Singapore Savings Bonds (SSB) 10-year return at 2.14%. Better than fixed deposits and T-bills?

What happened?

Singapore Savings Bond (SSB) yields have moved higher in April 2026.

The latest SSB offers a 10-year average return of 2.14%, up from 1.99% for the previous month's issue.

Earlier, I compared the Singapore Savings Bond (SSB) with fixed deposits, T-bills and savings accounts in April 2026.

With the SSB's 10-year average return of 2.14% above the best fixed deposit rates in Singapore and latest 6-month T-bill yield, the SSB may be worth considering for those looking for a relatively safe way to earn passive income in Singapore.

In this article, I'll examine whether it is worth applying for the current SSB or waiting for the next one.

Latest SSB offers 10-year average interest rate of 2.14%

The latest SSB issuance offers a relatively attractive interest rate.

If you hold on to the SSB for 1 year, you will receive an average return of 1.40%.

If you hold on to the SSB for 10 years, you will receive an average return of 2.14% per year.

The 10-year average return of 2.14% is higher than the rate of 1.99% p.a. offered by the previous SSB in March 2026.

SSB 1-year rate similar to best 1-year fixed deposit rate in Singapore

The 1-year rate of 1.40% p.a. is similar to the best 12-month fixed deposit rate of 1.40% p.a.

It is higher than the best 3-month fixed deposit rate of 1.30%, but lower than the best 6-month fixed deposit rate of 1.50% p.a.

SSB 1-year rate also similar to latest 6-month Singapore T-bill yield

The SSB 1-year rate of 1.40% is on par with the latest 6-month Singapore T-bill yield of 1.40% on 23 April.

However, it is below the latest 1-year Singapore T-bill yield of 1.46% on 16 April.

SSB interest rate projected to dip to around 2.09%

For those new to the Singapore Savings Bond (SSB), it's important to understand that SSB interest rates are closely tied to the yields of Singapore Government Securities (SGS).

Similar to T-bills, SGS are bonds issued by the Singapore government. But, they have a longer maturity of 2 years to 30 years.

The interest rates on each SSB issuance are linked to the daily average SGS yields as published by MAS in the previous month.

This means the 10-year average return of the upcoming SSB will largely mirror the yield of the 10-year Singapore government bond or SGS observed this month.

As shown in the chart below, the 10-year SGS yield surged to around 2.4% in late March 2026, before falling back later in April.

The 10-year SGS yield stood at around 2.1% as of 23 April 2026.

The sharp move in yields in late March likely renewed inflation concerns and reduced expectations of near-term rate cuts.

However, bond yields have come down in the past few weeks with a de-escalation in the Middle East conflict, falling oil prices and easing inflation concerns. 

As of 22 April 2026, the closing yield on the 10-year Singapore government bond stood at approximately 2.07%.

Based on the average yield observed in April, the 10-year average return for the next SSB is likely to be lower than the current issuance.

As of 23 April 2026, our SSB interest rate projection estimates that the next SSB may offer a 10-year average return of approximately 2.09%.

This estimate is based on the average closing yield of the 10-year Singapore Government Bond recorded so far in April, assuming the yield remains steady at 2.07% for the rest of the month.

Demand for SSB dropped in the previous issuance

With the drop in the 10-year average return to below 2% in the previous SSB issuance, demand fell to the lowest level in the past 12 months.

Applications amounted to S$169 million, a decrease from the S$193 million in March.

This remains below the S$300 million of SSBs offered in the latest issuance.

What would Beansprout do? 

With the recent global geopolitical tensions, I have been evaluating my financial plan to make sure it offers me sufficient security and peace of mind.

The first step is to make sure I have sufficient cash put aside for emergency uses through my liquidity pot, where I would then put into a mix of savings accounts, fixed deposits, T-bills, SSBs and money market funds.

Then, I would see how I can earn a potentially higher yield on this pot of emergency cash, while maintaining the liquidity I may need.

The latest issuance of the SSB offers a 1-year rate of 1.40%, and 10-year average return of 2.14%.

The 1-year rate of 1.40% is on par with the best 12-month fixed deposit rate, but higher than the best 3-month fixed deposit rate.

The latest SSB also lets us lock in a rate of 2.14% over 10 years, while having the flexibility to redeem prior to maturity.

With the 10-year average return on the next SSB projected to decrease to around 2.09%, it may be worth applying for the current one rather than waiting for the next SSB.

If you are looking for the best place to park your savings, we compare SSBs to T-bills and fixed deposits to find out how to allow our spare cash to work harder.

By finding the best place to park my cash, I know that I have a stable base for the rest of my portfolio.

When this pot is properly set up, I know I can ride through market volatility without being forced to sell my investments at the wrong time. Learn more about the liquidity pot here.

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To find out how much more interest you can potentially earn by swapping your previous bonds to the current, check out our SSB swap calculator.

Application for the latest SSB will close at 9pm on 27 April 2026 (Monday). Redemption of SSBs will also close at 9pm on 27 April 2026 (Monday).

You can sign up for an email reminder to be reminded of future SSB closing dates.

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Learn more about SSBs and how to apply for SSBs using our comprehensive SSB guide. 

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