Since launching in 2015, the Singapore Savings Bonds (SSBs) have been a go-to for Singaporeans looking for low-risk, government-backed returns. After offering more than 3% in 2024, the average 10-year yield slipped to 2.49% in June 2025 and now sits at just 1.83% —oof. Quite a dip.
Still, before you dismiss them, remember that fixed deposits aren’t faring much better. The highest fixed deposit rate now is around 1.60% p.a., and the latest 15 Oct T-bill came in at 1.35% p.a. So, while SSBs have cooled off, they remain a solid, flexible option for anyone prioritising safety and liquidity over sky-high returns.
Let’s break down how SSBs work and whether they still deserve a spot in your portfolio.
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1. Singapore Savings Bond interest rates (Oct 2025)
Let’s cut to the chase — you probably want to know what sort of returns you’re looking at if you buy an SSB. This is easy to get hold of. Just check the official website for published SSB interest rates. New bonds are issued every month, and the interest rates vary.
Based on the most recent SSB release (SBNOV25 GX25110W), here's an example of the potential interest from a $10,000 investment:
| Year from issue date | Interest (%) | Average return per year (%) |
|---|---|---|
| 1 | 1.39 | 1.39 |
| 2 | 1.48 | 1.43 |
| 3 | 1.54 | 1.47 |
| 4 | 1.59 | 1.50 |
| 5 | 1.69 | 1.54 |
| 6 | 1.85 | 1.59 |
| 7 | 2.01 | 1.64 |
| 8 | 2.17 | 1.71 |
| 9 | 2.32 | 1.77 |
| 10 | 2.44 | 1.83 |
10 years can seem like a long period to have your money stashed away. Contrary to what most people might believe, you don’t have to commit to the entire 10-year-long tenure. If you decide to withdraw earlier, you will be able to do so with no penalty. You will only incur a $2 transaction fee.
2. Singapore Savings Bond calculator
Let's recalculate the returns based on the new interest rates. If you withdraw after Year 1, your actual returns from an entire investment of $10,000 averages out to 1.39% per year which comes up to $139.
If you hold out for the full 10 years, with the final year interest rate being 1.83%, you will earn a cumulative sum that's higher than the previous scenario.
Here's the recalculated table of how much interest you will earn at the end of every year:
| Year | Interest rate (%) | Cumulative interest ($) on $10,000 principal |
|---|---|---|
| 1 | 1.39 | 139 |
| 2 | 1.48 | 287 |
| 3 | 1.54 | 441 |
| 4 | 1.59 | 600 |
| 5 | 1.69 | 769 |
| 6 | 1.85 | 954 |
| 7 | 2.01 | 1,155 |
| 8 | 2.17 | 1,372 |
| 9 | 2.32 | 1,604 |
| 10 | 2.44 | 1,848 |
3. Can I Still Buy The Latest Release Singapore Savings Bonds?
If you're considering investing in Singapore Savings Bonds, here's a detailed breakdown of the key parameters for the GX25110W issue:
| Code | GX25110W |
| Naming Format | SBNOV25 GX25110W (CDP statement) CDP-SBNOV25 (bank statement) GX25110W (SRS statement) |
| Duration | 10 years |
| One-Year Yield | 1.39% |
| Ten-Year Average Yield | 1.83% |
| Start Date | 1 Oct 2025 |
| End Date | 28 Oct 2025 |
| Allocation Date | 29 Oct 2025 |
| Distribution Date | 3 Nov 2025 |
| Interest Pay Dates | Upcoming: 1 May 2026. Following payments: biannually on 1 Nov and 1 May until maturity |
| Investment Quantities | Minimum $500, in increments of $500. Max holding limit is $200,000 |
Before you get carried away by the attractive interest rates, let’s backtrack a little to the basics.
4. What are Singapore Savings Bonds or SSB?
Obviously, Singapore Savings Bonds are a type of “bond”. When you buy a bond, you’re really lending money to whoever issued it. The issuer can be a private company, but in the case of SSB, it’s the Singapore government.
(In other words, if you buy a SSB, you revoke your right to complain about the greedy Gahmen always taking Singaporeans’ hard-earned cash.)
So, why is everyone clamouring to lend the government money?
Because Singapore Savings Bonds gives you good returns with virtually zero risk. SSBs are arguably safer than putting your money in a savings account, because banks can close down, but the track record by the Singapore government is unwavering.
In return for your generosity in loaning them your hard-earned money, the Government will pay you interest every 6 months, like clockwork.
Finally, SSBs also let you choose how long you want to invest, without any lock-in period. The longer you keep the money in the bond (up to a maximum of 10 years) the higher your returns, but if you choose to liquidate it early there’s no penalty at all.
5. How to buy Singapore Savings Bonds
Before you buy, there are a few important things you need to know about Singapore Savings Bonds…
| Factor | What you need to know |
| Eligibility | Anyone aged 18 and above can buy SSBs |
| Minimum amount | $500. SSBs are sold in multiples of $500 |
| Maximum amount | $200,000 per individual, can be across multiple SSBs. |
| Transaction fee | $2 per transaction, each time you buy or sell a bond |
| Interest payments | Every 6 months. Note that you won’t earn interest on your interest (no compound interest), because interest is paid out. |
| Risk factor | As low as it gets – the government has an “AAA” credit rating. Principal is guaranteed. |
| Ownership | SSBs cannot be bought or sold like shares. You cannot transfer ownership of SSBs to another person. |
| Taxation | SSBs are exempt from tax |
Now that’s out of the way, here’s a simple 3-step guide to buying your first Singapore Savings Bond.
Step 1: Get a DBS/OCBC/UOB bank account + CDP Securities account
Most Singaporeans already have a bank account with one of these 3 local banks. If you do, go ahead and open an individual CDP account by following the steps on the website. You’ll have to print out an application form and mail it with supporting documents.
Step 2: Apply for Singapore Savings Bond
A new bond is released at the start of every month, and there’s usually an application period of about 3 weeks.
You can apply for your SSB through iBanking or ATMs during the period. Have your CDP account number handy for that. You’ll need to specify the amount you want to invest, but no need to commit to a tenure.
The amount you want to invest + $2 processing fee will be deducted from your bank account when you apply.
Step 3: Secure your Singapore Savings Bond
After the application period closes, you have to wait till the end of the month to find out if you have secured the bond. If that month is oversubscribed and you can’t get the amount you want, the excess will be refunded within the next day.
Bonds are officially issued by the 1st business day of the following month. You’ll be officially notified by CDP by post. After which, you can start receiving interest payments every 6 months.
6. How to sell (redeem) Singapore Savings Bonds
You can sell (technically, “redeem”) your SSB any month before your full 10 years are up, with no penalty. Here’s what happens at each stage:
| When you redeem | What to do | What you’ll receive |
| Early redemption (when there’s a scheduled interest payment) | Submit redemption request + pay $2 transaction fee | Principal amount + full interest |
| Early redemption (in between scheduled interest payments) | Submit redemption request + pay $2 transaction fee | Principal amount + pro-rated interest |
| Full term (after 10 years) | Nothing. No need to pay $2 transaction fee | Principal amount + final interest payment |
For early redemptions, submit your request through DBS, OCBC or UOB ATMs or iBanking. You can redeem the bond partially, in multiples of $500, and you can redeem more than one bond each time. Note that there is a $2 transaction fee for every redemption request.
There’s a “one month notice” when you redeem your SSB. The amount you’re owed will be auto-credited into your bank account only the next month, so don’t wait till the very last minute to redeem your SSB!
7. Are Singapore Savings Bonds worth buying now?
Even with the rise of flashier investment options like crypto, robo-advisors, and real estate crowdfunding, Singapore Savings Bonds (SSBs) continue to earn their place as one of the most reliable low-risk ways to park your money.
That said, 2025 hasn’t been the best year for yields. After peaking above 3% in 2024, the 10-year average return on SSBs dropped to 2.49% in June, and now sits at 1.83% (Oct 2025)—the lowest in years. But before you write them off, note that fixed deposits are hovering around 1.60% p.a., and the latest 15 Oct T-bill came in at 1.35% p.a. So, SSBs are still comparatively attractive, especially with their zero-risk guarantee and full flexibility to redeem anytime.
In short: SSBs won’t make you rich fast, but they’ll help you preserve your capital safely while earning better-than-average returns for a risk-free product. If your goal is stability over speculation, they remain one of the best set-and-forget options available.
8. What are the alternatives to Singapore Savings Bonds?
Picture this: You’ve saved up $10,000 and you’re looking for somewhere to park it for a couple of years. It’s part of your wedding/moving house/new car fund, so you don’t want that cash anywhere volatile.
Apart from a Singapore Savings Bond, you can also place it in a fixed deposit account and get a promotional rate for a shorter tenure.
Alternatively, you can open a high-interest savings account that provides bonus interest. However, you’re more likely to be subjected to monthly activities like GIRO salary credit, credit card spending, investment policies, etc. to enjoy the upper limits of the interest rates of up to 8.05%.
Here’s what your returns will look like after a year:
| Type of investment | Interest rate per year (%) |
Total interest ($) |
| Singapore Savings Bond | 1.39 – 2.44 | 139 – 244 |
| High interest savings account | 1 – 8.05 | 100 – 805 |
| Fixed deposit account | Up t0 1.60 | Up to $160 |
As you can see, the current Singapore Savings Bonds yield a better return compared to savings accounts, with an annual interest rate of 1.39% – 2.44% yielding $139 – $244. Meanwhile, fixed deposit accounts offer rates of up to 1.60% now, yielding $160 based on $10,000 principal sum.
If your fund is less than $20,000 or $10,000, you might not qualify for most fixed deposits and therefore should consider the SSB, which can be purchased with as little as $500. This makes SSB a convenient entry point into investing.
Of course, there are also limitations to SSBs. No one’s saying you should dump your lifelong savings in there. SSB returns are considered low compared to investments like dividend stocks or even CPF interest rates (4,05% on your Special Account!).
Note also that each person can only put a maximum of $200,000 in SSBs, so after that ceiling, you have to find some other vehicle for your money.
9. A final note on Singapore government bonds (or SGS bonds)
If you've maxed out on Singapore Savings Bonds (SSBs), consider other Government-related investment options with the same "AAA" rating. These options, though more complex and requiring more investment knowledge, are a means of lending money to the Government.
- Singapore Government Securities (SGS) Bonds offer scheduled interest payouts every 6 months, with tenures of up to 30 years. You can also sell the bond for a capital gain.
- Treasury Bills (T-Bills) are short-term investments sold at a discount and bought back at full price upon maturity, the return being the price difference.
For more info, head to the MAS website to see what SGS bonds or T-Bills are on offer.
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About the author
Caleb Leong is passionate about travelling the world and getting involved in cross-cultural works. Freelance digital marketing and content writing is a way for him to express himself creatively while earning his keep. He unwinds by diving into a variety of music genres. Living in a digitally disrupted world, he’d like to offer a different perspective on finances to show people the possibilities of what goes beyond a typical “Singaporean life”.
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