Where to park your cash for higher yield? T-bills vs Fixed Deposit vs SSB (Oct 2025)

What happened?

Interest rates have continued to trend lower in October 2025.

Some savings accounts like the Standard Chartered eSaver account have cut their rates this month.

Meanwhile, the 6-month Singapore T-bill yield has stayed low in recent auctions, while the best fixed deposit rates in Singapore have remained stable.

These changes have led many in the Beansprout community to relook at the best places to park their idle cash and to earn passive income in Singapore. 

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 where are the best places to grow our savings in today's low-interest-rate environment.

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

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

• The best 3-month fixed deposit rate we found was 1.40% p.a. offered by RHB.
• The best 6-month fixed deposit rate we found was 1.40% p.a. offered by DBS/POSB.
• The best 9-month fixed deposit rate we found was 1.60% p.a. offered by DBS/POSB.
• The best 1 year fixed deposit rate we found was 1.60% p.a. offered by DBS / POSB.

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 1.44%

The yield on the Singapore T-bill has remained steady in the most recent auction.

The cut-off yield on the 6-month T-bill in Singapore has remained steady at 1.44% in the recent auction on 9 October  2025, after bouncing in the T-bill auction on 25 September 2025.

With the slight increase in the T-bill yield, it is now slightly higher than the 3-month and 6-month fixed deposit rate.

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Best no-frills savings account in Singapore offers interest rate of up to 2.045% 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 2.045% p.a on $100,000 deposits currently.

You can also make use of the UOB Season of Gold Savings Promotion to earn up to $340 guaranteed cash when you deposit fresh funds into your UOB Stash account. 

If you top up fresh funds of $100,000 in October and keep your funds for 12 months in the account, the total interest you can earn assuming interest rates stay unchanged is $210 cash credit + $2,045 = $2,255.

For those who are looking to deposit smaller amounts of cash, the GXS Savings Account offers an interest rate of 1.38% p.a. on the Boost Pocket and Savings Pocket without having to jump through any hoops. Learn more about the GXS Savings Account here. 

If you are looking for a promo for new customers, the DBS Multiplier promo allows new Multiplier customers to earn up to 2.5% p.a. on the first S$100,000. In addition, you can get up to S$680 cash rewards by crediting your salary and signing up for a DBS yuu Card. Learn more about the DBS Multiplier promo here. 

Find out more about the best savings account in Singapore here. 

Latest Singapore Savings Bonds (SSB) offer a 10-year average return of 1.83%

The November issuance of the SSB (SBNOV25 GX25110W) offers a 1-year interest rate of 1.39%, and a 10-year average return of 1.83%. 

This is lower than the 10-year average return of the previous SSB, which was 1.93%. 

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 October 2025, the 10-year average return of the next SSB is projected to stay little changed at 1.86%. 

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 1.46% p.a. as of 10 October 2025. 

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  2 x 6% p.a. interest boost on S$2,000 with Longbridge Cash Plus for 90 days (worth up to S$60). In addition, get a free S$50 Fairprice voucher when you sign up for a Longbridge account via Beansprout. 

Promo ends on 31 October 2025. 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 1.45% per annum for a term of 3 months, and 1.35% per annum for a term of 6 months as of 10 October 2025. 

Learn more about Syfe Cash+ Guaranteed here. 

 #3 – Endowment plans

Endowment plans are insurance-based savings policies to help you accumulate savings over a fixed period. 

Depending on the plan, some endowment products currently offer guaranteed yields of around 1.64% p.a., which may be higher than what you’d get from T-bills today, and comparable to fixed deposits.

For example, DBS Savvy Endowment 22 offers a guaranteed return of 1.52% per annum for a 3-year policy term and 1.64% per annum for a 4-year policy term. 

Learn more about short-term endowment plans here

#4 – 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 is 4.05% p.a. offered by ICBC
• The best 6-month US Dollar fixed deposit rate is 4.10% p.a. offered by ICBC
• The best 12-month US Dollar fixed deposit rate is 3.80% 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 3.66% as of 10 October 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 2 x 6% p.a. interest boost on S$2,000 with Longbridge Cash Plus for 90 days (worth up to S$60). In addition, get a free S$50 Fairprice voucher when you sign up for a Longbridge account via Beansprout. Promo ends on 31 October 2025. 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? 

Despite the fall in interest rates, there are still a few ways to earn an interest rate of above 1.5% p.a.

For example, the best 12-month fixed deposit rate is at 1.60% p.a. for deposits below S$20,000.

For savings accounts, the DBS Multiplier promo allows new Multiplier customers to earn up to 2.5% p.a. on the first S$100,000. In addition, you can get up to S$680 cash rewards by crediting your salary and signing up for a DBS yuu Card. Learn more about the DBS Multiplier promo here. 

If you prefer a more no-frills savings account, the UOB Stash Account offers an interest rate of up to 2.045% per annum. In addition, you can tap on the UOB Season of Gold Savings Promotion to earn additional cash rewards of up to S$340. 

With falling interest rates, 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 1.83%, with the flexibility to redeem priority to maturity. 

If I'm looking to lock in a guaranteed rate over a 4-year period, I can consider DBS SavvyEndowment 22, which currently offers a guaranteed return 1.64% per annum for a 4-year policy term respectively. Learn more about endowment plans here. 

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 and  2 x 6% p.a. interest boost on S$2,000 with Longbridge Cash Plus for 90 days (worth up to S$60) when you sign up for a Longbridge account via Beansprout. 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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