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SGYieldHub

SSB vs T-bill vs SGS

Head-to-head rates for Singapore retail fixed-income choices. SSB and T-bills redeem at face value; SGS bonds trade at market prices — so the yields below aren't apples-to-apples. Framing notes below.

Rate environment

SSB vs 6m T-bill spread

+1 bps

SSB year-1 currently leads

SSB > 6m T-bill (3y)

28%

of months SSB year-1 was above 6m T-bill cutoff (historical, not a forecast)

Long vs short

65 bps

SSB 10y avg minus 1y T-bill

SGS curve slope

+49 bps

10-year minus 2-year SGS (normal curve)

Instrument Latest rate Tenor Lock-in Cap per person
SSB (year 1)
1.46%
Issues02 Jun 2026
Up to 10 years
None
Redeem any month at face value
 S$200,000
SSB (10y average)
2.11%
Same issue as above
 10 years
None
Redeem any month at face value
 S$200,000
6-month T-bill
1.45%
Auctioned 21 May 2026
 6 months
Full term
Tradable on SGX (limited liquidity)
 None
1-year T-bill
1.46%
Auctioned 16 Apr 2026
 1 year
Full term
Tradable on SGX (limited liquidity)
 None
2-year SGS bond
1.60%
Auctioned 26 May 2026 (reopen)
2 years
Full term
Tradable on SGX; price moves with rates
 None
10-year SGS bond
2.09%
Auctioned 28 Apr 2026 (reopen)
10 years
Full term
Tradable on SGX; price moves with rates
 None
30-year SGS bond
2.57%
Auctioned 27 Mar 2026 (reopen)
30 years
Full term
Tradable on SGX; price moves with rates
 None

SGS rows show the 3 most recently auctioned bonds — tenor varies with what MAS has issued lately. Full curve on the SGS tracker.

All four series, one axis
  • SSB year 1
  • SSB 10y avg
  • 6m T-bill
  • 1y T-bill
  • SGS 10y
All four series, one axis
Date SSB year 1SSB 10y avg6m T-bill1y T-billSGS 10y
1987-05-25 3.2
1987-06-08 2.83
1987-06-22 2.9
1987-06-29 3.23
1987-07-20 3.08
1987-09-21 3.8
1987-10-19 4.02
1987-11-23 3.88
1988-03-21 3.14
1988-05-23 3.74
1988-07-18 4.22
1988-09-19 4.73
1988-11-21 4.48
1989-02-13 3.88
1989-05-22 4.5
1989-07-17 4
1989-10-16 4.38
1990-11-19 4.45
1991-02-25 3.6
1991-08-27 4.8
1991-11-18 3.42
1992-02-17 2.8
1992-07-06 2.57
1993-03-29 0.8
1993-07-05 1.08
1994-03-28 2.05
1994-11-28 2.8
1995-02-13 1.05
1995-06-19 0.96
1995-11-27 1.53
1996-05-20 1.33
1996-11-25 2.5
1997-05-19 2.98
1997-11-24 3.55
1998-05-18 3.43
1998-06-26 5.87
1998-11-23 2.5
1999-01-07 4.5
1999-06-22 1.93
1999-07-13 4.61
1999-11-22 1.76
2000-05-10 3.02
2000-06-29 4.74
2000-12-11 2.8
2001-05-10 2.25
2001-06-28 3.64
2001-11-29 1.2
2002-04-29 1
2002-06-26 3.59
2002-11-27 0.8
2003-04-29 0.67
2003-06-26 2.3
2003-11-26 0.92
2004-04-28 0.8
2004-06-28 3.68
2004-11-26 1.34
2005-02-24 3
2005-04-27 2.15
2005-11-28 3.03
2006-02-24 3.45
2006-04-26 3.06
2006-09-27 3.21
2007-04-26 2.45
2007-05-28 2.8
2007-09-26 2.16
2008-04-28 1.2
2008-05-28 3.5
2008-10-29 1.2
2009-04-28 0.31
2009-05-27 2.53
2009-10-28 0.6
2010-04-28 0.5
2010-05-26 2.75
2010-10-27 0.39
2011-04-27 0.44
2011-05-27 2.34
2011-10-27 0.3
2012-04-26 0.24
2012-06-27 1.6
2012-07-09 0.23
2012-07-23 0.19
2012-08-06 0.28
2012-08-17 0.3
2012-09-03 0.29
2012-09-17 0.37
2012-10-01 0.34
2012-10-15 0.27
2012-10-29 0.280.29
2012-11-12 0.27
2012-11-26 0.28
2012-12-10 0.28
2012-12-24 0.29
2013-01-07 0.29
2013-01-21 0.26
2013-02-04 0.29
2013-02-18 0.29
2013-03-04 0.28
2013-03-18 0.26
2013-04-01 0.24
2013-04-15 0.26
2013-04-26 0.25
2013-04-29 0.24
2013-05-13 0.27
2013-05-27 0.31
2013-06-10 0.31
2013-06-24 0.35
2013-06-26 2.85
2013-07-08 0.3
2013-07-22 0.31
2013-08-05 0.3
2013-08-19 0.3
2013-09-02 0.29
2013-09-16 0.3
2013-09-30 0.29
2013-10-14 0.3
2013-10-28 0.28
2013-10-29 0.28
2013-11-11 0.28
2013-11-25 0.29
2013-12-09 0.28
2013-12-23 0.3
2014-02-26 2.55
2014-04-28 0.38
2014-07-29 2.42
2014-10-29 0.39
2015-04-28 0.99
2015-05-27 2.42
2015-10-01 0.962.63
2015-10-28 1.28
2015-11-02 1.182.78
2015-12-01 1.152.44
2016-01-04 1.212.58
2016-02-01 12.5
2016-03-01 1.092.44
2016-04-01 1.042.19
2016-04-27 1
2016-05-03 0.972.09
2016-05-27 2.15
2016-06-01 0.91.94
2016-07-01 0.932.06
2016-08-01 0.892.03
2016-09-01 0.871.75
2016-10-03 0.841.79
2016-10-27 0.94
2016-11-01 0.771.79
2016-12-01 0.871.87
2017-01-03 0.912.18
2017-01-25 1.05
2017-02-01 1.052.44
2017-02-24 2.35
2017-03-01 1.042.38
2017-04-03 1.022.27
2017-04-26 1.03
2017-05-02 12.32
2017-06-01 1.022.16
2017-07-03 1.042.12
2017-07-26 1.24
2017-08-01 1.052.06
2017-09-04 1.152.12
2017-10-02 1.192.13
2017-10-27 1.37
2017-11-01 1.212.07
2017-12-01 1.262.16
2018-01-02 1.322.13
2018-01-26 1.38
2018-02-01 1.552.04
2018-03-01 1.422.11
2018-04-02 1.422.31
2018-04-25 1.76
2018-04-26 2.65
2018-05-02 1.652.39
2018-06-01 1.682.43
2018-07-02 1.722.63
2018-07-26 1.74
2018-08-01 1.782.57
2018-09-03 1.752.44
2018-10-01 1.742.42
2018-10-26 1.97
2018-11-01 1.82.48
2018-12-03 1.892.57
2019-01-02 2.012.45
2019-01-28 2.06
2019-02-01 1.982.2
2019-03-01 1.952.18
2019-04-01 1.962.16
2019-04-25 1.97
2019-04-26 2.2
2019-05-02 1.952.16
2019-06-03 1.882.13
2019-06-27 1.93
2019-07-01 1.932.16
2019-07-11 1.8
2019-07-25 1.84
2019-07-26 1.78
2019-08-01 1.682.01
2019-08-06 1.82
2019-08-22 1.83
2019-08-28 1.69
2019-09-02 1.651.95
2019-09-05 1.83
2019-09-19 1.83
2019-10-01 1.641.75
2019-10-03 1.81
2019-10-17 1.72
2019-10-25 1.64
2019-10-31 1.68
2019-11-01 1.621.74
2019-11-14 1.58
2019-11-27 1.65
2019-12-02 1.561.71
2019-12-12 1.72
2019-12-23 1.79
2020-01-02 1.521.76
2020-01-09 1.58
2020-01-22 1.53
2020-01-28 1.44
2020-01-29 1.64
2020-02-03 1.541.75
2020-02-06 1.61
2020-02-20 1.58
2020-03-02 1.431.71
2020-03-05 1.04
2020-03-19 1.4
2020-04-01 1.461.63
2020-04-02 0.7
2020-04-16 0.55
2020-04-27 0.45
2020-04-29 0.4
2020-05-04 0.961.39
2020-05-14 0.2
2020-05-28 0.23
2020-06-01 0.571.05
2020-06-11 0.24
2020-06-25 0.3
2020-07-01 0.30.8
2020-07-09 0.26
2020-07-23 0.27
2020-07-27 0.31
2020-07-28 0.93
2020-08-03 0.270.93
2020-08-05 0.24
2020-08-20 0.27
2020-09-01 0.240.88
2020-09-03 0.26
2020-09-17 0.25
2020-10-01 0.260.90.26
2020-10-15 0.25
2020-10-27 0.28
2020-10-29 0.28
2020-11-02 0.230.91
2020-11-12 0.3
2020-11-26 0.32
2020-12-01 0.240.87
2020-12-10 0.45
2020-12-23 0.38
2021-01-04 0.270.9
2021-01-07 0.33
2021-01-21 0.30.38
2021-02-01 0.320.89
2021-02-04 0.29
2021-02-18 0.31
2021-03-01 0.280.97
2021-03-04 0.35
2021-03-18 0.44
2021-03-29 1.71
2021-03-31 0.41
2021-04-01 0.351.15
2021-04-15 0.370.43
2021-04-29 0.37
2021-05-03 0.371.56
2021-05-12 0.33
2021-05-27 0.3
2021-06-01 0.381.61
2021-06-10 0.3
2021-06-24 0.33
2021-06-28 1.63
2021-07-01 0.361.53
2021-07-08 0.32
2021-07-22 0.320.35
2021-08-02 0.341.5
2021-08-04 0.32
2021-08-19 0.3
2021-09-01 0.351.43
2021-09-02 0.3
2021-09-16 0.3
2021-09-30 0.36
2021-10-01 0.351.39
2021-10-14 0.370.6
2021-10-28 0.46
2021-11-01 0.341.45
2021-11-11 0.49
2021-11-25 0.55
2021-12-01 0.411.71
2021-12-09 0.55
2021-12-23 0.53
2022-01-03 0.451.78
2022-01-06 0.55
2022-01-20 0.480.75
2022-02-03 0.521.640.67
2022-02-17 0.76
2022-02-24 1.89
2022-03-01 0.591.79
2022-03-03 0.78
2022-03-17 0.95
2022-03-31 1.22
2022-04-01 0.711.91
2022-04-13 1.322
2022-04-27 1.56
2022-05-04 0.862.09
2022-05-11 1.69
2022-05-26 1.8
2022-06-01 1.432.53
2022-06-09 2.04
2022-06-23 2.36
2022-07-01 1.692.71
2022-07-07 2.66
2022-07-21 2.933.1
2022-07-27 2.71
2022-08-01 23
2022-08-04 2.87
2022-08-18 2.98
2022-09-01 2.632.82.99
2022-09-15 3.32
2022-09-29 3.32
2022-10-03 2.62.75
2022-10-13 3.773.72
2022-10-27 4.19
2022-11-01 3.083.21
2022-11-10 4
2022-11-24 3.9
2022-12-01 3.263.47
2022-12-08 4.4
2022-12-21 4.28
2023-01-03 2.953.26
2023-01-05 4.2
2023-01-18 4
2023-01-26 3.87
2023-01-27 2.86
2023-02-01 2.842.97
2023-02-02 3.88
2023-02-16 3.93
2023-03-01 2.762.9
2023-03-02 3.98
2023-03-16 3.65
2023-03-30 3.85
2023-04-03 3.013.15
2023-04-13 3.75
2023-04-20 3.58
2023-04-26 3.83
2023-05-02 3.033.07
2023-05-11 3.78
2023-05-25 3.85
2023-06-01 2.812.81
2023-06-08 3.84
2023-06-22 3.89
2023-06-27 3.05
2023-07-03 2.762.82
2023-07-06 3.99
2023-07-20 3.85
2023-07-27 3.74
2023-08-01 2.972.99
2023-08-03 3.75
2023-08-17 3.73
2023-08-31 3.7
2023-09-01 3.013.06
2023-09-14 3.73
2023-09-28 4.07
2023-10-02 3.053.16
2023-10-12 3.87
2023-10-19 3.7
2023-10-26 3.95
2023-11-01 3.213.32
2023-11-08 3.75
2023-11-23 3.8
2023-12-01 3.33.4
2023-12-07 3.74
2023-12-20 3.73
2024-01-02 33.07
2024-01-04 3.74
2024-01-18 3.7
2024-01-25 3.45
2024-02-01 2.722.813.54
2024-02-15 3.66
2024-02-29 3.8
2024-03-01 2.742.88
2024-03-14 3.78
2024-03-27 3.8
2024-04-01 2.953.04
2024-04-11 3.75
2024-04-18 3.58
2024-04-25 3.74
2024-04-26 3.46
2024-05-02 2.993.06
2024-05-09 3.7
2024-05-23 3.65
2024-06-03 3.263.33
2024-06-06 3.76
2024-06-20 3.74
2024-07-01 3.263.3
2024-07-04 3.7
2024-07-18 3.64
2024-07-25 3.38
2024-08-01 3.193.223.4
2024-08-15 3.34
2024-08-29 3.13
2024-09-02 3.063.1
2024-09-12 3.1
2024-09-26 2.97
2024-10-01 2.592.77
2024-10-10 3.06
2024-10-17 2.71
2024-10-24 2.99
2024-11-01 2.252.56
2024-11-07 3.04
2024-11-21 3.08
2024-12-02 2.662.81
2024-12-05 3
2024-12-19 3.02
2025-01-02 2.732.863.05
2025-01-16 2.99
2025-01-23 2.95
2025-01-28 3.04
2025-02-03 2.762.82
2025-02-13 2.9
2025-02-26 2.79
2025-02-27 2.75
2025-03-03 2.832.97
2025-03-13 2.56
2025-03-26 2.73
2025-04-01 2.732.85
2025-04-10 2.5
2025-04-16 2.29
2025-04-24 2.38
2025-05-02 2.492.69
2025-05-07 2.3
2025-05-22 2.2
2025-05-28 2.4
2025-06-02 2.22.56
2025-06-05 2.05
2025-06-19 2
2025-07-01 2.062.49
2025-07-03 1.85
2025-07-17 1.79
2025-07-24 1.68
2025-07-31 1.77
2025-08-01 1.822.29
2025-08-14 1.59
2025-08-28 1.44
2025-09-01 1.712.11
2025-09-11 1.38
2025-09-25 1.44
2025-10-01 1.561.93
2025-10-09 1.44
2025-10-15 1.35
2025-10-23 1.41
2025-10-29 1.99
2025-11-03 1.391.83
2025-11-06 1.37
2025-11-20 1.39
2025-12-01 1.351.85
2025-12-04 1.41
2025-12-18 1.48
2025-12-31 1.6
2026-01-02 1.331.99
2026-01-15 1.39
2026-01-22 1.44
2026-01-29 1.37
2026-02-02 1.352.25
2026-02-12 1.36
2026-02-26 1.36
2026-03-02 1.382.16
2026-03-12 1.37
2026-03-26 1.46
2026-04-01 1.361.99
2026-04-09 1.47
2026-04-16 1.46
2026-04-23 1.4
2026-04-28 2.09
2026-05-04 1.42.14
2026-05-07 1.4
2026-05-21 1.45
2026-06-02 1.462.11
SSB year-1 minus 6m T-bill (spread)
  • SSB year-1 minus 6m T-bill
SSB year-1 minus 6m T-bill (spread)
Date SSB year-1 minus 6m T-bill
2019-06-27 -0.05
2019-07-11 0.13
2019-07-25 0.09
2019-08-06 -0.14
2019-08-22 -0.15
2019-09-05 -0.18
2019-09-19 -0.18
2019-10-03 -0.17
2019-10-17 -0.08
2019-10-31 -0.04
2019-11-14 0.04
2019-11-27 -0.03
2019-12-12 -0.16
2019-12-23 -0.23
2020-01-09 -0.06
2020-01-22 -0.01
2020-02-06 -0.07
2020-02-20 -0.04
2020-03-05 0.39
2020-03-19 0.03
2020-04-02 0.76
2020-04-16 0.91
2020-04-29 1.06
2020-05-14 0.76
2020-05-28 0.73
2020-06-11 0.33
2020-06-25 0.27
2020-07-09 0.04
2020-07-23 0.03
2020-08-05 0.03
2020-08-20 0
2020-09-03 -0.02
2020-09-17 -0.01
2020-10-01 0
2020-10-15 0.01
2020-10-29 -0.02
2020-11-12 -0.07
2020-11-26 -0.09
2020-12-10 -0.21
2020-12-23 -0.14
2021-01-07 -0.06
2021-01-21 -0.03
2021-02-04 0.03
2021-02-18 0.01
2021-03-04 -0.07
2021-03-18 -0.16
2021-03-31 -0.13
2021-04-15 -0.02
2021-04-29 -0.02
2021-05-12 0.04
2021-05-27 0.07
2021-06-10 0.08
2021-06-24 0.05
2021-07-08 0.04
2021-07-22 0.04
2021-08-04 0.02
2021-08-19 0.04
2021-09-02 0.05
2021-09-16 0.05
2021-09-30 -0.01
2021-10-14 -0.02
2021-10-28 -0.11
2021-11-11 -0.15
2021-11-25 -0.21
2021-12-09 -0.14
2021-12-23 -0.12
2022-01-06 -0.1
2022-01-20 -0.03
2022-02-03 -0.15
2022-02-17 -0.24
2022-03-03 -0.19
2022-03-17 -0.36
2022-03-31 -0.63
2022-04-13 -0.61
2022-04-27 -0.85
2022-05-11 -0.83
2022-05-26 -0.94
2022-06-09 -0.61
2022-06-23 -0.93
2022-07-07 -0.97
2022-07-21 -1.24
2022-08-04 -0.87
2022-08-18 -0.98
2022-09-01 -0.36
2022-09-15 -0.69
2022-09-29 -0.69
2022-10-13 -1.17
2022-10-27 -1.59
2022-11-10 -0.92
2022-11-24 -0.82
2022-12-08 -1.14
2022-12-21 -1.02
2023-01-05 -1.25
2023-01-18 -1.05
2023-02-02 -1.04
2023-02-16 -1.09
2023-03-02 -1.22
2023-03-16 -0.89
2023-03-30 -1.09
2023-04-13 -0.74
2023-04-26 -0.82
2023-05-11 -0.75
2023-05-25 -0.82
2023-06-08 -1.03
2023-06-22 -1.08
2023-07-06 -1.23
2023-07-20 -1.09
2023-08-03 -0.78
2023-08-17 -0.76
2023-08-31 -0.73
2023-09-14 -0.72
2023-09-28 -1.06
2023-10-12 -0.82
2023-10-26 -0.9
2023-11-08 -0.54
2023-11-23 -0.59
2023-12-07 -0.44
2023-12-20 -0.43
2024-01-04 -0.74
2024-01-18 -0.7
2024-02-01 -0.82
2024-02-15 -0.94
2024-02-29 -1.08
2024-03-14 -1.04
2024-03-27 -1.06
2024-04-11 -0.8
2024-04-25 -0.79
2024-05-09 -0.71
2024-05-23 -0.66
2024-06-06 -0.5
2024-06-20 -0.48
2024-07-04 -0.44
2024-07-18 -0.38
2024-08-01 -0.21
2024-08-15 -0.15
2024-08-29 0.06
2024-09-12 -0.04
2024-09-26 0.09
2024-10-10 -0.47
2024-10-24 -0.4
2024-11-07 -0.79
2024-11-21 -0.83
2024-12-05 -0.34
2024-12-19 -0.36
2025-01-02 -0.32
2025-01-16 -0.26
2025-01-28 -0.31
2025-02-13 -0.14
2025-02-27 0.01
2025-03-13 0.27
2025-03-26 0.1
2025-04-10 0.23
2025-04-24 0.35
2025-05-07 0.19
2025-05-22 0.29
2025-06-05 0.15
2025-06-19 0.2
2025-07-03 0.21
2025-07-17 0.27
2025-07-31 0.29
2025-08-14 0.23
2025-08-28 0.38
2025-09-11 0.33
2025-09-25 0.27
2025-10-09 0.12
2025-10-23 0.15
2025-11-06 0.02
2025-11-20 0
2025-12-04 -0.06
2025-12-18 -0.13
2025-12-31 -0.25
2026-01-15 -0.06
2026-01-29 -0.04
2026-02-12 -0.01
2026-02-26 -0.01
2026-03-12 0.01
2026-03-26 -0.08
2026-04-09 -0.11
2026-04-23 -0.04
2026-05-07 0
2026-05-21 -0.05

Positive = SSB year-1 leads. Negative = 6m T-bill leads. The spread tends to widen when MAS tightens short-term rates.

Which one fits your situation?

What each is built for, in plain English. This is information, not financial advice — your tax position, other savings, and when you'll actually need the money all matter. Consider speaking with a MAS-licensed financial adviser if you need help deciding.

Money you might need any month

SSB lets you withdraw at the end of any month and keep the interest you've earned so far. Year 1 pays 1.46%, and the rate steps up each year you hold. Designed for flexible-horizon holdings. Capped at S$200,000 per person across all SSB issues.

Parking cash for about 6 months

6-month T-bill locks your money up for around 180 days at a known rate (1.45% at the latest auction). You get your principal plus interest at the end. T-bills are listed on SGX, but retail secondary-market liquidity is typically limited.

Saving for something a year out

1-year T-bill suits a known cash need around 12 months away — school fees, a wedding, or a planned big-ticket purchase. Latest auction was 1.46%. You lock the rate in today and get your money back on a known date.

Long-term saving over a decade

Held for the full 10 years, the latest SSB issue averages 2.11% a year through its step-up coupon schedule. You can still redeem at the end of any month at face value plus accrued interest if your situation changes. Same S$200,000 cap applies.

Locking in today's rate for 10+ years

SGS bonds pay a fixed rate set today, twice a year, until the bond matures. The 10-year SGS is currently 2.09%. If you sell before maturity, the price moves with interest rates — principal is not guaranteed before the bond reaches its maturity date.

Key differences

Taxes, CPF eligibility, and settlement details differ across instruments — check MAS's product pages before buying. SGS bonds carry duration risk that SSB and T-bills do not; the yields above aren't directly comparable on a risk-adjusted basis.