Here's what to expect for the T-bill auction on 26 February

What happened?

The next 6-month Singapore T-bill auction (BS26104S) will be on 26 February.

In the previous auction on 12 February, the cut-off yield for the 6-month Singapore T-bill declined further to 1.36%, representing a fairly significantly from the yield of 1.6% in December.

With higher fixed deposit rates in February 2026, I have seen discussions in the Beansprout community about whether it it still worthwhile applying for T-bills.

In this article, I’ll look at some of the latest indicators to help us understand what the upcoming cut-off yield might be, and if T-bills are still a good way to generate passive income in Singapore.

Stay updated on the T-bill

Sign up to receive a free email reminder when the next Singapore T-bill auction is open.

Subscription preferences

• Reminder for Tbill

Here's what to expect for the Singapore T-bill auction on 26 February 

#1 – US 10-year government bond yields have stayed largely constant

The 10-year US government bond yield was at 4.09% as of 19 February 2026, declining slightly from the yield of 4.18% two weeks ago.  

This comes amidst mixed economic data in the US, with a slowdown in economic growth in the fourth quarter and strength in January employment numbers.

The 1-year US government bond yield was at 3.49% as at 19 February 2026, slightly higher than 3.45% two weeks ago.

#2 – Singapore government bond yields decline

The 10-year Singapore government bond yield was at 1.95% as of 19 February 2026, falling slightly from 2.00% two weeks ago. 

The closing yield on the 6-month T-bill was 1.34% on 19 Feb 2026, slightly below the cut-off yield of 1.36% in the previous T-bill auction on 12 February. 

The yield on the 3-month MAS bill can also indicate the yields for shorter-maturity Singapore government bonds.

The cut-off yield was at 1.34% in the auction on 16 February 2026, little changed from the yield of 1.35% on 3 February and 1.31% on 10 February.

#3 – Issuance size same as the previous auction

The issuance size of the upcoming 6-month Singapore T-bill is $8.2 billion, same as the previous auction size.

We saw a slight increase in the amount of T-bill applications in the previous auction to S$16.6 billion in the auction on 12 February from S$16.4 billion in the auction on 29 January 2026, as demand for Singapore T-bills remain elevated despite the lower yield amid safe haven demand.

If demand for Singapore T-bills remains strong, there may be continued downward pressure on the upcoming cut-off yield.

What would Beansprout do?

The closing yield on the 6-month Singapore T-bill was at 1.34% on 19 February 2026, slightly below the cut-off yield in the previous auction.

This follows a trend of declining Singapore government bond yields in recent weeks.

The closing yield on the 6-month Singapore T-bill of 1.34% is on par with the best 6-month fixed deposit rate of 1.35% p.a.

We were also able to find savings accounts in Singapore that offer an interest rate of above 1.34% p.a., as some banks have introduced promotions recently.

The current issuance of the Singapore Savings Bonds (SSB) offers a 1-year return of 1.38%, and 10-year average return of 2.16% p.a., while offering the flexibility to redeem priority to maturity. 

We compare T-bills with fixed deposits, savings accounts and SSBs to find out the best place to park your cash in February 2026 here.

To find out other ways to make your savings work hard, check out our guide to best ways to earn a passive income in Singapore.

[Beansprout Exclusive Longbridge Promotion] Get bonus S$50 FairPrice voucher within 5 working days, plus 5% p.a. interest boost coupon (worth ~S$100) when you sign up for a Longbridge account via Beansprout. Plus, S$1,380 CapitaVouchers to be won in our exclusive Huat Together Lucky Draw! Promo ends on 28 February 2026. T&Cs apply. Learn more about the Longbridge promotion here. 

Stay updated on the T-bill

Sign up to receive a free email reminder when the next Singapore T-bill auction is open.

Subscription preferences

• Reminder for Tbill

The 6-month Singapore auction will be held on 26 February (Thursday). We would need to put in our cash applications for the T-bills by 9pm on 25 February (Wednesday).

Applications for the T-bills using CPF-OA will close 1-2 business days before the auction date, and the dates differ across the three local banks.

• Applications for T-bills online using CPF OA via DBS close at 9pm on 25 February (Wednesday).Read our step-by-step guide to applying via DBS.
• Application for T-bills online using CPF OA via OCBC close at 9pm on 25 February (Wednesday). Read our step-by-step guide to applying via OCBC
• Applications for T-bills online using CPF OA via UOB close at 9pm on 24 February (Tuesday). Read our step-by-step guide to applying via UOB.  

If you are new to investing in the T-bill, check out our comprehensive guide to Singapore T-bills to learn more.

Follow us on Telegram, Youtube, Facebook and Instagram to get the latest financial insights.