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

What happened?

I've been looking at where to earn a higher yield on my spare cash in September.

For me, the question is how to allow my savings to work a little harder, while still keeping it safe and accessible when I need it.

This month, I noticed that the T-bill yields, fixed deposit rates, and saving account rates have all been moving up.

The latest 6-month Singapore T-bill cut-off yield rose to 1.70%. This marks the highest level so far in 2026.

At the same time, the best fixed deposit rates in Singapore have also moved higher, while some savings accounts have introduced or updated promotional rates in September.

Singapore Savings Bond (SSB) rates have risen too. The latest SSB available for application offers a 10-year average return of 2.32%, higher than the previous issue.

With yields moving higher across several cash options, 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 September. 

Latest 6-month Singapore T-bill offers yield of 1.70%

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

The cut-off yield on the 6-month T-bill rose to 1.70% in the auction on 10 September 2026.

This represents an increase in yield from the previous 6-month T-bill auction on 27 August 2026 and also the highest 6-month T-bill cut-off yield so far in 2026.

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 2.00% p.a. in September 2026

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

• The best 3-month fixed deposit rate is 1.50% p.a. from SingFinance.
• The best 6-month fixed deposit rate we found was 1.70% p.a. offered by HL Bank and Bank of China. Citibank is offering a promotional fixed deposit rate of 2.00% for 6 months to existing Citibank customers and new Citigold customers who bring in new funds.
• The best 9-month fixed deposit rate is 1.75% p.a. from Bank of China.
• The best 12-month fixed deposit rate is 1.80% p.a. from HL Bank.

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 1.82% p.a.

The OCBC 360 Account allows me to earn an interest rate of up to 2.20% p.a. on the first S$100,000 when I credit my salary, save, and spend from 1 August to 31 December 2026.

If I want to keep my cash accessible without having to credit my salary or spend on a credit card, the CIMB FastSaver Account is one option I would consider.

With CIMB's September promotion, I can earn a bonus interest rate of 0.90% p.a. on eligible incremental fresh funds of at least S$10,000. This brings the effective interest rate to about 1.82% p.a. on S$100,000 of fresh funds for Personal Banking customers.

The HSBC Everyday Global Account (EGA) is another option for fresh funds. Under its September promotion, I can earn 1.70% p.a. on incremental fresh funds below S$500,000 if I am a wealth customer or make no withdrawals during the promotional period. 

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 2.32%

SSB yields have also risen.

The latest October 2026 SSB (SBOCT26, GX26100Z) offers a first-year interest rate of 1.65%, and a 10-year average return of 2.32% p.a. 

This is higher 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 4 September 2026, the 10-year average return of the next SSB is projected to increase to 2.39%.

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 1.11% p.a. as of 3 September 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).

You can gain access to money market funds through some brokerage platforms, such as Longbridge, Moomoo, Tiger Brokers and Webull. 

Longbridge is running a promotion offering 10% p.a. interest boost on S$3,000 with Longbridge Cash Plus for 100 days (worth up to S$82). Also, get a free S$80 Fairprice voucher within 5 working days when you sign up for a Longbridge account via Beansprout. Promo ends on 30 September 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 1.30% per annum for a term of 6 months as of 4 September 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 USD fixed deposit rate we found was 4.10% p.a. from Bank of China, requiring a minimum placement of US$200,000.
• The best 12-month USD fixed deposit rate for a smaller placement was 4.00% p.a. from Bank of China and CIMB, with minimum deposits of US$2,000 and US$10,000 respectively.
• The best 9-month USD fixed deposit rate we found was 3.90% p.a. from Bank of China and ICBC, with minimum deposits starting from US$2,000 and US$5,000 respectively.
• The best 6-month USD fixed deposit rate we found was 4.30% p.a. from Standard Chartered, with a minimum placement of US$25,000.
• The best 3-month USD fixed deposit rate we found was 3.75% p.a. from Bank of China and CIMB, with minimum placements of US$2,000 and US$10,000 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 4.11% on 3 September 2026, after rising in recent weeks amid persistent inflation concerns and expectations that US interest rates could remain elevated for longer.

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 10% p.a. interest boost on S$3,000 with Longbridge Cash Plus for 100 days (worth up to S$82). Also, get a free S$80 Fairprice voucher within 5 working days when you sign up for a Longbridge account via Beansprout. Promo ends on 30 September 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? 

I’ve been thinking more about where to park my cash to earn a higher yield. 

A key priority is ensuring that my liquidity pot within Beansprout's four pots of wealth 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.

What stood out to me this month is the higher rates and yields.

In particular, the best 12 month fixed deposit rates have gone up to 1.80% p.a., while I could find the best 6-month fixed deposit rates at 2.00%.

This is higher than the latest 6-month T-bill yield of 1.70%.

I would also consider the Singapore Savings Bond for cash that I may not need immediately, as the latest SSB offers a 1-year return of 1.65% and a 10-year average return of 2.32% while still giving me the flexibility to redeem early.

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

The OCBC 360 Account allows me to earn an interest rate of up to 2.20% p.a. on the first S$100,000 when I credit my salary, save, and spend from 1 August to 31 December 2026.

If I have S$100,000 of eligible fresh funds, the CIMB FastSaver Account currently works out to an effective interest rate of about 1.82% p.a., without requiring salary credit or card spend.

You can compare the best savings accounts in Singapore for September 2026 here. 

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 10% p.a. interest boost on S$3,000 with Longbridge Cash Plus for 100 days (worth up to S$82). Also, get a free S$80 Fairprice voucher within 5 working days when you sign up for a Longbridge account via Beansprout. Promo ends on 30 September 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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