Tools · MAS, CPF and bank data
Where to put your cash: T-bills vs Savings Bonds vs fixed deposits vs CPF, on your amount
Today’s T-bills, the Savings Bond on sale, the fixed deposit deals that fit your amount and, for CPF money, your Ordinary Account, side by side in dollars after fees; what happens if you need it back early; the dates to act on; and which paid more since 2019.
S$10,000 for a year, today
- Fixed deposit: CIMB$2102.10%
- Two 6-month T-bills$1941.95% cut-off
- 1-year T-bill$1921.92% cut-off
- Savings Bond SBDEC26 (our estimate)$1791.83% in year 1
Interest over the year, after fees, from the cash in your bank. Fixed deposit: the highest deal that needs no banking tier. Your own amount and time
Bank rates read 3:52 pm, 31 Oct SGT · T-bills: MAS auction of 22 Oct · Savings Bond SBDEC26 (our estimate): MAS rates of 2 Nov · Each checked on its own schedule; the dates sit on our update schedule.
Next date: Sat 31 Oct, uOB fixed deposit promotion ends. 1.70% for 12 months, on the bank’s page. Every date in the next 5 weeks
Where your cash earns the most, on your amount
Put in how much and for how long. The tool works out what a fixed deposit, T-bills, the Savings Bond on sale and, for CPF money, your Ordinary Account would each pay you, in dollars after fees, from today’s rates. Each row says when the money comes back and what happens if you need it sooner.
Ten common cases, today
What pays the most for some amounts and lengths people often ask about. Tap one to open it in the tool.
| Amount and time | Pays the most here | Interest | Next |
|---|---|---|---|
| Fixed deposit: HL Bank | $103 | 6-month T-bill, $97 | |
| Fixed deposit: CIMB | $210 | Two 6-month T-bills, $194 | |
| Fixed deposit: Maybank | $657 | Two 6-month T-bills, $583 | |
| Fixed deposit: Maybank | $525 | 6-month T-bill, $486 | |
| Fixed deposit: Maybank | $2,190 | Two 6-month T-bills, $1,944 | |
| Fixed deposit: Maybank | $5,475 | Two 6-month T-bills, $4,860 | |
| Savings Bond SBDEC26 (our estimate) | $86 | Fixed deposit: Bank of China, $83 | |
| Fixed deposit: HL Bank | $1,290 | Four 6-month T-bills, $1,166 | |
| Two 6-month T-bills | $389 | 1-year T-bill, $383 | |
| Leave it in your CPF OA | $1,250 | 1-year T-bill, $970 |
The same sums as the tool, on today’s rates. Tap a row to open it in the tool. A single bank deal can top the list for one amount and not another, because deals have minimums and maximums.
Getting your money back, and the other rules
The interest is only half of it. Here is how much each option takes, when you know the rate, what happens if you need the money early and which money can go in.
| What | Fixed deposit | T-bill | Savings Bond | CPF OA |
|---|---|---|---|---|
| Smallest amount | Set by each deal; many top rates start at S$10,000 to S$20,000 | S$1,000, in S$1,000 lots | S$500, in S$500 lots | Only savings above the first S$20,000 can be invested |
| Most you can put in | No limit; SDIC insures S$100,000 per bank | No limit (non-competitive bids: S$1 million an auction) | S$200,000 in all Savings Bonds | Your OA balance |
| Rate known | When you place it | After the auction | Before you apply | Each quarter; never below 2.5% |
| Need it early? | Bank’s terms: often little or no interest, sometimes a fee | Sell at a DBS, OCBC or UOB branch at that day’s price, which may be lower | Ask in any month (by the 4th last business day), paid by the 2nd business day of the next, with interest to then; $2 | Stays in CPF until you can withdraw it |
| When it ends | Often renews by itself at the bank’s lower board rate: tell the bank what you want | Paid back to your bank, SRS or CPF Investment Account | Pays to the end of 10 years unless you cash it in | Keeps earning |
| Can use | Cash; SRS or CPF only where a bank offers it | Cash, SRS or CPF OA | Cash or SRS; not CPF | CPF only |
From MAS on Savings Bonds, our T-bill and fixed deposit pages (each from MAS and the banks), CPF Board’s list of what CPF savings can be invested in, MOF on SRS and SDIC. IRAS doesn’t tax individuals on interest from deposits with banks and licensed finance companies in Singapore, or from bonds, which include T-bills and Savings Bonds.
Keep some within reach, place the rest
Not sure you won’t need it all? Put the part you may need into the Savings Bond, which you can cash in any month, and the rest where it pays the most. Change the amounts to see both halves and the dates.
Dates in the next 5 weeks
- Sat 31 Oct UOB fixed deposit promotion ends 1.70% for 12 months, on the bank’s page.
- Mon 2 Nov Rates out for the Savings Bond SBDEC26 Applications close 25 Nov. Our estimate for year 1: about 1.83%. Add to calendar
- Mon 2 Nov Standard Chartered fixed deposit promotion ends 1.75% for 12 months, on the bank’s page.
- Wed 4 Nov 6-month T-bill auction Bank applications usually close 1 to 2 business days before. Issued 10 Nov. Add to calendar
- Thu 19 Nov 6-month T-bill auction Bank applications usually close 1 to 2 business days before. Issued 24 Nov. Add to calendar
- Thu 3 Dec 6-month T-bill auction Bank applications usually close 1 to 2 business days before. Issued 8 Dec. Add to calendar
From MAS’s auction and issuance calendar and the banks’ pages, read on their usual schedules. Bank cut-off times for T-bill applications vary: check yours.
CPF OA money: T-bills, or leave it?
Savings in your Ordinary Account above the first S$20,000 can go into T-bills or fixed deposits under the CPF Investment Scheme, but not into Savings Bonds. Leaving it in the OA earns at least 2.5% a year. Here is a year of each, on some common amounts:
| OA money, 1 year | Left in the OA | Two 6-month T-bills | 1-year T-bill |
|---|---|---|---|
| $10,000 | $250 | $183 (−$67) | $185 (−$65) |
| $30,000 | $750 | $576 (−$174) | $577 (−$173) |
| $50,000 | $1,250 | $970 (−$280) | $970 (−$280) |
| $100,000 | $2,500 | $1,954 (−$546) | $1,951 (−$549) |
In brackets: against leaving it in the OA. At today’s 1.95% cut-off and the OA’s 2.50%, with the agent bank charges (up to $2.50 a transaction and $2 a quarter, plus GST) and the months without OA interest: CPF stops OA interest from the month the money leaves and starts it again the month after it comes back, so a 6-month T-bill usually costs 7 months of OA interest. Work out your own dates
T-bills or Savings Bonds: which paid more since 2019
Two 6-month T-bills That month’s Savings Bond, held 1 year
Tap or hover on the chart to read a value.
Over a year, two 6-month T-bills paid more than that month’s Savings Bond in 52 of the 77 months since Jun 2019, and the Savings Bond paid more in 23 (within $1 in 2). On S$10,000 that was about $207 a year on average from the T-bills and $175 from the Savings Bonds. Over 6 months, the T-bill paid more in 69 of 83 months and the Savings Bond in 13 (within $1 in 1).
Year by year, with the banks’ average and CPF OA
| Started in | T-bills, avg | Savings Bond, avg | Months each paid more | Bank 12-month average | CPF OA |
|---|---|---|---|---|---|
| 2025 (10 mo) | $181 | $224 | 0 : 10 | – | $250 |
| 2024 | $317 | $285 | 9 : 2 | – | $250 |
| 2023 | $380 | $293 | 12 : 0 | – | $250 |
| 2022 | $298 | $161 | 12 : 0 | – | $250 |
| 2021 | $57 | $30 | 12 : 0 | $24 | $250 |
| 2020 | $45 | $71 | 6 : 6 | $46 | $250 |
| 2019 (7 mo) | $140 | $167 | 1 : 5 | $57 | $250 |
Interest on S$10,000 over a year, by year started. “Bank 12-month average” is MAS’s average of 10 leading banks’ quoted 12-month rates, published until June 2021: the board rate, not the promotions, so it is not a fair rival and is shown for scale only. CPF OA is for CPF money, not cash. Every month is in the CSV.
Ours, worked out from MAS’s published T-bill prices and Savings Bond coupons (MAS data, under its licence), MAS’s bank averages and CPF Board’s rates. Past results, not a forecast.
Common mistakes
- “A 1.95% T-bill pays 1.95% on my money.” A bit more: MAS’s yield is a discount from the face value, and you pay less than face value. S$10,000 of the 6-month T-bill at 1.95% costs $9,902.80 and pays back S$10,000: $97.20, about 1.97% a year on the cash you paid.
- “A T-bill above 2.50% beats my OA.” Not quite: OA interest stops from the month the money leaves and restarts only the month after it is back, about 7 months for a 6-month T-bill, and the agent bank charges come off. For S$50,000 of OA money to come out level, a 6-month T-bill needs a cut-off of about 2.92%, by our sums; the last one was 1.95%.
- “A fixed deposit’s rate is the same for any amount.” Most promotions have a minimum, often S$10,000 or more, some a maximum, and many need fresh funds or an app. The tool only offers deals your amount fits. When a deposit ends it often renews by itself at the bank’s much lower board rate.
Questions people ask
Which pays more now: T-bills, Savings Bonds or fixed deposits?
It changes with each T-bill auction, each month’s Savings Bond and each bank’s promotions, and it depends on how much you have and for how long. The tool at the top works it out on today’s rates. On a year, the record above shows how often T-bills and the Savings Bond each came out ahead in the past.
Can I use my CPF for T-bills, Savings Bonds or fixed deposits?
Can I use my SRS money?
Yes for T-bills and Savings Bonds, through your SRS operator (DBS, OCBC or UOB). For fixed deposits, MOF says each operator decides which products it offers for SRS money, so ask yours; the tool doesn’t read those rates yet.
What if I need the money before the end?
A Savings Bond can be cashed in any month with its interest to then, less $2. A fixed deposit pays what the bank’s terms say, often little or no interest. A T-bill can’t be handed back to MAS early: you would sell it at a DBS, OCBC or UOB branch at that day’s price, which may be less than you paid. Pick “Might you need it back early?” in the tool to see each one.
Is my money safe?
T-bills and Savings Bonds are issued by the Singapore Government. Deposits at a bank or finance company that is a member of the Deposit Insurance Scheme are insured up to S$100,000 per depositor per member, all your insured deposits there added together (SDIC).
Is the interest taxed?
Not for individuals, says IRAS: interest from deposits with approved banks and licensed finance companies in Singapore, and from bonds such as T-bills and Savings Bonds, isn’t taxable. So the figures here are what you keep. (IRAS)
Why aren’t savings accounts or money market funds here?
Not yet. Bonus-interest savings accounts depend on your salary, card spend and other conditions, and money market funds don’t promise a rate, so they don’t fit the same sums. Singapore Government Securities bonds and foreign-currency deposits aren’t compared yet either.
How often do the numbers change?
Bank rates are read twice a day, T-bill results after each auction (about three a month), Savings Bond rates when MAS announces each month’s, and CPF rates each quarter. Every time and date is on our update schedule.
Where the numbers come from
- Fixed deposits come from each bank’s own rates page, read twice a day by our fixed deposit tracker (a read that looks wrong is held for a person to check). The tool takes the highest deal that fits the amount and length, and leaves out deals for a bank’s premier or private clients, and for new customers only.
- T-bills are MAS’s auction results, read by our T-bill tracker after each auction. The tool uses the last cut-off, because the next auction sets the real one.
- Savings Bonds are MAS’s rates for the issue on sale, read by our Savings Bond tracker. Once applications close, the tool uses our estimate of next month’s rates, marked as such, until MAS announces them.
- CPF OA is CPF Board’s rate for this quarter, from our CPF interest tracker.
- The rules (who can use which money, minimums, limits, cashing in early) are from MAS, CPF Board and MOF, checked on 26 Oct 2026 and booked for a re-check on our update schedule.
- What we leave out: savings accounts with bonus conditions, money market funds, foreign-currency deposits and Singapore Government Securities bonds are not compared yet, and nothing here is advice on what suits you.
Disclosure: the editor, Jeremiah Say, holds Singapore Savings Bonds and T-bills, bought on the same terms as anyone else, and has no fixed deposits. Numbers.sg is not paid by MAS, CPF Board, any bank or anyone selling these products, and there are no affiliate links on this page.
Contains information from SGS auction results and issuance calendar accessed on 31 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
New: where to put your cash. T-bills, the Savings Bond on sale, the fixed deposit deals that fit your amount and, for CPF money, your Ordinary Account, side by side in dollars after fees on your own amount and time. Each one says when the money comes back and what happens if you need it early. Also: ten common cases, keeping some within reach with calendar dates, CPF OA against T-bills, which of T-bills and Savings Bonds paid more every month since June 2019 (CSV), and an email when the answer changes. From MAS, CPF Board and the banks’ own pages. See where to put your cash