Singapore Savings Bond rates

Checked against MAS at 9:20 pm, 23 Oct 2026 SGT. We check MAS twice every evening. MAS announces each issue’s rates on the first business day of the month before it is issued.

The latest issue, year by year

A Savings Bond’s interest rate steps up each year, and every rate is fixed on the day MAS announces the issue. The “average a year” column is what you earn on average if you hold the bond to the end of that year; it is the number to compare with a fixed deposit of the same length.

Interest is paid every 6 months, on the first business day of Nov and May. The first payment for SBNOV26 is on May 2027. The bond matures on 1 Nov 2036 and pays back what you put in.

Keep your SSB, or switch to the new one?

You can redeem a Savings Bond in any month and apply for a new one in the same month, so people ask whether moving pays. MAS’s own FAQ puts the question this way: a new bond with a higher headline rate starts again at its lowest rate, while an older bond’s rates have already stepped up. Pick the bond you hold to see both sides over the same months.

Keep your SSB, or switch to SBNOV26?

The SSB you hold SBOCT26: 1.65% in year 1, 2.32% averageSBSEP26: 1.52% in year 1, 2.25% averageSBAUG26: 1.46% in year 1, 2.06% averageSBJUL26: 1.46% in year 1, 2.11% averageSBJUN26: 1.46% in year 1, 2.11% averageSBMAY26: 1.40% in year 1, 2.14% averageSBAPR26: 1.36% in year 1, 1.99% averageSBMAR26: 1.38% in year 1, 2.16% averageSBFEB26: 1.35% in year 1, 2.25% averageSBJAN26: 1.33% in year 1, 1.99% averageSBDEC25: 1.35% in year 1, 1.85% averageSBNOV25: 1.39% in year 1, 1.83% averageSBOCT25: 1.56% in year 1, 1.93% averageSBSEP25: 1.71% in year 1, 2.11% averageSBAUG25: 1.82% in year 1, 2.29% averageSBJUL25: 2.06% in year 1, 2.49% averageSBJUN25: 2.20% in year 1, 2.56% averageSBMAY25: 2.49% in year 1, 2.69% averageSBAPR25: 2.73% in year 1, 2.85% averageSBMAR25: 2.83% in year 1, 2.97% averageSBFEB25: 2.76% in year 1, 2.82% averageSBJAN25: 2.73% in year 1, 2.86% averageSBDEC24: 2.66% in year 1, 2.81% averageSBNOV24: 2.25% in year 1, 2.56% averageSBOCT24: 2.59% in year 1, 2.77% averageSBSEP24: 3.06% in year 1, 3.10% averageSBAUG24: 3.19% in year 1, 3.22% averageSBJUL24: 3.26% in year 1, 3.30% averageSBJUN24: 3.26% in year 1, 3.33% averageSBMAY24: 2.99% in year 1, 3.06% averageSBAPR24: 2.95% in year 1, 3.04% averageSBMAR24: 2.74% in year 1, 2.88% averageSBFEB24: 2.72% in year 1, 2.81% averageSBJAN24: 3.00% in year 1, 3.07% averageSBDEC23: 3.30% in year 1, 3.40% averageSBNOV23: 3.21% in year 1, 3.32% averageSBOCT23: 3.05% in year 1, 3.16% averageSBSEP23: 3.01% in year 1, 3.06% averageSBAUG23: 2.97% in year 1, 2.99% averageSBJUL23: 2.76% in year 1, 2.82% averageSBJUN23: 2.81% in year 1, 2.81% averageSBMAY23: 3.03% in year 1, 3.07% averageSBAPR23: 3.01% in year 1, 3.15% averageSBMAR23: 2.76% in year 1, 2.90% averageSBFEB23: 2.84% in year 1, 2.97% averageSBJAN23: 2.95% in year 1, 3.26% averageSBDEC22: 3.26% in year 1, 3.47% averageSBNOV22: 3.08% in year 1, 3.21% averageSBOCT22: 2.60% in year 1, 2.75% averageSBSEP22: 2.63% in year 1, 2.80% averageSBAUG22: 2.00% in year 1, 3.00% averageSBJUL22: 1.69% in year 1, 2.71% averageSBJUN22: 1.43% in year 1, 2.53% averageSBMAY22: 0.86% in year 1, 2.09% averageSBAPR22: 0.71% in year 1, 1.91% averageSBMAR22: 0.59% in year 1, 1.79% averageSBFEB22: 0.52% in year 1, 1.64% averageSBJAN22: 0.45% in year 1, 1.78% averageSBDEC21: 0.41% in year 1, 1.71% averageSBNOV21: 0.34% in year 1, 1.45% averageSBOCT21: 0.35% in year 1, 1.39% averageSBSEP21: 0.35% in year 1, 1.43% averageSBAUG21: 0.34% in year 1, 1.50% averageSBJUL21: 0.36% in year 1, 1.53% averageSBJUN21: 0.38% in year 1, 1.61% averageSBMAY21: 0.37% in year 1, 1.56% averageSBAPR21: 0.35% in year 1, 1.15% averageSBMAR21: 0.28% in year 1, 0.97% averageSBFEB21: 0.32% in year 1, 0.89% averageSBJAN21: 0.27% in year 1, 0.90% averageSBDEC20: 0.24% in year 1, 0.87% averageSBNOV20: 0.23% in year 1, 0.91% averageSBOCT20: 0.26% in year 1, 0.90% averageSBSEP20: 0.24% in year 1, 0.88% averageSBAUG20: 0.27% in year 1, 0.93% averageSBJUL20: 0.30% in year 1, 0.80% averageSBJUN20: 0.57% in year 1, 1.05% averageSBMAY20: 0.96% in year 1, 1.39% averageSBAPR20: 1.46% in year 1, 1.63% averageSBMAR20: 1.43% in year 1, 1.71% averageSBFEB20: 1.54% in year 1, 1.75% averageSBJAN20: 1.52% in year 1, 1.76% averageSBDEC19: 1.56% in year 1, 1.71% averageSBNOV19: 1.62% in year 1, 1.74% averageSBOCT19: 1.64% in year 1, 1.75% averageSBSEP19: 1.65% in year 1, 1.95% averageSBAUG19: 1.68% in year 1, 2.01% averageSBJUL19: 1.93% in year 1, 2.16% averageSBJUN19: 1.88% in year 1, 2.13% averageSBMAY19: 1.95% in year 1, 2.16% averageSBAPR19: 1.96% in year 1, 2.16% averageSBMAR19: 1.95% in year 1, 2.18% averageSBFEB19: 1.98% in year 1, 2.20% averageSBJAN19: 2.01% in year 1, 2.45% averageSBDEC18: 1.89% in year 1, 2.57% averageSBNOV18: 1.80% in year 1, 2.48% averageSBOCT18: 1.74% in year 1, 2.42% averageSBSEP18: 1.75% in year 1, 2.44% averageSBAUG18: 1.78% in year 1, 2.57% averageSBJUL18: 1.72% in year 1, 2.63% averageSBJUN18: 1.68% in year 1, 2.43% averageSBMAY18: 1.65% in year 1, 2.39% averageSBAPR18: 1.42% in year 1, 2.31% averageSBMAR18: 1.42% in year 1, 2.11% averageSBFEB18: 1.55% in year 1, 2.04% averageSBJAN18: 1.32% in year 1, 2.13% averageSBDEC17: 1.26% in year 1, 2.16% averageSBNOV17: 1.21% in year 1, 2.07% averageSBOCT17: 1.19% in year 1, 2.13% averageSBSEP17: 1.15% in year 1, 2.12% averageSBAUG17: 1.05% in year 1, 2.06% averageSBJUL17: 1.04% in year 1, 2.12% averageSBJUN17: 1.02% in year 1, 2.16% averageSBMAY17: 1.00% in year 1, 2.32% averageSBAPR17: 1.02% in year 1, 2.27% averageSBMAR17: 1.04% in year 1, 2.38% averageSBFEB17: 1.05% in year 1, 2.44% averageSBJAN17: 0.91% in year 1, 2.18% averageSBDEC16: 0.87% in year 1, 1.87% average

Amount

$

In multiples of $500.

Keep SBNOV24: interest until it matures on Nov 2034

$2,127.00

Switch to SBNOV26: interest over the same 8 years

$1,880.00

Fees to switch: $2 to redeem, $2 to apply

−$4.00

Over those 8 years

Switching earns $251.00 less after fees: about 2.35% a year against 2.66% a year.

From 2 Nov 2026, when SBNOV26 is issued. Money from redeeming SBNOV24 this month comes back by the second business day of that month, with the interest earned to then. SBNOV26 then keeps paying for another 24 months after SBNOV24 would have matured, at 2.91% to 3.08% a year. Rates are MAS’s; this is the interest only, before any change in rates you might get later.

Applications for SBNOV26 close at 9 pm on 27 Oct, and so do redemption requests for this month.

Full SSB calculator: every payment and date, redeeming early, all the SSBs you hold in one view, and SSB against T-bill and CPF OA.

• You can hold up to $200,000 in Savings Bonds in total. MAS lets you redeem and apply in the same month within that limit, but the money for the new application is taken when you apply, before the redemption is paid.
• If more is applied for than is on offer, you may get less than you asked for: see who got what.
• The figures are interest only, with the rates MAS has set. They are not advice on whether to switch.

Next month’s rates: our estimate

MAS sets each issue’s rates from the yields on Singapore Government Securities over the month before it announces them: the simple average of each day’s 1, 2, 5 and 10-year benchmark yields, joined into a curve, then turned into rates that step up each year so that, held for any number of years, the bond earns about what a government bond of that length would. MAS publishes those daily yields, so the same sums can be done before the month is out.

Our estimate for SBDEC26: about 2.42% a year on average over 10 years, and about 1.81% in year 1. It uses the average SGS yields from 1 Oct to 23 Oct 2026 (17 business days): 1-year 1.807%, 2-year 1.917%, 5-year 2.177% and 10-year 2.414%. MAS uses the whole month, so the estimate will move as yields change between now and 31 Oct.

MAS announces the real rates on Monday 2 November. Until then, MAS’s are the only official numbers.

How close the method has been

We ran the same method on the last 23 issues, using only the SGS yields MAS published for each one’s month. It matched MAS’s 10-year average exactly for 22 of them and was within 0.03 points for 23. Year 1 matched exactly for 17 and was within 0.02 points for 23. No single year’s rate was more than 0.04 points out. We only show an estimate while at least 9 in 10 issues are within 0.03 points on the 10-year average.

Who got what

When more is applied for than is on offer, MAS shares it out from the smallest amounts up: everyone gets up to the same cut-off amount, and some applicants picked at random get $500 more. When less is applied for, everyone gets the full amount.

SBOCT26: Everyone got the full amount they applied for: $224 million was applied for within the limits, against $400 million on offer.

26 of the 133 issues since October 2015 had more applied for than was on offer. “Applied for” counts applications within the limits; MAS’s figures, in Singapore dollars.

Savings Bond rates since 2015

Year 1 10-year average

3 yearsSince 2015

Tap or hover on the chart to read a value.

0%1%2%3%4%

202420252026

The last 24 issues

All 134 issues since October 2015, with every year’s rate and who got what: download the CSV (opens in any spreadsheet).

Savings Bonds in plain words

• A Singapore Savings Bond is a 10-year bond from the Singapore Government, fully backed by it. A new one is issued every month.
• Interest is paid every 6 months. The rate steps up each year and is fixed for the bond’s whole life when MAS announces it.
• You can get your money back in any month, in full, with no penalty and no loss on the amount you put in: ask for a redemption in multiples of $500, and it is paid by the second business day of the next month with the interest earned to then. You cannot sell or transfer the bond to someone else.
• You can apply from $500, in multiples of $500, up to $200,000 held in total across cash and SRS. Each application and each redemption request costs $2, which is not refunded.
• You need to be 18 or over, with an individual CDP account and a bank account with DBS/POSB, OCBC or UOB, or an SRS account with one of them. CPF savings cannot be used. For individuals the interest is tax-free.

The monthly timetable

1. First business day of the month: MAS announces the next issue’s rates, and applications open at 6 pm.
2. Fourth-last business day: applications and this month’s redemption requests close at 9 pm.
3. Third-last business day: MAS allots the bonds; results come out after 3 pm.
4. First business day of the next month: the bond is issued, and redemptions are paid by the second business day.

Questions people ask

What is the Singapore Savings Bond interest rate this month?

SBNOV26, announced on 1 Oct 2026, pays 1.67% in its first year and 2.45% a year on average if you hold it for all 10 years (▲ 0.13up 0.13 percentage points from SBOCT26). Applications close at 9 pm on 27 October.

How do I apply for a Savings Bond?

1. Check the rates above when MAS announces them, on the first business day of the month.
2. Apply through DBS/POSB, OCBC or UOB internet banking, mobile app or ATM for cash, or through your SRS operator, before 9 pm on the closing day.
3. The amount and the $2 fee are taken when you apply; any amount you are not allotted comes back by the end of the second-last business day of the month.
4. The bond shows in your CDP or SRS statement after it is issued.

Can I lose money on a Savings Bond?

Not on the amount you put in: MAS redeems a Savings Bond at its full value in any month, whatever has happened to interest rates. The $2 fees are the only cost.

Is your estimate of next month’s rate official?

No. MAS sets the rates and announces them on the first business day of the month; until then, our number is an estimate. We show how close the same method came on past issues so you can judge it, and we stop showing it if that record slips.

Savings Bond or T-bill?

They suit different needs: a T-bill locks your money for 6 months or a year at a rate set by auction, while a Savings Bond can be cashed in any month and pays more the longer you hold it. Our T-bill tracker has the latest auction results to compare with the rates above.

How we get these numbers

• Every rate, date and allotment figure on this page is MAS’s, from its Singapore Savings Bonds pages and the SGS statistics it publishes. We check twice every evening, Singapore time.
• Before the numbers go up, we check that no published rate has changed. If one has, or a check fails, the page keeps the last good numbers with their dates, and we look at it by hand.
• Two kinds of number are ours: the dollar amounts and the keep-or-switch figures, worked out from MAS’s rates as shown; and the estimate of next month’s rates, worked out from MAS’s published SGS yields following MAS’s technical specification for Savings Bonds.
• This page shows numbers, not advice on whether to buy, keep or switch. See our disclaimer, how we get our numbers and corrections.

Contains information from Singapore Savings Bonds issuance calendar, results and interest rates, and SGS benchmark yields accessed on 23 Oct 2026 from the Monetary Authority of Singapore website, which is made available under the terms of the MAS Terms of Use of Datasets. Numbers.sg is independent and is not endorsed by MAS.

Changes to this page

1. 23 Oct 2026

   New: Singapore Savings Bond rates. This month’s rates from MAS year by year, our estimate of next month’s with how close the same method has been on past issues, whether switching an SSB you hold pays, who got what, and every issue since 2015 as a chart and a CSV. Checked against MAS twice every evening. See Savings Bond rates