If you’ve been comparing SGS vs SSB, you’re not alone. Singaporeans today have three main government-backed choices to park cash safely while earning a return: Singapore Savings Bonds (SSB), Singapore Government Securities (SGS) bonds, and SGS Treasury Bills (T-bills). All three are backed by the Singapore Government, but they serve different needs. SSB rewards holding with step-up interest and allows monthly redemption at par with no penalty. SGS bonds pay semi-annual coupons and are tradable (so their prices move with market yields). SGS T-bills are short-term, zero-coupon instruments sold at a discount and redeemed at par at maturity.
This guide breaks down SGS vs SSB in simple terms: what each is, how to buy through local banks/SGX, and which option fits common goals such as emergency funds or income ladders. By the end, you’ll have a better understanding on what to buy and how to execute.
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Table of Content
- SSB vs SGS Bonds vs SGS T-bills: The Quick Differences
- What is an SSB (Singapore Savings Bond)?
- What are SGS Bonds?
- What are SGS T-bills?
- SSB vs SGS vs SGS T-bills: Feature-by-Feature Comparison
- How to Buy: Step-by-Step
- Which Fits Your Goal?
- Risks & Fine Print You Shouldn’t Skip
- Building a Government-Backed Ladder
- Alternatives to Consider
- Conclusion
- Frequently Asked Questions (FAQs)
SSB vs SGS Bonds vs SGS T-bills: The Quick Differences
All three are sovereign-backed—so credit/default risk is very low—but they differ in liquidity and interest mechanics.
| Tenor | Interest Mechanics | Minimum Deposit | |
| SSB | Up to 10 years | Step-up interest, monthly redemption at par (no penalty) | Min. S$500, individual holding limit S$200,000 |
| SGS Bonds | 2–50 year tenors | Fixed coupons paid semi-annually, tradable via banks or on SGX | Min. typically S$1,000; price moves with yields. |
| SGS T-bills | 6-month and 1-year issues | Sold at a discount and redeemed at par | Min S$1,000 |
Why “government-backed” matters: you’re effectively lending to the Singapore Government, so credit risk is minimal. Your real trade-offs are yield, liquidity timing vs pricing, and operational details (application windows, balloting, settlement). Always rely on MAS for official specs and calendars.
What is an SSB (Singapore Savings Bond)?
Step-up interest & 10-year structure
SSB pays step-up interest over a 10-year tenure, so the effective annual return rises the longer you hold. MAS publishes each issue’s schedule and 10-year average return. Interest is paid every 6 months.
Redemption flexibility (any month, no penalty)
You can redeem monthly at par (in multiples of S$500) with no penalty—handy for emergency funds. You submit redemption through your bank during the window; funds return to your account the following month per MAS timelines.
Investment limits, minimums & fees
Minimum S$500, in S$500 multiples; individual holding limit S$200,000 (cash + SRS combined). Banks charge S$2 per application and redemption.
What are SGS Bonds?
Tenors, coupons & secondary-market trading
SGS bonds are conventional government bonds (tenors 2–50 years) that pay semi-annual coupons. Unlike SSB, they’re tradable via DBS/OCBC/UOB or on SGX through brokers.
Price/yield moves and mark-to-market risk
Bond prices and yields move in opposite directions. If yields fall after you buy, your bond price usually rises (profit if you sell early). If yields rise, price falls (loss if you sell before maturity). That’s the trade-off for sell-anytime flexibility. You can view retail quotes on SGX’s fixed-income board.
Buying via banks or SGX; using cash/SRS/CPF
You can buy at auction (primary) via participating banks/brokers, or on SGX (secondary). Funding can be cash or SRS, and CPF (via CPFIS) for eligible SGS bonds. Check the exact instrument/eligibility with your bank/broker.
What are SGS T-bills?
6-month & 1-year bills, zero-coupon discount pricing
SGS T-bills are 6-month or 1-year securities issued at a discount and redeemed at par (no coupons). Example: when the cut-off yield is 4%, you pay below S$1,000 today and receive S$1,000 at maturity; the difference is your return.
Auction mechanics & the 2025 context
Cut-off yields are set by auction. In 2025, yields have trended down: the 6-month SGS T-bill cut-off was 2.05% on 5 Jun 2025, fell to 2.00% on 19 Jun 2025, and was 1.41% on 28 Oct 2025. Always verify the latest auction/result on MAS.
Using CPF OA / SRS and reinvestment risk
You can buy SGS T-bills with cash, SRS, or CPF-OA via CPFIS (eligibility and OA/SA minimums apply). If you “roll” bills, your future return depends on future auctions—so in a falling-rate environment, your next bill may clear lower.
SSB vs SGS Bonds vs SGS T-bills: Feature-by-Feature Comparison
| Tenure, Minimums, Liquidity & Tradability | Interest Mechanics | Fees & Operational Considerations | |
| SSB | Up to 10 years, min S$500, monthly redemption at par, not tradable | Step-up schedule; interest every 6 months | S$2 per application/redemption; monthly issuance; balloting possible in oversubscription. |
| SGS Bonds | 2–50 years, min ~S$1,000, tradable via banks/SGX (price risk) | Fixed coupons paid semi-annually; market price absorbs yield changes | Brokerage fees if trading on SGX; auction allocations can be partial; settlement via CDP/bank. Track MAS calendar |
| SGS T-bills | 6-month / 1-year, min S$1,000; typically held to maturity though a secondary market exists | No coupon; total return comes from discount to par; auction-set yield | Auction allocations may be pro-rated. Successful applications are credited to CDP for Cash/SRS, or to your CPF Investment Account if you applied via CPF-OA. |
How to Buy (Step-by-Step)
Buying SSB (cash & SRS)
- Log in to DBS/OCBC/UOB internet banking → SGS/SSB → select issue → apply in S$500 multiples (up to S$200k total holdings).
- For SRS, apply via your SRS operator (DBS/OCBC/UOB) portal.
- If over-subscribed, allocations are scaled; refunds are automatic; bonds are issued the following month per MAS timelines.
Buying SGS bonds or T-bills (auction & secondary)
- Auctions: Apply through participating banks/brokers during the window (cash/SRS, and CPFIS-OA where eligible). Track auction dates on MAS.
- Secondary: Trade SGS on SGX via your broker; note bid-ask and brokerage fees. Most retail investors hold SGS T-bills to maturity, though selling through dealer banks is possible.
Which Fits Your Goal?
Depending on your financial goals, stacking your cash investments can help you get there faster and more efficiently. Consider the following:
- For emergency funds, you may want to pick SSB for par redemption (no price risk) with monthly access. It’s designed for flexible liquidity while remaining government-backed.
- For short-term cash management (6-12 months), use SGS T-bills when auction cut-offs beat your alternatives (e.g., bank fixed deposits or cash-management accounts). Reassess each auction because yields change.
- Build a SGS bond ladder across tenors (e.g., 2y/5y/10y) if you want semi-annual coupon income and can tolerate price moves before maturity.
Risks & Fine Print You Shouldn’t Skip
Interest-rate risk (for tradable SGS bonds/T-bills)
If you sell before maturity, your proceeds depend on market price, which moves inversely with yields. SSB avoids this with par redemption windows.
Liquidity timing vs pricing
- SSB: Liquidity is timed (monthly window) but paid at par.
- SGS bonds/T-bills: Liquidity is anytime via market, but pricing is market-driven (could be above/below par).
Operational quirks (partial fills, fees, CDP/SGX)
- SSB can be balloted; S$2 fee per application/redemption.
- SGS bonds/T-bills auctions can part-fill; secondary trades incur brokerage and CDP settlement. Check MAS announcements & calendar to avoid missing windows.
Building a Government-Backed Income Ladder
Blend SSB (liquidity) with SGS bonds (term yield)
Use SSB for emergency access and SGS bonds for long-term coupon income. This combination keeps cash accessible while maintaining a core ladder.
Rolling SGS T-bills & reinvestment risk
When you roll SGS T-bills, your future return depends on future auction yields. With 2025’s trend lower (e.g., 1.41% on 28 Oct), expect the possibility of lower forward yields.
Alternatives to Consider
SG bond index funds / ETFs
Prefer not to pick maturities? Consider SG bond index funds/ETFs for diversified exposure. Note you still face price/yield dynamics.
Cash-management accounts / Fixed deposits
Sometimes bank fixed deposits or cash-management products can compete with short-dated bills. Compare net rates and lock-ups against current SGS T-bill cut-offs.
Syfe Cash+ Flexi: Higher returns without locking up funds
Syfe Cash+ Flexi currently delivers projected returns of 2.1% p.a. (after all fees, as of 31 Oct 2025) with no lock-in period, making it a compelling option for those seeking liquidity and safety. Built with high-quality, short-duration fixed income assets, Cash+ Flexi allows you to withdraw your money anytime without penalties—unlike T-bills, which lock in your funds for six months.
This makes Cash+ Flexi a practical choice for both emergency savings and idle cash that you want to keep working for you.
Conclusion
When comparing SGS vs SSB, there isn’t a single “best”, only the best fit for your goal.
If you want capital safety with flexible access, SSB is purpose-built: low minimums, monthly redemptions to par, and a step-up profile that rewards holding.
If you want longer duration and regular coupons—and you’re comfortable with market pricing—SGS bonds offer tradability and tenors from 2 to 50 years.
For short-term cash with a fixed end date, SGS T-bills can be attractive when auctions clear high enough, though rolling them exposes you to reinvestment risk.
Yields in 2025 have moderated versus 2023–2024, so diligence matters: check the MAS issuance calendar, confirm the latest auction results, compare against bank fixed deposits/cash-management rates, and size positions to when you might need the money. Many investors land on a blend—SSB for accessible reserves, an SGS bond ladder for predictable income, and tactical SGS T-bill allocations when cut-offs align with goals.
Frequently Asked Questions (FAQs)
1) Is SSB better than SGS T-bills right now?
It depends on current auction cut-offs and your liquidity needs. Recent 6-month SGS T-bill cut-offs have eased to ~1.41% (28 Oct 2025); SSB offers monthly par redemption and step-up rates. If you may need cash at short notice, SSB’s liquidity is compelling.
2) How do I buy SSB and what’s the minimum?
Apply via DBS/OCBC/UOB internet banking (cash or SRS). Minimum S$500; S$200k personal cap; S$2 fee per application and redemption.
3) Can I sell SGS bonds anytime?
Yes—on SGX or through banks—but your sale price depends on market yields and may be above or below what you paid.
4) When do SGS T-bill auctions happen, and where can I see the result?
Check the MAS issuance calendar for upcoming auctions and auction results (cut-off yield, bid-to-cover).
5) Can I use CPF OA or SRS?
Yes. T-bills/SGS can be applied via CPFIS-OA (eligibility/thresholds apply) or SRS. SSB supports SRS but not CPF.
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