Apply now or wait? Singapore Savings Bonds (SSB) 10-year return rises to 2.32%

What happened?

Singapore Savings Bond (SSB) yields have risen again in September 2026.

The latest SSB offers a 10-year average return of 2.32%, up from 2.25% for the previous month's issue.

Its first-year return has also risen to 1.65%, although this remains slightly below the latest 6-month T-bill cut-off yield and the best 6-month fixed deposit rates in Singapore.

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

After comparing the SSB with fixed deposits, T-bills and savings accounts in September 2026, I may still consider it for my Liquidity Pot if I wanted to keep my savings accessible while earning a potentially higher return over time.

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 2.32%

The latest SSB issuance offers a relatively attractive interest rate.

If I hold the SSB for one year, I will receive an average return of 1.65%.

If I hold it for 10 years, I will receive an average return of 2.32% per year.

The interest rate steps up gradually over the 10-year period, reaching 3.01% in year 10.

The 10-year average return of 2.32% is higher than that of the previous SSB in August 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 1.65% p.a. is lower than the best 12-month fixed deposit rate of 1.80% p.a. and the best broadly available 6-month fixed deposit rate of 1.75% p.a..

Citibank is offering a higher promotional fixed deposit rate of 2.00% p.a. for 6 months, although this is limited to existing Citibank customers and new Citigold customers who bring in new funds.

However, the SSB's 1-year rate remains higher than the best 3-month fixed deposit rate of 1.50% p.a..

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

The SSB 1-year rate of 1.65% is also lower than the latest 6-month Singapore T-bill yield of 1.70% on 10 September.

It is also still below the latest 1-year Singapore T-bill yield of 1.68% on 23 July.

SSB interest rate projected to rise to around 2.46%

For those new to the Singapore Savings Bonds (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 the Monetary Authority of Singapore (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.

Since then, Singapore government bond yields have risen again, with the 10-year SGS yield reaching 2.51% as of 16 September 2026.

This comes as global interest rate expectations have shifted higher. On 16 September, the US Federal Reserve raised its benchmark interest rate by 0.25 percentage point to a target range of 3.75% to 4.00%, as inflation remained elevated.

Higher US interest rates and bond yields can put upward pressure on bond yields globally, including in Singapore, although SGS yields will also be affected by domestic economic conditions and investor demand.

As of 16 September 2026, the closing yield on the 10-year Singapore government bond stood at approximately 2.51%.

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

As of 16 September 2026, our SSB interest rate projection estimates that the next SSB may offer a 10-year average return of approximately 2.46%.

This estimate is based on the average closing yield of the 10-year Singapore Government Bond recorded so far in September, assuming the yield remains elevated at 2.51% for the rest of the month.

Demand for SSB increased in the previous issuance

Demand for the previous SSB increased as its returns moved higher.

Applications for the September 2026 SSB reached about S$251 million, compared with about S$197 million for the previous issue.

This was still below the S$400 million offered, which meant demand remained relatively moderate.

The latest October SSB also has S$400 million available.

If demand remains below the amount offered, investors may continue to receive their full eligible allocation.

What would Beansprout do? 

The latest issuance of the SSB offers a 1-year rate of 1.65%, and 10-year average return of 2.32%.

The 1-year rate of 1.65% 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 and the latest 1-year 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 2.32% 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 2.46%, 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 25 September 2026 (Friday). Redemption of SSBs will also close at 9pm on 25 September 2026 (Friday).

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

Don't miss out on the SSB

Sign up to receive a free email reminder before applications for the latest SSB close.

Subscription preferences

• Tbill Reminder
• SSB Reminder

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

Where are you parking your cash right now? Share in the comments, or join the discussion in our Telegram group.

Enjoyed this insight? Follow Beansprout on Telegram, Youtube, Facebook and Instagram, and add Beansprout as your preferred source on Google so you never miss an update.