Surprising fact: over 40 monthly issues since 2020 show how a low-volatility savings option can shift from minimal returns to competitive payouts in just a few years.
We’ll walk you through the key details of Singapore Savings Bonds and why their past performance matters for your plan. These government-backed bonds protect principal, pay semiannual coupons, and let you redeem any month without penalty.
You can view each issue’s first-year yield, the 10-year average return, and the step-up coupons that change by year. MAS sets new issues based on recent SGS yields, and a fresh bond is issued every month. Announcements, application windows, and settlement dates follow a clear monthly cycle so you know when to act.
By the end, you’ll understand how past lows and peaks shape expected returns for different holding periods. If you want tailored guidance, WhatsApp us for a discovery session and we’ll help align your time horizon and liquidity needs.
Key Takeaways
- Safety first: principal guaranteed by the Singapore government.
- Flexible access: redeem any month with no penalty.
- Monthly cycle: announcements and applications follow a fixed schedule.
- Returns trend: longer holds usually lift your average yearly return.
- Where to check: CDP, My Savings Bonds portal, or SRS banking show holdings and payouts.
- Get help: WhatsApp us for a discovery session tailored to your investment goals.
Why the Singapore Savings Bonds story matters for every investor in Singapore
Many local investors use monthly-issued savings bonds as a stable building block for cash planning and steady payouts.
Accessible and practical: You can start with S$500 and add by issue over time. That low entry point makes these bonds useful for gradual saving and rebalancing.
Predictable uplift: The step-up structure tends to boost average return the longer you hold, which can help retirees protect purchasing power and sustain cash flow.
Flexibility when life changes: Monthly redemption without penalty keeps funds available for emergencies or goals that shift.
“Using monthly issues as a cornerstone can turn a rate narrative into clear financial steps that protect family security.”
| Feature | Minimum | Access | Typical use |
|---|---|---|---|
| Singapore Savings Bonds | S$500 | Monthly redemption | Capital preservation, steady payout |
| Building a ladder | S$500 per issue | Staggered maturity view | Smooth returns over 1–10 year plans |
We also recommend you use CDP and the My Savings Bonds portal to view your holdings and plan additions. That keeps your records clear when you compare first-year coupons versus long-run average returns.
What are Singapore Savings Bonds and how they work
Singapore savings bonds are a 10-year government-backed instrument for individuals. You get principal protection and predictable payouts every six months.
Step-up interest, guaranteed principal, and semiannual payouts
The step-up interest schedule is published when each issue is announced. It links the average compounded return for any holding period to the corresponding SGS yield.
You can view the full 10-year coupon table before you apply. That makes it easy to compare expected returns across issues.
Monthly issuance and flexible redemption without penalty
- New issuance happens monthly; applications open on the 1st business day at 6pm and close on the 4th last business day at 9pm.
- Flexible redemption means you can exit in any month without penalty and still receive accrued interest.
- Proceeds and accrued interest are credited by the 2nd business day of the following month.
| Feature | What to expect | Why it helps you |
|---|---|---|
| Tenor | 10 years | Long-run return path |
| Access | Monthly redemption | Liquidity when needed |
| Transparency | Coupon table at issue | Easy comparison of details |
“The clarity and protections reduce decision friction for conservative investors.”
ssb interest rate history at a glance
Here’s a concise snapshot of recent issues and long-term trends so you can compare yields at a glance.
Quick take: 2025 issues show softer first-year figures than 2024, while the decade-long pattern still rewards longer holding periods.
Recent issues (2024–2025)
Look at these recent examples to gauge short-term versus long-term payoffs.
| Issue | First-year interest | 10-year average return |
|---|---|---|
| SBJUL25 | 2.06% | 2.49% |
| SBAUG25 | 1.82% | 2.29% |
| SBSEP25 | 1.71% | 2.11% |
| SBJUL24 | 3.26% | 3.30% |
| SBSEP24 | 3.06% | 3.10% |
Long-run trend since 2017
The pattern is clear. Pandemic-era troughs in 2020–2021 produced first-year coupons near 0.24%–0.41% and 10-year averages under 2%.
Those lows gave way to peaks during 2022–2024, when first-year figures climbed to roughly 3.0%–3.3% and long-run averages neared 3.1%–3.5%.
How average return per year rises over ten years
Why it matters: the average return per year typically increases as you hold through the step-up schedule.
“Compare first-year figures with the 10-year average to match issues to your planned holding years.”
- Use first-year versus 10-year figures to set short-term expectations.
- View multiple issue details when laddering to balance liquidity and income.
- Small differences between nearby issues can change projected cash flow over years.
How SSB interest rates are determined from the SGS yield curve
Coupon schedules for monthly issues are built from the preceding month’s Singapore government yield picture.
Linkage to corresponding-tenor SGS average yields
Coupon figures are calibrated so the average annual compounded return for any holding period matches the prior month’s average SGS yields for the same tenor.
This means your expected return mirrors market levels for the term you plan to hold, without needing to price tradable bonds yourself.
MAS adjustments when the yield curve inverts
When the yield curve inverts, MAS smooths the step-up schedule so coupons never step down in any year.
Those smoothing adjustments do not change the full 10-year return if you hold to maturity. Small rounding differences of up to +/-0.03% can appear in published tables, but they are immaterial for planning.
- Use the current SGS yield view to anticipate an issue’s profile.
- Decide if you prefer shorter holding years or a longer horizon for higher average return.
- Remember: this design simplifies bond math for individual investors and keeps payouts aligned with market rates.
“The framework gives you confidence that the payout path reflects the market term structure while preserving the step-up experience.”
Reading the SSB tables: issue code, year-by-year coupons, and average return
Knowing where to find an issue code and how to read its annual coupons helps you compare two issues quickly.
Each monthly issue lists an issue code (for example SBSEP25 GX25090A), the first-year interest, a 10-year average return, and a 10-line coupon table. These details publish when applications open on the Savings Bonds website so you can view the exact figures before you apply.
Read the coupon table line by line. The year-by-year column shows how payouts step up each year. The “Average return per year” line tells you the effective return if you hold for that many years.
- Use the issue code and application month to pull up the precise coupon schedule.
- Compare two issues using the same holding horizon (e.g., 3 or 5 years) for a fair view of expected return.
- Factor in small rounding differences (±0.03%) — they are negligible for planning.
“Treat the table as a planning tool: pick target issues that match your time horizon and track them in a simple spreadsheet.”
Key milestones in the SSB interest rate timeline
We charted the main turning points so you can see how past moves shape present choices.
Pandemic-era troughs (2020–2021)
During the pandemic, first-year coupons fell sharply to roughly 0.24%–0.41% while 10-year averages sat below 2%.
This period shows how low market yields translated into weak starting returns for many buyers.
Tightening cycle lift (2022–2023)
The global tightening cycle pushed first-year figures up to about 2.6%–3.3%.
Ten-year averages also rose, reaching near 3.47% for some issues (for example SBDEC22), creating attractive entry points for long-term holders.
Moderation through 2024–2025
More recently, first-year coupons eased: 2024 issues mostly sat around 2.7%–3.3%, while mid-2025 issues ranged roughly 1.7%–2.8%.
Corresponding 10-year averages have softened, yet the guaranteed principal and monthly redemption keep the product useful for steady planning.
| Milestone | Typical first-year range | 10-year average trend |
|---|---|---|
| Pandemic trough (2020–2021) | 0.24%–0.41% | <2.0% |
| Tightening lift (2022–2023) | 2.6%–3.3% | Up to ~3.47% |
| Moderation (2024–2025) | 1.7%–3.3% | easing from peak levels |
“Knowing these milestones helps you decide whether to ladder gradually or consolidate during better windows.”
Practical view: if you bought near the 2022–2023 peak, you likely locked higher long-term averages. If you entered in 2024–2025, your starting figures are lower but you keep monthly flexibility to adjust.
What rising or falling rates mean for your expected return
Market moves change the payout path for monthly bonds, and that affects what you can realistically lock in for any holding period.
How changes affect new issues: when market rates rise, newer issues generally publish higher coupons and lift the published average return per year for short and medium holding periods.
When rates fall, existing higher-coupon holdings may look more valuable. Holding those issues can stabilise your savings and preserve yield across your planned time.
- Match your target period (for example 3 or 5 year) to the published averages to set realistic return expectations.
- Consider reinvestment risk: switching into a higher-paying issue makes sense only if gains exceed the lost step-up in your current holding.
- Laddering across months smooths volatility and reduces sensitivity to any single issue window.
Liquidity and discipline: monthly redemption keeps you flexible without penalty. That lets you adjust when the view of the market changes.
“Don’t chase first-year coupons alone — compare the average return over your intended period and act with a clear framework.”
When to consider SSB versus other government securities
Choosing the right government security comes down to your cash needs, comfort with market moves, and the term you plan to hold.
SSB vs. SGS bonds: flexibility versus secondary market exposure
SSB gives monthly redemption without penalty and a predictable step-up payout over the 10-year period.
SGS bonds pay fixed coupons and trade on the market. That can mean capital gains or losses if you sell before maturity.
SSB vs. T-bills: short-term yields and inverted yield curve periods
T-bills (6–12 months) can beat first-year payouts during an inverted yield curve. They suit idle cash for a short locked term.
SSB keeps liquidity month-to-month, so it often wins when you prioritise access over chasing brief spikes in yields.
SSB vs. fixed deposits: liquidity and lock-in trade-offs
Fixed deposits sometimes offer promotional rates but come with lock-ins and penalties to break early.
SSB trades off peak short-term returns for simplicity and easy exit. If you want a tailored mix across products, SSB vs T-bill and FD comparison.
- Choose SSB for liquidity and steady savings with minimal decision overhead.
- Choose T-bills or FD when short-term yield or a fixed lock-in gives you a clear benefit.
- Choose SGS if you accept market pricing and want fixed coupons with tradability.
“Match the product to your period and risk tolerance rather than chasing headline numbers.”
If you want help shaping a calm, rules-based allocation across these instruments, WhatsApp us for a discovery session.
Application timeline and where to apply via internet banking
A predictable monthly schedule makes applying by internet banking straightforward and repeatable.
Monthly cadence: MAS posts each new issuance on the 1st business day of the month. Applications open at 6pm that same day and close at 9pm on the 4th last business day.
Monthly schedule: announcement, opening, and closing windows
Submission operating hours run 7am–9pm, Monday to Saturday (excluding public holidays). Plan funds and confirmations within these windows to avoid last-minute issues.
Applying with DBS, OCBC, or UOB through internet banking
You can apply via DBS, OCBC, or UOB internet banking for cash or SRS subscriptions. Log in, find the bonds application tile, review the published coupons and average return per year, then confirm.
- Set calendar reminders for announcement and closing dates each month.
- Expect pro‑rated allocation in high demand months; your initial holding may be scaled.
- Note the small transaction fee per application when planning very short holds.
- Keep a repeatable checklist: fund, view coupon details, submit, and save confirmation.
“A monthly routine reduces friction and helps you act intentionally when new issues are released.”
Redemption process, timing, and accrued interest payout
A clear monthly rhythm governs how and when you can exit bonds and receive funds.
Monthly window: redemption opens on the 1st business day and closes on the 4th last business day each month. Plan the last submission day into your calendar so cash needs line up with the cycle.
When proceeds arrive
Your proceeds plus any accrued interest are credited by the 2nd business day of the following month. That timing helps you schedule bills or reinvestments with certainty.
Access within a month without penalty
Good to know: you may redeem in any month without penalty. This preserves flexibility if plans change or you need liquidity.
“Use the monthly window to rotate redemptions when laddering so you keep steady cash flow and avoid timing friction.”
- Accrued interest is calculated to the redemption date so you capture earned amounts.
- Submit early in the window for faster credit when urgent funds are needed.
- Track status via your bank portal and CDP to view confirmation and timelines.
Simple checklist: fund your account, submit redemption, save confirmation, and view credited proceeds when the next cycle completes. This keeps your capital productive and gives peace of mind.
Viewing past issuance results and checking your SSB holdings
A few reliable online sources let you compare past issuance results and verify your holdings fast. This saves time when you reconcile yields, payments, and planned redemptions.
Using the MAS Savings Bonds site and the My Savings Bonds portal
The MAS Savings Bonds site publishes past issuance tables so you can view issue-by-issue details across each year.
Log into the My Savings Bonds portal via Singpass to see a consolidated view of your holdings and coupon schedules.
CDP statements for cash holdings and SRS operator internet banking
For cash subscriptions, check your CDP Internet service and half‑yearly CDP statements for official records and interest paid.
If you subscribe through SRS, your SRS operator’s internet banking shows positions and transactions clearly.
- Tip: maintain a simple tracker that mirrors MAS tables to reconcile payments and plan redemptions.
- New holdings usually appear in the portal one business day after issuance by 10am — expect that timing when you check.
- Export or screenshot tables for your files and cross‑reference issue codes so you compare the correct coupon schedules.
“Use official records and a personal tracker to validate every number before making allocation changes.”
How much to allocate: maximum holding limits, transaction fees, and liquidity
Plan allocations with the cap and fees in mind so your strategy stays practical.
Know the cap: each individual may hold up to S$200,000 in total. Track cumulative holdings so you don’t hit the limit unexpectedly when a desirable issue opens for application.
Transaction costs matter: a S$2 fee applies per application and per redemption. For very short, tactical moves this fee can erode the return on small parcels, so aim for larger, fewer transactions.
Size positions to match monthly or quarterly cash needs. Use SSB’s monthly liquidity to keep cash accessible and avoid forced redemptions that cut into expected return.
- Prioritise higher-average-return issues if you are near the S$200,000 cap, but keep a small buffer for future opportunities.
- Stagger applications over several months to build a ladder within the cap and smooth out cash flow.
- Keep a cash buffer so you don’t redeem bonds solely to meet short-term expenses.
- At maturity, principal plus the final payout are auto‑credited to your designated account, simplifying administration.
Practical checklist: monitor cumulative holdings, group applications to reduce S$2 fees per move, and write a simple allocation policy aligned with your income goals and tolerance.
“A small, disciplined plan protects liquidity while keeping your long-term yield targets on track.”
Practical strategies for different holding periods
Practical tactics let you keep cash working while preserving the option to move each month. Below we give concise, repeatable rules to match short, medium and rolling horizons.
Parking cash short term while keeping month-to-month flexibility
Use SSB as a short-term park: you can subscribe and redeem every month with accrued interest paid to the day of redemption. This keeps your cash accessible when timelines are uncertain.
Building a ladder across multiple issues for smoother returns
Apply across consecutive months to smooth outcomes. A simple blueprint: split funds into equal tranches across 6–12 issues, then recycle proceeds into the next cycle.
- Benefit: rolling access and steadier average return per period.
- Rule: set a re‑allocation trigger so you don’t chase small swings in published yields.
Coordinating with T-bills and fixed deposits across market cycles
For short locked terms, T-bills (6 or 12 month term) can sometimes offer higher yield during inverted curves. Fixed deposits work when promotional offers beat your planned yield and you accept a lock‑in.
“Balance liquidity in bonds with targeted lock-ins when promotions or T-bill yields justify it.”
Quick checklist: set calendar reminders, review the coupon view and details before applying, and keep a buffer for cash needs.
Investor profiles: who SSB may suit best
To match capital to purpose, it helps to see which investor profiles benefit most from a steady, redeemable bond.
These investors value guaranteed principal from the singapore government and predictable semiannual payouts. They often use savings bonds as a cash reserve that still earns a modest return each year.
Retirees like the monthly redemption feature because it covers unexpected expenses without losing accrued earnings.
Active investors diversifying risk
More tactical allocators use bonds to stabilise income during equity or property swings. An allocation to high-quality government securities can support rebalancing and reduce portfolio volatility.
For multigenerational planning, the simplicity and low admin burden make savings bonds easy to explain and manage with family members.
- Retirees often build ladders with staged access to match cash flow needs.
- Active investors blend these holdings with short-term bills for tactical shifts.
- You’ll gain psychological comfort knowing a government-backed income stream is steady.
“A right-sized allocation keeps liquidity available while preserving long-term return potential.”
If you’re unsure where you fit, a short discovery session can clarify the balance between safety, return, and liquidity you need.
Common pitfalls to avoid when interpreting SSB returns
Headline coupons can mislead if you don’t match the published figures to your plan. Read the numbers with your holding period in mind before you act.
Confusing first-year coupons with average annual returns
First-year coupons are a single data point. They do not equal the average return per year you get if you hold for 3, 5, or 10 years.
MAS designs coupon schedules so the compound average return over a chosen tenure aligns with corresponding SGS yields. Small rounding of +/-0.03% may appear in published details; treat this as immaterial for planning.
Ignoring step-up effects when redeeming early
Step-up interest boosts payouts in later years. If you redeem early you forgo those higher coupons and lower your realised return.
- Always compare issues using the same holding horizon, not just the headline first‑year number.
- Avoid switching too often—transaction fees and lost step‑up benefits can erase gains.
- Set clear rules for when a new issue’s average return justifies moving capital.
“Track your planned time horizon so expectations align with realised outcomes and your cash plan stays steady.”
Practical tip: keep a simple tracker of issue codes, planned years, and the published average return. That rule keeps decisions calm and grounded in the right metrics.
Talk to us about your fixed-income plan
If you want a clear, actionable plan for your fixed-income holdings, we can help you map the next steps. Our aim is to make choices simple and durable while keeping your cash accessible.
WhatsApp us for a discovery session to match SSB, SGS, and T-bills to your goals
What we do: we build a personalised roadmap that balances liquidity, steady interest, and your income timeline.
- Review current issues and evaluate average return over your preferred period.
- Create a laddering plan that blends bonds, government securities, and short-term bills.
- Coordinate targeted T-bill allocations and fixed deposits when promotions make sense.
- Set a monitoring cadence tied to MAS issuance so you know when to act.
“You’ll get a one-page summary of actions for the next 6–12 months, plus practical checklists to follow.”
| Service | Focus | Outcome |
|---|---|---|
| Portfolio review | Holdings, savings view, and details | Clear refinements and priorities |
| Ladder design | Term and period alignment | Balanced liquidity and steady returns |
| Ongoing monitoring | Market and issuance cycles | Timely, low-friction actions |
Ready to begin? WhatsApp us for a discovery session and we’ll tailor a plan that protects capital and supports your investment goals.
Conclusion
In closing, focus on simple rules that translate past issue details into predictable cash planning. Use published tables and portals to shape a repeatable approach that suits your savings goals in Singapore.
Practical view: read each issue’s coupons and average return per year before you apply. That helps you match applications to cash needs and planned holding periods.
Remember: monthly redemption without penalty and guaranteed principal create flexibility few other bonds offer. At maturity, principal plus the last payment is auto‑credited to your account, and you can always view holdings and past results via MAS, CDP, or SRS channels.
If you want help formalising a calm, rules‑based plan, we’ll gladly turn insight into an actionable roadmap you can follow.
FAQ
What is the Singapore Savings Bonds (SSB) offering and how does it protect my principal?
Singapore Savings Bonds are government-backed savings bonds that provide full principal protection and step-up annual coupons over a 10-year term. You receive rising payouts each year according to the published schedule. You can redeem any time without penalty (subject to the monthly redemption process), so they’re suitable for capital preservation while earning progressively higher returns.
How are the coupons for each issue set and where do they come from?
Coupon levels are linked to the Singapore Government Securities (SGS) yield curve. The Monetary Authority of Singapore uses average yields for corresponding tenors to determine each year’s payout, producing the step-up structure that gives higher coupons in later years.
How often are new bonds issued and how do I apply?
New issues are announced monthly. Each month has an announcement, an application opening window, and a closing date. Retail investors apply via internet banking with DBS, OCBC, UOB or through the MAS Savings Bonds portal. Successful applications are allocated by issue code and credited to CDP accounts.
Can I access my money before 10 years? How quickly will proceeds be paid?
Yes. You may redeem any time without penalty, subject to the monthly redemption window. Once you request redemption during that window, proceeds including accrued coupons are typically credited to your nominated bank account within the month.
How should I read the SSB issue table — what do the columns mean?
Each table shows the issue code, year-by-year coupon for years 1–10, and the 10-year average return (annualised). First-year coupons and the 10-year average are different: the latter reflects the blended yield if held to maturity.
What happened to yields during the pandemic and recent years?
Yields hit a trough in 2020–2021 as global rates fell, then rose sharply during the tightening cycle in 2022–2023. From 2024 into 2025 they moderated. These movements affect first-year coupons and the 10-year average for new issues.
How does an inverted yield curve affect SSB payouts?
If the SGS yield curve inverts, MAS may adjust the linkage methodology to preserve the step-up feature. That keeps later-year coupons sensible relative to earlier years and avoids very low early coupons when short-term yields exceed longer-term yields.
Should I buy SSB or other government securities like SGS bonds or T-bills?
It depends on goals. Choose SSB for flexibility and no market price risk if you want monthly liquidity and principal safety. Choose SGS if you seek higher yield and can hold or trade on the secondary market (accepting price volatility). T-bills suit short-term parking and can yield more during inverted-curve periods but lack the step-up and long-term averaging SSB offers.
How much can I hold and are there fees to apply or redeem?
There are maximum holding limits per individual set by MAS (check current limits). For retail applications through bank internet banking or the MAS portal there are typically no direct transaction fees; redemption and allocation follow CDP processing rules and are generally free for retail investors.
How do I view past results and check my holdings?
Use the MAS Savings Bonds site and the My Savings Bonds portal to view past issuance tables and historical yields. You can also check holdings on your Central Depository (CDP) statement and via your bank or SRS operator internet banking if you applied through them.
How does the 10-year average return change the longer I hold?
The published 10-year average is the annualised return if you hold to maturity. If you redeem early, your realised return will reflect the coupons received up to redemption plus any accrued payout. The step-up means average annual return generally rises as you hold more years, but early redemption can lower the blended outcome.
What practical strategies work for different holding periods?
For short-term parking, use recent issues and keep flexibility for monthly redemption. For medium to long-term goals, ladder across issues to smooth returns and reduce reinvestment timing risk. Combine SSB with T-bills and fixed deposits to balance liquidity, yield, and lock-in based on the cycle.
Who typically benefits most from SSBs?
SSBs suit capital preservation seekers, retirees, and asset-rich owners wanting secure income with flexibility. They also benefit active investors who want a low-risk allocation that complements higher-risk holdings while keeping liquidity.
What common mistakes should investors avoid when evaluating SSB returns?
Don’t confuse the first-year coupon with the 10-year average return. Also avoid ignoring the step-up effect — redeeming early can materially reduce the realised annualised return compared with holding to maturity.
Where can I get help to match SSB, SGS, and T-bills to my goals?
You can contact your bank’s wealth team or financial adviser. For a quick start, many firms offer discovery chats via WhatsApp or online booking to review how government-backed instruments fit your income, liquidity, and capital preservation plans.
