Singapore Savings Bonds (SSB) 2025: Interest Rates, Returns & How to Buy

Since their debut in 2015, Singapore Savings Bonds (SSBs) have earned a solid reputation among Singaporeans who want a safe, flexible, and government-backed investment. They’re the go-to option for those who prefer sleeping peacefully at night rather than chasing high-risk returns.

However, in 2025, SSBs aren’t as dazzling as they were a year ago. After enjoying yields above 3% in 2024, the 10-year average return slipped to 2.49% in June 2025, and as of October 2025, it stands at just 1.83%. That’s quite a drop—but context matters.

Even though SSB rates have cooled, it’s not like other low-risk options are soaring. Fixed deposits now offer around 1.60% p.a., and the most recent T-bill (15 October 2025) closed at 1.35% p.a. In short, the entire low-risk landscape has slowed.

So, before dismissing SSBs, remember what makes them special: they’re risk-free, flexible, and 100% backed by the Singapore Government. Let’s explore how they work, the latest interest rates, and whether they still deserve a place in your financial plan this year.

1. Singapore Savings Bond Interest Rates (October 2025)

Let’s start with the question on everyone’s mind: how much can you earn with SSBs right now?

Each month, the Monetary Authority of Singapore (MAS) releases a new SSB issue with updated interest rates. The rates depend on market conditions and are designed to follow the long-term yield of Singapore Government Securities (SGS).

For October 2025, the latest issue is SBNOV25 (GX25110W), and here’s how the returns look for a $10,000 investment:

The structure is step-up, meaning your interest rate increases each year you hold onto the bond. That encourages long-term holding while keeping things flexible.

And flexibility is key—because unlike traditional bonds, you don’t need to lock in your money for the full 10 years. You can redeem your SSB at any time with no penalty, only a small $2 transaction fee.

2. How Much Can You Earn? (SSB Calculator)

Let’s crunch the numbers.

If you invested $10,000 in the current SSB issue, your cumulative returns would look like this:

After 10 years, your total earnings would amount to $1,848, on top of your initial capital of $10,000. That may not make you rich, but it’s a safe and predictable return—without worrying about market volatility.

One important note: SSBs don’t compound. The interest you receive every six months goes straight into your bank account instead of being reinvested automatically. That’s perfect if you want a steady semi-annual payout, similar to a dividend stream.

3. Can You Still Buy the Latest SSB Issue?

Yes! As of now, you can still apply for the latest SBNOV25 (GX25110W). Here’s a quick summary of the key details:

Each new SSB issue is unique, so if you skip one month, you can always apply for the next. The rates may vary slightly depending on prevailing market yields.

4. What Exactly Are Singapore Savings Bonds?

At its core, an SSB is a bond—you’re lending your money to the Singapore government. In return, they pay you interest every six months.

The appeal is simple: virtually zero risk. The Singapore government has an impeccable credit rating (AAA), which means your capital and interest are fully guaranteed.

You can think of SSBs as the “Gold Standard” of safety for personal savings. They’re also more flexible than most government securities because you can withdraw anytime. There’s no lock-in, no penalty, and no need to time the market.

Many Singaporeans use SSBs as part of their emergency fund strategy—they provide a safe place to store cash while still earning some interest. Others use them to diversify their portfolios with a stable, predictable component.

5. How to Buy Singapore Savings Bonds

Buying SSBs is simple. Here’s what you need to know:

Step-by-Step: How to Apply

Step 1: Get a Bank and CDP Account
You’ll need an individual CDP (Central Depository) account linked to a DBS, OCBC, or UOB bank account. You can open one through the CDP website if you don’t have it yet.

Step 2: Apply During the Open Period
Each month, MAS opens applications for about three weeks. You can apply via Internet Banking or at ATMs. Simply select the SSB option, enter your CDP number, and the amount you wish to invest.

Your bank will deduct the amount plus a $2 application fee immediately.

Step 3: Wait for Allocation
When the application period ends, MAS will allocate the bonds. If oversubscribed, you may receive less than your requested amount. Any excess funds will be refunded the next working day.

Successful applicants will see their bonds reflected in their CDP account, and interest payments will automatically be credited to their bank account twice a year.

6. Are Singapore Savings Bonds Worth Buying in 2025?

That depends on your investment goals.

If your priority is safety, liquidity, and peace of mind, then yes, SSBs are still worth it. They offer guaranteed returns with full flexibility—perfect for:

• Emergency funds that you don’t want sitting idle

   

• Short-term savings while waiting for better investment opportunities

   

• Conservative investors who prefer predictable returns

   

However, if your goal is wealth growth, you’ll likely want to complement SSBs with higher-yield investments. These could include unit trusts, ETFs, or REITs, which carry more risk but also higher potential returns.

7. Alternatives to Singapore Savings Bonds

If SSBs feel too slow for your goals, consider these alternatives based on your risk appetite:

Each has its own pros and cons. Fixed deposits may have higher short-term rates but lack liquidity. Money market funds provide better returns but aren’t guaranteed. In comparison, SSBs strike a balanced middle ground between return, safety, and flexibility.