Updated 16 Apr 2026
The full SG retail fixed-income landscape
The complete map of Singapore retail fixed-income options: SSB, T-bills, SGS bonds, fixed deposits, money market funds, high-yield savings, and CPF — and how they fit together.
Informational only, not financial advice. Rates cited are current as of Q2 2026 (2026-04-16). Rates across this landscape move frequently — verify directly with each provider before acting.
SSB and T-bills get the most attention, but Singapore retail investors have at least seven distinct fixed-income buckets. Each has different trade-offs on yield, liquidity, risk, tax treatment, and account eligibility. Here’s the full picture, with current numbers.
At a glance (Q2 2026)
| Instrument | Typical yield | Min | Lock-in | Risk |
|---|---|---|---|---|
| CPF OA (default) | 2.5% floor | N/A | Until 55 | Near-zero |
| CPF SA (under 55) | 4.0% floor (through 2026) | N/A | Until 55 | Near-zero |
| SSB | ~1.4% Y1 / ~2.1% 10y avg | S$500 | None (redeem monthly) | Near-zero |
| T-bill (6m) | ~1.5% | S$1,000 | 6 months (tradable) | Near-zero |
| T-bill (1y) | ~1.5% | S$1,000 | 1 year (tradable) | Near-zero |
| SGS bonds (2-30y) | varies, see below | S$1,000 | Tenor (tradable) | Near-zero |
| Fixed deposits | 1.0-1.45% (12m) | S$5-20k (bank-dependent) | Fixed term | Bank credit |
| Money market funds | 2.0-3.1% (projected) | S$1 at some providers | None (1-5 days withdraw) | Small NAV risk |
| HYSAs (tiered) | 1.8-4.5% max | N/A | None | Bank credit |
Rates above are headline or typical; actual yields depend on amount, criteria met (HYSAs), and timing.
1. CPF accounts (OA and SA)
The default for Singaporean workers. 2.5% floor on OA, 4% floor on SA (extended through 31 Dec 2026). Cannot be withdrawn before 55 outside CPFIS. Government-backed.
See: CPF OA vs SSB
Source: CPF Q2 2026 rates · CPF 4% SA floor extension
2. Singapore Savings Bonds (SSB)
Retail government bonds, 10-year tenor with step-up coupons. Key feature: redeem any month at face value. S$200,000 per-person cap. Cash or SRS only (not CPF).
See: How SSB works · SSB tracker
Source: MAS SSB
3. T-bills
Short-duration government paper: 6-month and 1-year zero-coupon bills. Sold at discount, mature at face value. CPFIS-OA / cash / SRS eligible. No cap on total holdings but S$1M non-competitive cap per auction.
See: T-bill auctions explained · How to buy T-bills with CPF · T-bill tracker
Source: MAS T-bills
4. SGS bonds (the forgotten middle)
Singapore Government Securities bonds (distinct from T-bills) are longer-dated fixed-coupon government debt. Tenors: 2, 5, 10, 15, 20, 30, and 50 years. Pay semi-annual coupons. Retail-accessible.
- Minimum: S$1,000 (multiples of S$1,000)
- How to buy: DBS/OCBC/UOB iBanking at primary auction (cash / SRS / CPFIS-OA). Secondary market via bank main branches or SGX brokers.
- Tradable on SGX: yes, in secondary market. Retail liquidity varies by tenor.
- Tax treatment: same QDS scheme — tax-exempt for Singapore-resident individuals.
SGS bonds are underused in retail portfolios. If you want long-duration exposure with a fixed rate (e.g., funding a 10-year liability), a 10y SGS bond can be cleaner than rolling SSBs.
Source: MAS SGS bonds for individuals
5. Corporate bonds (SGX retail)
Some corporate bonds listed on SGX are accessible to retail under MAS’s Bond Seasoning Framework. The issuer must have S$500m+ in bonds outstanding and 5+ years of SGX listing.
- Minimum: S$1,000 (in re-denominated retail lots)
- Liquidity: thin; bid-ask spreads wider than government securities
- Risk: credit risk of the issuer, not government-backed
- Tax: QDS tax exemption may or may not apply depending on issuance; verify per-bond
For most retail investors, corporate bonds carry credit risk without enough yield pickup to justify. Institutional products are generally a better route.
Source: SGX retail fixed income · MAS Bond Seasoning Framework
6. Fixed deposits (FDs)
Bank time deposits. Rates in Q2 2026 have compressed from 2024 peaks of ~4%. Representative 12-month promo rates (verify directly before applying):
| Bank | 12-month rate (Apr 2026) | Min deposit | Notes |
|---|---|---|---|
| Maybank | 1.30% | S$20,000 | Up to 1.45% with bundle |
| CIMB | 1.30% (online) | S$10,000 | 1.35% for Preferred |
| UOB | up to 1.20% (6-mo) | S$10,000 (fresh) | 1.25% with wealth tier |
| OCBC | 1.15-1.20% (9/12-mo) | S$20,000 (fresh) | Online rates |
| DBS | up to 1.00% (12-mo) | S$5,000 | Lowest of the big three |
Rates change weekly. Check the bank’s site at the time of deposit.
Source: Growbeansprout FD rates · StashAway FD rates
7. Money market funds / cash management
Pooled funds investing in short-duration paper. Retail-accessible via digital wealth platforms. Not deposit-insured — small NAV fluctuation risk exists but historically minimal.
| Product | Projected yield (Q1 2026) | Min | Notes |
|---|---|---|---|
| StashAway Simple | 2.2% p.a. | None | No lock-in |
| Endowus Cash Smart Secure | 2.0-2.2% | S$1 | Short-duration bond fund |
| Endowus Cash Smart Enhanced | 2.7-2.9% | S$1 | Slightly higher duration |
| Endowus Cash Smart Ultra | 2.9-3.1% | S$1 | Higher credit risk |
“Projected” yield is not guaranteed. Actual returns depend on the underlying bond fund performance.
Source: StashAway Simple · Endowus Cash Smart
8. High-yield savings accounts (HYSAs)
Tiered bank accounts that pay elevated rates if you meet activity criteria (salary credit, card spend, loan, insurance, invest). The advertised “max” rates are rarely achieved — most customers earn materially less.
Representative big-three products (Q2 2026, rates being cut):
| Account | Max rate | Realistic tier | First cap |
|---|---|---|---|
| UOB One | 1.90% | Salary + spend | S$150,000 |
| OCBC 360 (Apr 2026) | 2.45% (salary+save+spend); 5.45% with invest/insure | 1.90-2.45% | S$100,000 |
| OCBC 360 (from May 2026) | 1.95% realistic; 4.45% max | Cuts coming | S$100,000 |
| DBS Multiplier | 1.8-4.1% | Income + 1-2 cats | S$100,000 |
Headline rates are misleading. To earn the max, you usually need multiple product relationships (home loan, insurance premium, etc.).
Source: UOB One rate revision Dec 2025 · OCBC 360 May 2026 cuts
9. SRS — the tax-relief wrapper
The Supplementary Retirement Scheme is a wrapper, not an investment itself. Contributions (up to S$15,300/year for citizens/PRs, S$35,700 for foreigners) are tax-deductible (subject to the S$80,000 personal reliefs cap). SRS funds can invest in SSB, T-bills, SGS bonds, FDs, unit trusts, REITs, shares, and annuities.
The real value is the tax deduction + long-term tax-preferred withdrawal.
Source: IRAS SRS
10. CPF LIFE (retirement, not savings)
CPF LIFE is a lifetime annuity, not a savings product. Starts paying out at 65 (or deferred to 70). Backed by Special Singapore Government Securities (SSGS). Three plans: Standard, Basic, Escalating.
This is longevity insurance — you can’t outlive it. Complementary to SSB/T-bills, not a substitute.
Source: CPF LIFE
The decision tree
For liquid savings (months to ~5 years): SSB first, then cash management / MMFs if you need instant-ish access, then HYSAs if you can meet their tier criteria.
For 6-month lockups: 6m T-bills if yield > OA 2.5% + CPFIS fees, else OA + FDs. For cash-only deployment, compare 6m T-bill cutoff vs 6m FD rate.
For 1-year horizon: 1y T-bill or 1y FD.
For multi-year fixed: SSB (redeemable) or SGS bonds (fixed but tradable). SGS 10-year is often overlooked.
For retirement (20+ years): max CPF OA/SA contributions first, then SRS with growth assets, then supplement with SSB for liquidity buffer.
This is a framing guide — match instruments to specific goals. Talk to a licensed adviser for personal planning.
Gotchas across the landscape
- Rate freshness. Most non-government rates in this article will be outdated within weeks. Always verify at time of action.
- Headline vs effective yield. HYSA max rates require multiple criteria most customers don’t hit. FD promo rates often only apply to “fresh funds.” MMF projected yields are not guaranteed.
- Fees matter at small sizes. CPFIS-OA fees on small T-bill purchases can erase yield spread. S$2 SSB redemption fees add up if you churn.
- Tax nuance. SGS/T-bill/SSB interest is tax-exempt for SG individuals under QDS, but this doesn’t extend to partnerships/trade-or-business contexts, or to corporate bonds without explicit QDS qualification.