Where to park your cash for higher yield? T-bills vs Fixed Deposit vs SSB (Feb 2026)

What happened?

Chinese New Year is coming up in a few weeks.

One of the topics I often get asked at gatherings is where is the best place to park our cash to earn a higher yield.

This month, we have seen the best fixed deposit rates in Singapore going up once again. Some banks are also offering attractive promotions for their savings accounts.

The yields on the Singapore T-bill have also moved by a fair bit. The Singapore 6-month T-bill yield fell to 1.37%., and the 1 year T-bill yield rose slightly to 1.44%.

As usual, I have seen a lot of discussion in the Beansprout community about the best way to earn passive income in Singapore.

In this article, I’ll take a look at popular options such as T-bills, fixed deposits, Singapore Savings Bonds (SSBs), and money market funds to see where they stand right now.

We’ll cover:

• The latest interest rates on fixed deposits, T-bills, SSBs, and money market funds
• Pros and cons of each option
• What I personally look at when deciding where to park my spare cash
• And the strategy I’m using right now to make my money work harder

Best 12-month fixed deposit rate in Singapore (February 2026)

Firstly, let's take a look at the best fixed deposit rates in Singapore in February 2026. 

• The best 3-month fixed deposit rate we found was 1.45% p.a. offered by RHB. MariBank is also offering a promotional rate of 1.58% p.a. for selected users.
• The best 4-month and 5-month fixed deposit rates we found was 1.50% p.a. offered by Hong Leong Finance.
• The best 6-month fixed deposit rate we found was 1.45% p.a. offered by RHB and Standard Chartered.
• The best 9-month fixed deposit rate we found was 1.32% p.a.^ offered by Maybank.
• The best 1 year fixed deposit rate we found was 1.40% p.a. offered by RHB and Bank of China (BOC).

To get the latest list of best fixed deposit rates this month, check out our guide to the best fixed deposit rates in Singapore.

Latest 6-month Singapore T-bill offers yield of 1.37%

The yield on the Singapore T-bill has fallen in recent auctions.

The cut-off yield on the 6-month T-bill in Singapore fell further to 1.37% in the recent auction on 29 January 2026, from 1.39% in T-bill auction on 15 January 2026.

This represents a fairly significant decline from the yield of 1.60% in the auction on 31 December 2025.

With the decline in the T-bill yield, it is now below the 6-month fixed deposit rate.

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Best no-frills savings account in Singapore offers an interest rate of up to 1.60% p.a.

If you’re able to credit your salary and use your savings account for daily spending, the OCBC 360 Account is also worth considering. You can earn up to 2.45% p.a. effective interest on the first S$100,000 when you credit your salary, grow your savings, and spend on your OCBC card. Find out more about OCBC 360 account here. 

If you’re looking for a no-frills place to park your savings, the OCBC Statement Savings Account offers up to 1.60% p.a. for 88 days under its Chinese New Year Deposit Promotion 2026. To qualify, you need to deposit fresh funds of at least S$50,000. 

If you are looking to deposit smaller amounts of cash, the GXS Savings Account offers an interest rate of up to 1.30% p.a. on the Boost Pocket without having to jump through any hoops. Learn more about the GXS Savings Account here. 

Compare the best savings account in Singapore here. 

Latest Singapore Savings Bonds (SSB) offer a 10-year average return of 2.16%

The February issuance of the SSB (SBMAR26 GX26030W) offers a 1-year interest rate of 1.38%, and a 10-year average return of 2.16%. 

This is lower than the 10-year average return of the previous SSB, which was 2.25%. 

I would consider the SSB mainly for the opportunity to lock in the yields for a period of up to 10 years.

As of 6 February 2026, the 10-year average return of the next SSB is projected to decrease slightly to 2.03%. 

To get the most updated projections, you can check out our latest interest rate projections for the next SSB here.  

What are the other options to earn a higher yield? 

Fixed deposits are seen as relatively safe options to park our cash as our savings will be insured to up to S$100,000 under the Singapore Deposit Insurance. 

At the same time T-bills and Singapore Savings Bonds are relatively low risk investment options as they are issued by the Singapore government. 

I have also seen questions in the Beansprout community about some products that are not capital guaranteed. Here, it is important to note that they are not capital guaranteed, even if they were to offer guaranteed rates. 

#1 - Cash Management Accounts that offer more liquidity 

Cash management accounts aim to provide higher potential returns compared to savings accounts, and greater flexibility compared to fixed deposits.

Some examples of cash management accounts include Moomoo Cash Plus, Longbridge Cash Plus, Tiger Vault, Webull Moneybull, Syfe Cash+ Flexi, Endowus Cash Smart, Mari Invest and Phillip Smart Park 

By putting your money in a cash management account, you will be investing in money market funds or bond funds.

The indicative 7-day annualised yield of the Fullerton SGD Cash Fund was around 1.38% p.a. as of 5 February 2026. 

Learn more about the Fullerton SGD Cash Fund here. 

These professionally managed funds will put your cash in instruments such as bank deposits or short-term debt to earn higher interest rates.

However, it is worth pointing out that these funds are not capital guaranteed, and funds in cash management accounts are not insured under Singapore Deposit Insurance Corporation Limited (SDIC).

Longbridge is running a promotion offering 5% p.a. interest boost on S$2,000 with Longbridge Cash Plus for 365 days (worth up to S$100) and a Longbridge Angbao. Also, get a free S$50 Fairprice voucher within 5 working days when you sign up for a Longbridge account via Beansprout. Plus, stand a chance to win up to S$600 CapitaVouchers with our exclusive Huat Together Lucky Draw! Promo ends on 28 February 2026. Learn more about the Longbridge promo here. 

#2 – Cash Management Accounts with guaranteed rates

Some robo-advisors have also introduced cash management solutions that offer guaranteed rates. They generate the returns by investing your funds into fixed deposits products provided by banks in Singapore.

For example, Syfe Cash+ Guaranteed is the cash management solution offered by Syfe which offers investors guaranteed rates for their idle cash. 

Syfe Cash+ Guaranteed offers a guaranteed rate of 1.25% per annum for a term of 6 months as of 6 February 2026. 

Learn more about Syfe Cash+ Guaranteed here. 

#3 – US dollar denominated options to park your cash 

If you have idle cash denominated in US dollars, you can also consider the following options to earn a higher yield compared to the T-bill.

However, if you are converting from SGD to USD,  you should be aware of the foreign currency exchange risks. This is because the US dollar could weaken against the Singapore dollar. 

USD Fixed Deposits

• The best 3-month US Dollar fixed deposit rate 3.65% is  p.a. offered by ICBC.
• The best 6-month US Dollar fixed deposit rate is 3.65% p.a. offered by RHB
• The best 12-month US Dollar fixed deposit rate is 3.40%  p.a. offered by RHB.

You can check out the best USD fixed deposit interest rates in Singapore here. 

US Treasuries 

US Treasuries are debt securities issued by the US Department of the Treasury, just like the Singapore T-bills are backed by the Singapore government. 

The US 1-year Treasury yield stands 3.49% as of 3 February 2025, having fallen in recent months due to rising recession concerns.

You can purchase US Treasuries using either Moomoo Singapore or Tiger Brokers. 

USD Money Market Funds

Some of the cash management accounts also allow us to invest in money market funds denominated in US dollars. 

For example, Moomoo Cash Plus, Longbridge Cash Plus, Tiger Vault, Webull Moneybull allow for investments in USD money market funds.

Longbridge is running a promotion offering 5% p.a. interest boost on S$2,000 with Longbridge Cash Plus for 365 days (worth up to S$100) and a Longbridge Angbao. Also, get a free S$50 Fairprice voucher within 5 working days when you sign up for a Longbridge account via Beansprout. Plus, stand a chance to win up to S$600 CapitaVouchers with our exclusive Huat Together Lucky Draw! Promo ends on 28 February 2026. Learn more about the Longbridge promo here.

Learn more about investing in money market funds here.

What to consider when choosing between T-bills vs fixed deposits vs SSB vs money market funds? 

There are 4 questions I would think about when considering these options.

• Am I comfortable with a product that is not insured by SDIC or backed by the Singapore government?

If I prefer an SDIC insured product, then I would stick to savings accounts and fixed deposits. 

• Will I need the money on short notice? 

If liquidity is of importance, as I may need the cash for other uses in short notice, then I may prefer savings accounts where I can have instant withdrawals. 

• Do I want to lock in the yields for a longer time period?

If I am looking to lock in the current high interest rates for a period of up to 10 years and not have to worry about reinvestment risks, then the Singapore Savings Bonds allow me to do so while having the flexibility to redeem anytime.

• Do I have any use for the cash in US dollars?

If I am looking to invest in US stocks or ETFs or have other uses of US dollars, then I may consider the US dollar denominated fixed deposits, money market funds or Treasuries. 

Otherwise, I may face foreign currency risks when converting the money back into Singapore dollar in future. 

What would Beansprout do? 

With the fall in T-bill yield,  I would now prefer fixed deposit accounts over T-bills as the best 6-month fixed deposit rate of 1.45% p.a. is higher than the latest 6-month T-bill yield.

For savings accounts, the OCBC 360 Account allows you to earn up to 2.45% p.a. effective interest on the first S$100,000 when you credit your salary, save, and spend. Find out more about OCBC 360 account here. 

For those with S$50,000 of fresh funds, the OCBC Chinese New Year Deposit Promotion allows you to use the OCBC Statement Savings Account to earn an interest rate of up to 1.60% in a no-frills way. For smaller amounts of cash, the GXS Savings Account offers an interest rate of up to 1.30% p.a. on the Boost Pocket without having to jump through any hoops. Learn more about the GXS Savings Account here. 

I would also try to lock in interest rates for a longer period of time with the current issuance of the Singapore Savings Bonds (SSB), which offers a 10-year average interest rate of 2.16%, with the flexibility to redeem priority to maturity. 

For more liquidity compared to the T-bill,  I would also consider money market funds to park some of my money. 

If you are looking to invest in a money market fund, you can earn an exclusive $50 Fairprice voucher within 5 days, 5% p.a. interest boost on S$2,000 with Longbridge Cash Plus for 365 days (worth up to S$100). Plus, stand a chance to win up to S$600 CapitaVouchers with our exclusive Huat Together Lucky Draw! Promo ends on 28 February 2026. Learn more about the Longbridge promo here. 

Whatever option you choose, be sure to understand the product and risks involved before deciding where to park your savings. You can learn more about the various options to generate passive income in Singapore here.

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