Updated 17 Jul 2026
The full SG retail fixed-income landscape
Singapore retail fixed-income compared: 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. Reviewed as of the “Updated” date above. Government rates (CPF, SSB, T-bill) are current; the third-party snapshots (fixed deposits, savings accounts, cash funds) are dated where they appear and 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
| 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 | 1.52% Y1 / 2.25% 10y avg | S$500 | None (redeem monthly) | Near-zero |
| T-bill (6m) | 1.59% | S$1,000 | 6 months (tradable) | Near-zero |
| T-bill (1y) | 1.68% | 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 |
The government rows (SSB, T-bill) are live from the latest MAS ingest. CPF floors are legislated and reviewed quarterly. The third-party rows — fixed deposits, money market funds, HYSAs — are dated snapshots, labelled in their sections below; they move weekly and cannot be read from an official feed. Rates 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 Cannot be withdrawn before 55 outside CPFIS.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 interest rates, 1 Jul to 30 Sep 2026 · 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 differ from SSBs in structure: a fixed coupon paid to maturity versus SSB’s step-up schedule, and a market price that moves with rates versus SSB’s redeem-at-face-value feature. For a fixed multi-year horizon (e.g. funding a 10-year liability), a 10-year SGS bond locks a coupon to maturity, while rolling SSBs keeps monthly liquidity — the two designs fit different needs.
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
Unlike government securities, retail corporate bonds carry the issuer’s credit risk, and secondary-market liquidity is thin (wider bid-ask spreads than SGS). Whether the yield pickup over government paper compensates for that added credit risk and illiquidity depends on the specific bond and the holder’s situation.
Source: SGX retail fixed income · MAS Bond Seasoning Framework
5b. S-REITs — adjacent, but not fixed income
Singapore REITs are the yield instrument most often mentioned in the same breath as the ones above, so it’s worth being explicit about why they are not on the same list. A REIT is a listed security, not a debt instrument: there is no maturity date, no principal repayment, and no promised payout. Unit prices move daily and distributions can be cut.
The largest S-REITs we track pay materially more — currently around 5.74% on a trailing 12-month basis (a cap-weighted figure we compute, not an index) versus 1.59% on the 6-month T-bill — and that difference is compensation for those risks, not a better version of the same trade.
See: S-REIT yield vs T-bill yield: how to read the spread · S-REIT spread tracker
6. Fixed deposits (FDs)
Bank time deposits. Rates have compressed sharply from their 2024 peaks of ~4%.
Snapshot as of April 2026. FD rates change weekly — confirm the live rate on the bank’s site before depositing. The figures below are representative 12-month promo rates, not live offers.
| Bank | 12-month rate | 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 |
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.
Snapshot as of April 2026. Projected yields are provider-published and move with the underlying funds — confirm the live figure on each platform.
| Product | Projected yield | 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:
Snapshot as of May 2026. HYSA rates change frequently and the tiers are complex — confirm current terms with the bank before switching.
| Account | Max rate | Realistic tier | First cap |
|---|---|---|---|
| UOB One | 1.90% | Salary + spend | S$150,000 |
| OCBC 360 | 4.45% max | 1.95% realistic | 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 (as of 2026, 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
Matching instrument designs to common cash-flow horizons
Liquid savings (months to ~5 years): SSB offers monthly redemption; cash management accounts and money-market funds provide more immediate access; HYSAs offer tiered rates for holders who meet the criteria. Each has different redemption mechanics and rate structures.
6-month lockups: 6-month T-bills pay an auction cutoff yield; CPF OA earns a 2.5% floor (minus any CPFIS fees when used via the Investment Scheme); 6-month fixed deposits are rate-posted by banks. Comparing the three requires netting out fees and knowing your source of funds.
1-year horizon: 1-year T-bills and 1-year fixed deposits are the two standard instruments. T-bills are government-backed and cutoff yield varies by auction; FD rates are set by the issuing bank and differ by promotion.
Multi-year fixed: SSB remains redeemable through its 10-year life; SGS bonds pay fixed coupons to maturity and trade on SGX between auctions; retail corporate bonds (e.g. Astrea) offer similar fixed-coupon mechanics at different credit profiles. SGS 10-year is the retail mid-curve benchmark.
Retirement (20+ years): CPF OA/SA contributions earn guaranteed floor rates; SRS provides tax relief on contributions and flexibility on the underlying investments; SSB can serve as a liquidity buffer within the mix. Each instrument has distinct tax, age, and withdrawal rules.
This is informational framing of instrument designs — not personal planning advice. A licensed adviser can assess how these instruments fit a specific situation.
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.
For current rates across these instruments, see the live SSB vs T-bill comparison.