, with the next on 15 October 2026.
Most people place a non-competitive bid, which means “I’ll accept whatever yield the auction sets.” These bids get priority, up to 40% of the issue. A competitive bid names the lowest yield you’ll accept, and if the auction clears below it, you get nothing.
How do I apply?
- With cash: open a CDP Securities account and link it to a DBS/POSB, OCBC or UOB account. Then apply through that bank’s internet banking, app or ATM. Each application costs S$2.
- With SRS: apply through your SRS bank (DBS, OCBC or UOB). No CDP account is needed.
- With CPF (T-bills only): apply through your CPF Investment Scheme agent bank, keeping the required minimum in your Ordinary Account.
Applications close before the auction or issue date, so check the timetable on the MAS website and allow a day or two of buffer.
Should I use my CPF to buy T-bills?
Not at today’s yields. Money in your CPF Ordinary Account already earns at least 2.5% a year, plus possible extra interest. A T-bill at 1.92% would earn less, and CPF interest is only paid on whole months, so a little is lost in the transfer, too. CPF-funded T-bills only make sense when yields rise clearly above 2.5%.
The WahLiao Verdict
For cash you might need, the SSB is the friendlier choice: you know the rate before you buy, and you can leave whenever you like. T-bills suit a known sum parked for a known time, or amounts beyond the SSB’s S$200,000 cap. Either way, compare against a good savings account or fixed deposit first, because at around 2% the gap is small, and leave CPF money where it is.
Questions people ask
Is the interest taxed?
No. Returns on SSBs and T-bills are tax-free for individuals.
Can foreigners buy them?
Yes. Anyone aged 18 and above with the right bank and CDP accounts can apply, residents or not.
Can I lose money?
Not on an SSB, which always returns its full principal. A T-bill held to maturity also pays back in full; selling one early on the market could fetch less.
Where can I see upcoming rates?
MAS publishes each month’s SSB rates around the start of the month before it is issued, and posts every T-bill auction’s results on its website.
Sources: StashAway on how T-bills work and recent cut-off yields and SSB rules and the October 2026 issue; Turtle Investor on the November 2026 SSB; Growbeansprout on the October 2026 T-bill auction. Rates change monthly; check MAS before applying. The Ledger explains; it does not advise.
Read next: CPF Accounts Explained · Deposit Insurance in Singapore · Back to The Ledger
For what’s worth it this week, with the bill shown, read The WahLiao Week.
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