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

What happened?

I’ve been reviewing where to park my spare cash in May.

With markets still volatile and the outlook uncertain, I want my emergency cash to earn a reasonable yield without compromising too much on safety or accessibility.

I've seen the Singapore 6-month T-bill yield held fairly steady in recent auctions, while the best fixed deposit rates in Singapore have edged up slightly.

At the same time, some popular high-yield savings accounts, including the OCBC 360 and Standard Chartered Bonus$aver accounts, have cut their interest rates in May.

These changes have sparked more discussion within the Beansprout community about where to park our idle cash and earn passive income in Singapore without taking on too much risk.

In this article, I’ll break down some popular options such as T-bills, fixed deposits, Singapore Savings Bonds (SSBs), and money market funds to see how they compare right now.

I’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 6-month fixed deposit rate in Singapore of 1.50% p.a. in May 2026

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

• The best 3-month fixed deposit rate we found was 1.30% p.a. by RHB, ICBC and Bank of China (BOC).
• The best 6-month fixed deposit rate we found was 1.50% p.a. offered by HL Bank.
• The best 9-month fixed deposit rate we found was 1.50% p.a. offered by Singapura Finance.
• The best 1 year fixed deposit rate we found was 1.52% p.a. offered by Singapura Finance.

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 1.40%

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

The cut-off yield on the 6-month T-bill in Singapore stayed at 1.40% in the recent auction on 7 May 2026 after the fall in yield in the 6-month T-bill auction on 23 April 2026.

With the drop in the T-bill yield, it is below the best 6-month, 9-month and 12-month fixed deposit rate.

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Best no-frills savings account in Singapore offers an interest rate of up to 1.50% p.a.

If you are looking for another no-frills savings account to park your savings, the UOB Stash Account offers an effective interest rate of up to 1.50% p.a. on $100,000 deposits currently.

You can also make use of the UOB Stack Your Cash Savings Promotion to earn up to $700 guaranteed cash when you deposit fresh funds into your UOB Stash account. 

However, if you are able to credit your salary, save regularly, and spend, the OCBC 360 account offers up to 1.95% p.a. effective interest on the first S$100,000 in May 2026. Find out more about the OCBC 360 Account and its revised rates here.

Following the cut to OCBC 360’s rates, I would also consider the DBS Multiplier Account as an alternative if I am able to credit my salary, spend on a DBS or POSB credit card, and service a home loan with DBS. Under this combination, I could earn 2.10% p.a. on the first S$100,000, rising to as high as 3.00% p.a. if my eligible transactions exceed S$30,000.

For those able to transact across more categories and hit higher eligible transaction tiers, DBS Multiplier offers up to 4.10% p.a. Find out more about the DBS Multiplier Account here.

For smaller cash balances, the SingFinance GoSaver is another simple, fuss-free option. It offers up to 1.30% p.a. up to the first S$100,000 without requiring any additional hoops.

Compare the best savings account in Singapore here. 

Latest Singapore Savings Bonds (SSB) offer a 10-year average return of 2.11%

The April issuance of the SSB (SBJUN26 GX26060N) offers a 1-year interest rate of 1.46%, and a 10-year average return of 2.11%. 

This is slightly lower than the 10-year average return of the previous SSB, which was 2.14%. 

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

As of 8 May 2026, the 10-year average return of the next SSB is projected to decline slightly at around 2.08%.

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 1.16% p.a. as of 7 May 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 10% p.a. interest boost on S$2,000 with Longbridge Cash Plus for 180 days (worth up to S$98). 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 weekly S$150 CapitaVouchers and a S$600 CapitaVoucher Grand Prize. Promo ends on 31 May 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 1.05% per annum for a term of 6 months as of 8 May 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 3.70% 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 is 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 9-month US Dollar fixed deposit rate is 3.90% p.a. offered by Bank of China.
• The best 12-month US Dollar fixed deposit rate is 3.80% 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 3.73% on 6 May 2026, after climbing in recent weeks as investors scaled back expectations for Fed rate cuts due to persistent inflation, strong labour market data, and rising oil prices amid tensions in the Middle East.

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 10% p.a. interest boost on S$2,000 with Longbridge Cash Plus for 180 days (worth up to S$98). 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 weekly S$150 CapitaVouchers and a S$600 CapitaVoucher Grand Prize. Promo ends on 31 May 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 uncertainty still hanging over markets, I’ve been thinking more carefully about whether my financial plan gives me enough security and peace of mind.

That starts with making sure I have sufficient cash set aside for emergencies in my liquidity pot, which I would park across a mix of savings accounts, fixed deposits, T-bills, SSBs, and money market funds.

From there, I would look at how I can earn a reasonable yield on my emergency cash, while still keeping enough liquidity for unexpected needs.

In the month of May, I find that the Singapore T-bill yield has fallen and still remains lower than the best 6-month fixed deposit rate of 1.50% p.a..

For savings accounts, I would consider the OCBC 360 Account if I am able to credit my salary, save regularly, and spend on an OCBC card, as it offers up to 1.95% p.a. effective interest on the first S$100,000. The rate is still higher than the 6-month Singapore T-bill yield. Find out more about OCBC 360 account here. 

Following the cut to OCBC 360’s rates, I would also consider the DBS Multiplier Account if I am able to credit my salary, spend on a DBS or POSB credit card, and service a home loan with DBS. This would allow me to earn 2.10% p.a. on the first S$100,000, rising to 3.00% p.a. with higher eligible transactions. For those who meet more categories and transaction tiers, DBS Multiplier offers up to 4.10% p.a. Find out more about the DBS Multiplier Account here.

If I prefer a more fuss-free option, the UOB Stash Account offers up to 1.50% p.a. on S$100,000, making it another option to park spare cash. I can also pair it with the UOB Stack Your Cash Savings Promotion to earn up to S$700 in cash by depositing fresh funds, though these funds will be earmarked for about 7 months.

For smaller amounts of cash, the SingFinance GoSaver offers an interest rate of up to 1.30% p.a. without having to jump through any hoops.

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 2.11%, with the flexibility to redeem prior 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 10% p.a. interest boost on S$2,000 with Longbridge Cash Plus for 180 days (worth up to S$98) and an exclusive $50 Fairprice voucher within 5 days. Plus, stand a chance to win weekly S$150 CapitaVouchers and a S$600 CapitaVoucher Grand Prize. Promo ends on 31 May 2026. T&Cs apply. Learn more about the Longbridge promo here. 

By finding the best place to park my cash, I know that I have a stable base for the rest of my portfolio to stay invested through markets ups and downs. 

When my liquidity pot 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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