T-bills vs Fixed Deposit vs SSB: Which offers the best yield in July 2026

What happened?

I’ve been relooking at where to park my cash in July.

I noticed the latest 6-month Singapore T-bill cut-off yield has risen to its highest level so far this year.

At the same time, the best fixed deposit rates in Singapore have edged higher, with more promotional rates available for savers who can set aside their cash for longer months.

Savings accounts are also becoming more competitive with many offering attractive promotions and rates.

On the other hand, the latest Singapore Savings Bond (SSB) issued was lower than the previous month, but it still offers a higher 10-year average return with the next SSB issue projected to come in higher.

With these changes, I have seen more discussion in the Beansprout community about where best to park our spare cash, while keeping our liquidity pot accessible for short-term needs.

In this article, I’ll compare some popular options such as T-bills, fixed deposits, Singapore Savings Bonds (SSBs), savings accounts and money market funds to find out which options offer the best yields in July.

Latest 6-month Singapore T-bill offers yield of 1.50%

Firstly, let's take a look at the latest 6-month Singapore T-bill. 

The cut-off yield on the 6-month T-bill in Singapore rose to 1.50% in the recent auction on 2 July 2026. This represents an increase in yield from the previous 6-month T-bill auction on 18 June 2026

With the increase in the latest auction, the 6-month Singapore T-bill yield would be highest since the start of the year.

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

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Best 6-month fixed deposit rate in Singapore of 1.50% p.a. in July 2026

The best fixed deposit rates remain competitive this month, with several banks and finance companies offering promotional rates across different tenures.

From now until 14 July 2026, Singapura Finance is also offering promotional over-the-counter fixed deposit rates of up to 1.55% p.a. on fresh funds of at least S$20,000. Beansprout readers can receive an additional S$10 NTUC FairPrice voucher with an eligible placement. Find out more about the promotion here.

• The best 3-month fixed deposit rate we found was 1.35% p.a. by Bank of China
• The best 6-month fixed deposit rate we found was 1.50% p.a. offered by SBI
• The best 9-month fixed deposit rate we found was 1.52% p.a. offered by Singapura Finance. Find out how to get an additional S$10 NTUC FairPrice voucher exclusively through Beansprout here.
• The best 12-month fixed deposit rate we found was 1.60% p.a. offered by GXS.

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

Best no-frills savings account in Singapore offers interest rate of up to 1.68% p.a.

If you are looking for a no-frills savings account to park your savings and have at least S$20,000 in fresh funds, Maybank iSAVvy is offering a promotional interest rate of up to 1.68% p.a. on eligible incremental balances of S$20,000 and above from 1 July to 31 August 2026.

However, the higher rate only applies to the new money I add, not my entire balance, so it may be more attractive if I am bringing in fresh funds as a new customer.

Alternatively, if you are able to meet salary crediting, saving and spending requirements, selected savings accounts may offer higher effective interest rates.

CIMB FastSaver allows me to earn up to 2.70% p.a. on the first S$25,000 if I top up at least S$10,000 in fresh funds, credit my salary, and spend at least S$800 on the CIMB Visa Signature Card.

The effective interest rate works out to about 1.99% p.a. on S$100,000, as the bonus interest does not apply equally across the entire balance.

If I prefer something simpler without tracking fresh funds promotions, UOB Stash Account offers an effective interest rate of up to 1.50% p.a. on the first S$100,000 if I maintain or increase my monthly average balance.

You can also make use of the UOB Level Up Your Savings Promotion to earn up to $800 guaranteed cash when you deposit fresh funds into your UOB Stash account. 

For smaller cash balances, SingFinance GoSavers is another straightforward option, offering up to 1.30% p.a. on the first S$100,000 without additional requirements.

If you are 29 years old and below, DBS Multiplier offers 1.50% p.a. on the first S$50,000 with any credit card or PayLah! retail spend, even without salary crediting. Find out more about the DBS Multiplier Account here.

Find the best savings accounts in Singapore based on your cash balance and banking habits here.

Latest Singapore Savings Bonds (SSB) offer a 10-year average return of 2.06%

The August issuance of the SSB (SBAUG26 GX26080T) offers a 1-year interest rate of 1.46%, and a 10-year average return of 2.06%. 

This is lower than the 10-year average return of the previous SSB, which was 2.11%. 

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

As of 10 July 2026, the 10-year average return of the next SSB is projected to increase to 2.13%.

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

You can find out how to to construct a T-bill and SSB bond ladder here. 

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

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 Longbridge Cash Plus, Moomoo Cash Plus, Webull Moneybull, Tiger Vault, 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 1.15% p.a. as of 9 July 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$4,000 with Longbridge Cash Plus for 180 days (worth up to S$200). Also, get a free S$50 Fairprice voucher within 5 working days when you sign up for a Longbridge account via Beansprout. Promo ends on 31 July 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 1.10% per annum for a term of 6 months as of 9 July 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. 

You can track the USD/SGD exchange rate here.

USD Fixed Deposits

• The best 12-month US Dollar fixed deposit rate we found was 4.00% p.a. offered by Bank of China, for a minimum deposit of US$200,000.
• The best 9-month US Dollar fixed deposit rate we found was 3.90% p.a. offered by ICBC and Bank of China,  for a minimum deposit of US$5,000 and US$2,000 respectively.
• The best 6-month US Dollar fixed deposit rate we found was 3.80% p.a. offered by ICBC and Bank of China, for a minimum deposit of US$5,000 and US$2,000 respectively.
• The best 3-month US Dollar fixed deposit rate we found was 3.70% p.a. offered by ICBC and Bank of China, for a minimum deposit of US$5,000 and US$2,000 respectively.

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 was at 4.06% on 8 July 2026, after climbing in recent weeks as the Fed signalled that interest rates may stay higher for longer in 2026.

You can purchase US Treasuries using either Moomoo Singapore, Webull 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$4,000 with Longbridge Cash Plus for 180 days (worth up to S$200). Also, get a free S$50 Fairprice voucher within 5 working days when you sign up for a Longbridge account via Beansprout. Promo ends on 31 July 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? 

Lately, I’ve been thinking more about how to structure my cash so I’m prepared for unexpected needs while keeping it readily accessible when required.

A key priority is ensuring that my liquidity pot holds enough cash to cover unexpected expenses and short-term commitments.

For this cash, I would not look at yield alone.

I would consider splitting it across a mix of T-bills, SSBs, savings accounts, fixed deposits, and money market funds, depending on when I may need the money, how much flexibility I want, and whether I am comfortable locking in the rate.

In July, the latest 6-month T-bill and the best 6-month fixed deposit both offer 1.50% p.a..

If I can set aside at least S$20,000 for 9, 12 or 13 months, I would also consider Singapura Finance’s over-the-counter fixed deposit promotion, which offers rates of up to 1.55% p.a. on fresh funds. 

Beansprout readers can also receive an additional S$10 NTUC FairPrice voucher when they place an eligible fixed deposit by 14 July 2026, while stocks last. Find out how to enjoy the Beansprout exclusive promotion here.

I would still consider the Singapore Savings Bond for cash that I may not need immediately, as the latest SSB offers a 10-year average return of 2.06% while still giving me the flexibility to redeem early.

The next SSB is also projected to offer a higher 10-year average return of about 2.13%.

For cash that I may need at short notice, I would keep part of it in a savings account.

If I have at least S$20,000 in fresh funds, Maybank iSAVvy offers up to 1.68% p.a. on eligible incremental balances during the promotional period.

If I can meet salary crediting, saving and spending requirements, CIMB FastSaver is currently running a promotion that offers up to 2.70% p.a. on the first S$25,000 if I meet the fresh-funds, salary crediting and card spending requirements. This works out to an effective interest rate of about 1.99% p.a. on the first S$100,000.

If I prefer something simpler without having to track promotional rates, UOB Stash Account offers an effective interest rate of up to 1.50% p.a. on the first S$100,000 if I maintain or increase my monthly average balance. 

I could also pair this with the UOB Level Up Your Savings promotion to earn up to S$800 in cash, although the deposited funds would be earmarked for about seven months.

For smaller balances, SingFinance GoSavers is another straightforward option, offering up to 1.30% p.a. on the first S$100,000 without additional requirements.

For more liquidity than T-bills or fixed deposits, I would also consider money market funds, while remembering that they are not capital guaranteed and are not insured under SDIC.

Longbridge is running a promotion offering 5% p.a. interest boost on S$4,000 with Longbridge Cash Plus for 180 days (worth up to S$200). Also, get a free S$50 Fairprice voucher within 5 working days when you sign up for a Longbridge account via Beansprout. Promo ends on 31 July 2026. Learn more about the Longbridge promo here.

If I already hold US dollars, I may also look at US dollar fixed deposits, US Treasuries or USD money market funds, as yields remain higher than SGD cash options.

However, I would be careful about converting SGD into USD just to earn a higher yield, as foreign exchange movements could offset the additional interest earned.

When my liquidity pot within my Four Pots of Wealth 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.

Do you prefer to park your cash in T-bills, SSB or fixed deposits? Share with us in the comments below or in our Telegram group!

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