Complete Guide To Buying Singapore Savings Bonds (SSB) [2026 Edition]

Singapore Savings Bonds (SSBs) offer a straightforward way to earn interest on our savings without worrying about stock market movements. We can lock in an interest schedule for up to 10 years while retaining the flexibility to redeem our investment before maturity.

As at 12 October 2026, applications are open for the November 2026 SSB, which pays 1.67% in the first year and offers an average annual return of 2.45% if held for 10 years. Applications close on 27 October 2026 at 9pm.

However, the headline 10-year return is only part of the picture. Before investing, we should understand how interest is paid, when we can get our money back and whether SSBs suit our savings goals.

What Are Singapore Savings Bonds (SSBs)?

SSBs are government securities issued monthly through the Monetary Authority of Singapore (MAS). Individuals aged 18 and above, including foreigners, can invest using cash or Supplementary Retirement Scheme (SRS) funds. CPF funds cannot be used.

Each issue lasts up to 10 years, with its entire interest schedule fixed at issuance. Interest is paid every six months. For cash investments, payments go into the bank account linked to our individual Central Depository (CDP) account through the Direct Crediting Service (DCS). For SRS investments, payments go into our SRS account.

We can start with S$500, invest in subsequent multiples of S$500 and hold up to S$200,000 across cash and SRS investments combined. SSBs cannot be traded on SGX, but we can redeem them with the Government at face value before maturity.

Read Also: Complete Guide To Understanding The Different Types Of Singapore Government Securities

How Much Interest Does The Latest SSB Pay?

The November 2026 issue, SBNOV26 (GX26110X), has the following interest schedule:

The average annual return figures are calculated on a compounded basis. They are different from the interest rate paid in an individual year.

For example, investing S$10,000 earns us S$167 in the first year, before transaction fees. In the tenth year, the annual interest is S$308. We do not receive 2.45% every year from the start.

Interest is paid out rather than automatically reinvested in the bond. When comparing SSBs with other products, we should therefore look at the return over our expected holding period and consider what we will do with the interest payments.

Singapore Savings Bonds Returns Reflect The Interest Rate Environment

SSB rates are based on average Singapore Government Securities (SGS) yields in the month before applications open. MAS may adjust the schedule to ensure that annual interest payments do not decrease during the bond’s term.

This means new issues can offer different returns each month. However, changes in market rates do not alter the interest schedule of an SSB we already own.

The November 2026 issue offers a higher 10-year average return than October’s 2.32% and September’s 2.25%. That does not mean subsequent issues will continue paying more: future rates depend on movements in government bond yields.

Why Should We Consider Investing In Singapore Savings Bonds?

#1 Government Backing

Our principal and interest payments are backed by the Singapore Government. Unlike conventional bonds, we can redeem SSBs at face value without taking a market price loss.

This makes them useful for money we want to preserve. However, preserving our dollar amount does not guarantee that our savings will keep pace with inflation.

#2 Flexibility To Hold For The Long Term Or Redeem Earlier

We do not have to decide upfront whether we will keep an SSB for one year or 10 years. If its interest schedule remains attractive, we can continue holding it. If our plans change, we can request redemption.

This flexibility is useful when we have savings for a future expense but are unsure exactly when we will need them.

#3 Diversification For Our Investment Portfolio

SSBs can provide a more stable component alongside stocks, REITs and corporate bonds. The aim is to balance investments that can fluctuate in value with savings whose principal we can recover at face value.

The appropriate allocation depends on our goals, investment horizon and need for accessible cash.

#4 Monthly Access To Our Money

We can submit a redemption request each month and receive our principal plus accrued interest by the second business day of the following month.

That gives us flexibility, but access is not immediate. For emergency savings, it is sensible to retain some cash in a bank account for expenses that cannot wait until the next redemption payout.

#5 A Low Starting Amount

The minimum investment of S$500 allows us to start small and add to our holdings through subsequent issues.

However, fees matter more for smaller investments. A S$2 application fee represents 0.4% of a S$500 investment, compared with 0.02% of S$10,000. Making several small applications incurs a separate fee each time.

#6 Regular Interest Payments

Interest arrives every six months, providing a predictable payment schedule. Buying issues from different months can spread these payments across the year, although we should still assess each issue’s rates before applying.

We can check our holdings and payment schedules through MAS’ My Savings Bonds portal.

#7 An Investment Option For SRS Funds

SSBs can suit investors who want to invest their SRS savings while prioritising capital preservation.

Annual SRS contribution limits are S$15,300 for Singapore citizens and permanent residents, and S$35,700 for foreigners. Eligible contributions qualify for tax relief, subject to the overall S$80,000 personal income tax relief cap.

The relief comes from contributing to SRS, rather than buying an SSB. Redeeming an SSB bought with SRS funds returns the money to our SRS account. Withdrawing it for personal use is a separate decision: premature SRS withdrawals generally attract income tax and a 5% penalty, subject to exceptions.

Read Also: How You Can Maximise Your Savings For Retirement Just By Using Your Supplementary Retirement Scheme (SRS) Account

5 Cons To Consider When Investing In SSBs

#1 Returns May Be Lower Than Other Options

SSBs will not always offer the highest return available. Depending on prevailing rates, T-bills, fixed deposits or savings accounts may pay more over the period we intend to hold our money.

Higher-return investments may also involve price fluctuations, additional conditions or reduced access to our savings. We should compare these trade-offs alongside the advertised yield.

Read Also: Looking For Better Returns Than T-Bills? 5 Alternatives And What You Give Up For Higher Returns

#2 Higher Interest Comes Later

The November 2026 issue pays 1.67% in year one, rising to 3.08% in year 10. If we redeem after a year, we earn the first-year interest, rather than the advertised 10-year average.

For short-term savings, the early-year rates matter more than the final-year coupon.

#3 Each Monthly Issue Offers Different Rates

We may apply in one month and see a better offer the next. We can redeem and apply for a new issue, but switching requires comparing the remaining interest on our existing bond with the new schedule.

An older SSB may already be paying higher stepped-up coupons. Comparing only the original 10-year headline rates can therefore give us the wrong impression.

#4 There Is A S$200,000 Holding Limit

The limit covers our total SSB holdings across cash and SRS accounts, rather than applying separately to each issue or account.

Investors with larger amounts to allocate will need to consider other savings or investment options once they reach this limit.

#5 Full Allotment Is Not Guaranteed

If an issue is oversubscribed, we may receive less than we applied for. MAS uses an allocation process that distributes bonds in S$500 increments, rather than simply giving every applicant their requested amount.

We should avoid assuming our entire application amount will begin earning SSB interest. Unallocated funds are returned, while the application fee remains non-refundable.

How To Start Investing In Singapore Savings Bonds

Step 1: Prepare The Required Accounts

For a cash application, we need a DBS/POSB, OCBC or UOB bank account and an individual CDP Securities account with DCS activated. A brokerage trading account is unnecessary.

For an SRS application, we apply through our SRS operator and hold the bonds in our SRS account.

Step 2: Submit Our Application

Cash applications are available through the three banks’ ATMs, internet banking portals or mobile applications. SRS applications are available through the operator’s internet banking portal, or DBS’ mobile application.

Each application incurs a S$2 non-refundable fee. Cash is deducted when we apply, while SRS funds are earmarked. Submitted applications cannot be amended or cancelled.

For the November 2026 issue, the closing date is 27 October 2026 at 9pm. Interest begins after issuance, rather than when our application funds are deducted.

Step 3: Check Our Allotment

The November issue’s allotment date is 28 October 2026, with issuance on 2 November 2026.

We can check the overall results on the MAS website and our individual holdings through CDP or our SRS operator. Excess cash from an unsuccessful or partially filled application is refunded by the next business day after allotment; unused earmarked SRS funds are released.

Step 4: Receive Interest Payments

The first interest payment arrives six months after issuance, with subsequent payments every six months.

Payments go automatically into our DCS-linked bank account for cash investments or our SRS account for SRS investments. We can use MAS’ Savings Bonds Interest Calculator to check the expected payments for our investment amount.

How To Redeem Singapore Savings Bonds

We can redeem all or part of our holdings in multiples of S$500. Each redemption request incurs a S$2 fee and cannot be amended or cancelled after submission.

Cash investors can submit requests through DBS/POSB, OCBC or UOB internet banking or ATMs, and OCBC’s mobile application. SRS investors must submit their requests through their SRS operator.

The redemption window opens at 6pm on the first business day of the month and closes at 9pm on the fourth-last business day. Requests submitted within that window are paid by the second business day of the following month, together with accrued interest.

At the end of the 10-year term, no redemption request is needed. Our principal and final interest payment are returned automatically, and the S$2 redemption fee does not apply.