Apply now or wait? Singapore Savings Bonds (SSB) 10-year return at 2.06%

What happened?

Singapore Savings Bonds (SSB) yields have shifted in July 2026. 

The latest SSB offers a 1-year return of 1.46% and a 10-year average return of 2.06%.

Its first-year return is below latest 6-month T-bill cut-off yield and many fixed deposit rates in Singapore today.

We have previously compared them to find out the best place to park our savings to earn a higher yield.

However, the SSB allows investors to earn a higher average return when held for longer, while retaining the flexibility to redeem it before maturity. 

Hence, I may still consider the SSB as part of my  Liquidity Pot for cash that I want to keep relatively accessible while earning a higher return over a longer period.

In this article, I’ll compare the latest SSB against T-bills and fixed deposits, and look at whether it may be worth applying for or waiting for the next issue.

Latest SSB offers 10-year average interest rate of 2.06%

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 1.46%.

If you hold on to the SSB for 10 years, you will receive an average return of 2.06% per year.

However, the 10-year average return of 2.06% is lower than the the previous SSB in June 2026.

Already holding an SSB? Use our SSB swap calculator to estimate whether switching from an earlier issue to the upcoming SSB could earn you more interest.

SSB 1-year rate is lower than the best 1-year fixed deposit rate in Singapore

The 1-year rate of 1.46% p.a. is lower than the best 12-month fixed deposit rate of 1.60% p.a. and the best 6-month fixed deposit rate of 1.55% p.a.

However, it is still higher than the best 3-month fixed deposit rate of 1.35%.

SSB 1-year rate is also lower than the latest 6-month Singapore T-bill yield

The SSB 1-year rate of 1.46% is also lower than the latest 6-month Singapore T-bill yield of 1.55% on 16 July.

SSB interest rate projected to rise to around 2.19%

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 Singapore 10-year government bond yield has been volatile in recent months.

It climbed to nearly 2.4% in late March before easing in April and trading mostly between 2.0% and 2.2% over the following months.

The yield has since risen again to 2.24% as of 21 July 2026, with inflation and interest rate expectations remaining key factors influencing its direction.

As of 21 July 2026, the closing yield on the 10-year Singapore government bond stood at approximately 2.24%.

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

As of 22 July 2026, our SSB interest rate projection estimates that the next SSB may offer a 10-year average return of approximately 2.19%.

This estimate is based on the average closing yield of the 10-year Singapore Government Bond recorded so far in July, assuming the yield remains steady at 2.24% for the rest of the month.

Demand for SSB increased in the previous issuance

Demand for the previous SSB issuance rebounded, with its 10-year average return remaining above 2%.

Applications rose to S$243 million, up from S$202 million in June.

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

What would Beansprout do? 

The latest SSB does not offer the highest return for cash that I may need within the next year.

The latest issuance of the SSB offers a 1-year rate of 1.46%, and 10-year average return of 2.06%.

The 1-year rate of 1.46% is lower than the best 12-month fixed deposit rate, but higher than the best 3-month fixed deposit rate. It is also below the latest 6-month T-bill yield.

However, the SSB remains useful for cash that I want to keep accessible over a longer period. 

I can earn an average return of 2.06% per year if I hold it for 10 years, while retaining the flexibility to redeem it earlier.

With the 10-year average return on the next SSB projected to increase to around 2.19%, it may be worth waiting for the next SSB rather than applying for the current one.

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.

I would therefore decide based on when I expect to need the cash. 

For shorter holding periods, I would compare the SSB with T-bills, fixed deposits and savings accounts.

For funds that I may hold for several years but still want access to, the SSB may remain worth considering within my Liquidity Pot under the Beansprout Four Pots of Wealth.

By finding the best place to park my cash, I know I can ride through market volatility without being forced to sell my investments at the wrong time. 

Application for the latest SSB will close at 9pm on 28 July 2026 (Tuesday). Redemption of SSBs will also close at 9pm on 28 July 2026 (Tuesday).

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 by reading our comprehensive SSB guide. 

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