Singapore Risk-Free Rates May 2026: SSB 2.14%, 6-Month T-Bill 1.45%, FD up to 1.60%, CPF OA 2.5%

May 2026 Singapore Risk-Free Rates — Quick Answer

May 2026's risk-free instruments: SSB (SBMAY26) 10-year average 2.14% (1-year 1.40%), 6-month T-bill 1.40 to 1.45% (two auctions), 1-year T-bill 1.46% (latest BY26101H from 16 Apr), best widely-available fixed deposits 1.10 to 1.60% (GXS 12m Boost Pocket leads at 1.60%; RHB / Hong Leong Finance / Maybank cluster around 1.30 to 1.50%), 1-month SORA 1.21 to 1.23% and 3-month compound SORA 1.07%. CPF OA stays at 2.5% and SA/MA/RA at 4.0% for Q2 2026 — both still beat every cash instrument. Use the CPF Interest Calculator and our Compound Interest Calculator to compare scenarios. Last reviewed: 28 May 2026.

This is the verified May 2026 snapshot, with a decision flow at the end for "where do I park this cash". Everything sourced from MAS, CPF Board and individual bank rate pages — see the Sources section. No affiliate links: Smart Calculator does not currently take partner placements for SSB, T-bill or FD products (per our MAS compliance posture).

Singapore Savings Bond — SBMAY26 (May 2026 issue)

SBMAY26 was undersubscribed — a meaningful market signal that retail demand is cooling at this yield level. Applications totalled S$215.7m against S$300m offered, so anyone who applied got their full request without pro-ration.

Next issue: SBJUN26

• Issue code: GX26060N
• Year-1 interest: 1.46% p.a. (slightly higher than May)
• 10-year average return: 2.11% p.a. (slightly lower than May)
• Application open 4 May, closes 25 May 2026
• Allotment 26 May / issue 2 June 2026

The June issue's marginally higher year-1 rate but lower long-run average reflects a subtle flattening in the SGS yield curve over the past month. If you only need short-horizon parking, June's 1.46% wins; if you want the maximum 10-year compounding, May's 2.14% was better.

How SSB interest payments work

Interest is paid every 6 months — 1 May / 1 November for SBMAY26. The step-up structure means a $10,000 SBMAY26 holding receives roughly $140 in year 1, rising to roughly $296 by year 10. Hold to maturity and your blended return is the published 2.14%.

Redemption flexibility

SSBs can be redeemed in any month with no penalty — you receive principal plus accrued interest to the last interest payment date. This is the single biggest reason SSBs are popular for emergency-fund parking even at lower headline yields than FDs.

6-Month T-Bill Auctions — May 2026

Two 6-month auctions ran in May 2026:

May 2026 6-month T-bill yield band: 1.40 to 1.45% p.a.

Both auctions were oversubscribed roughly 2 times — non-competitive bids were fully allotted, competitive bids at cut-off were partially allotted (~40% at the 7 May cut-off).

Latest 1-year T-bill — BY26101H

No 1-year auction occurred in May; the most recent was on 16 April 2026:

Upcoming T-bill auctions (next 3 months)

Best Fixed Deposit Rates — Late May 2026

Personal-banking, widely-available, fresh-funds promotional rates. Premier-banking rates are higher but require minimum AUM thresholds.

The honest pattern:

• Pure local-bank board FDs (DBS / OCBC / UOB) sit around 0.80 to 1.20% for 6–12 months
• The headline "best FD" rates (1.50 to 1.60%) are from digital banks (GXS, MariBank), finance companies (Hong Leong Finance, Singapura Finance), and premier-banking tiers at RHB / StanChart
• Most promotional rates require fresh funds (money not already in the bank) and a minimum tenor commitment

Always check the bank's current promotional page before applying — these rates refresh roughly monthly.

SORA (compounded) and CPF Floors

SORA — late May 2026

• 1-month compounded SORA: ~1.21 to 1.23% p.a.
• 3-month compounded SORA: ~1.07% p.a.

SORA is the official Singapore Overnight Rate Average (replaced SIBOR for new contracts). It is the reference rate for most floating-rate mortgages issued since 2021. Currently sits just above 1% — substantially below CPF OA (2.5%) and only slightly below short-term SGS yields.

CPF interest floors — Q2 2026 (unchanged)

The SA/MA/RA 4.0% floor is officially extended through 31 December 2026. The OA 2.5% floor has no end date in current regulation — it has been at 2.5% since 1999.

How They Compare — May 2026 At a Glance

All four product types are tax-exempt for individuals on the interest income — a meaningful advantage of Singapore's fiscal design over countries that tax fixed-income interest. The yield differences are real money in your pocket.

Decision Flow: Where to Park This Month?

If your money is CPF OA

Leave it in CPF OA. The 2.5% floor (plus the +1% extra interest tiers) currently beats every retail T-bill yield and most FDs. The mid-2023 logic for moving CPF OA into T-bills (when T-bills cleared at 3.8 to 4.0%) has fully reversed. Only revisit if T-bill yields move back above 2.5% sustainably.

If your money is cash you'll need in < 6 months

Keep it in your savings account or a 1-month FD. Most short-promotional FDs offer rates similar to or below savings-account promo tiers (UOB One, OCBC 360, DBS Multiplier). The 1-month SORA at 1.21% is the effective ceiling for any short-term cash.

If your money is cash for 6 to 12 months

6-month T-bill or 6-month FD — tied. The 6-month T-bill (1.40 to 1.45%) and the best 6-month FDs (GXS, RHB premier, Hong Leong Finance) overlap in the 1.40 to 1.50% range. Pick by operational fit:

• T-bills require a Singpass + CDP + bank-linked account, with auction timing risk
• FDs need fresh funds and minimum deposit thresholds
• T-bills have the cleaner "set and forget" experience

If your money is cash for 1 to 3 years

1-year T-bill (1.46%), 12-month FD (best is GXS 1.60%), or SBJUN26 (1.46% year-1 with monthly redemption). All clustered around 1.50%. The SSB has the early-redemption optionality; the FD has SDIC protection up to S$100k; the T-bill has direct government backing without an SDIC cap. Pick based on your liquidity tolerance and whether you want lock-in (FD/T-bill) or flexibility (SSB).

If your money is passive long-term capital

SBMAY26 (10-year avg 2.14%) or compound into a longer-duration vehicle. The SSB's 2.14% 10-year average is competitive against most retail SGD instruments — and the penalty-free redemption gives you exit flexibility that bonds and FDs lack. The cap is S$200,000 across all SSB issues per individual, which is a hard ceiling for high-net-worth investors who would otherwise consolidate here.

Edge cases

• Foreign-currency cash: USD FDs in Singapore banks pay materially higher headline rates (4 to 5% range) but you take FX risk. For most retail investors, the FX risk dwarfs the yield pickup.
• SRS funds: You can use SRS to buy SSB and T-bills via the same channels (DBS, OCBC, UOB are the SRS operators). For SRS holders below age 63, the lock-in is the same as SRS itself — no liquidity advantage to SSB redemption.
• High-net-worth (> S$1m liquid): Most retail SSB cap is the binding constraint. Mix SSB ($200k max), 6-month and 1-year T-bills (no cap), and FDs spread across multiple banks to stay within SDIC caps per institution.

Sources

• MAS — Auctions and Issuance Calendar: mas.gov.sg/bonds-and-bills/auctions-and-issuance-calendar
• MAS — SSB issuance: mas.gov.sg/bonds-and-bills/auctions-and-issuance-calendar/issuance-singapore-savings-bond
• MAS — T-bill information for individuals: mas.gov.sg/bonds-and-bills/singapore-government-t-bills-information-for-individuals
• MAS — Treasury Bills Statistics: mas.gov.sg/bonds-and-bills/treasury-bills-statistics
• MAS — Domestic Interest Rates (SORA): mas.gov.sg
• CPF Board — Interest Rates: cpf.gov.sg
• SDIC — Deposit Insurance: sdic.org.sg
• Individual bank rate pages: DBS, POSB, OCBC, UOB, Standard Chartered, Maybank, Hong Leong Finance, RHB, ICBC, GXS, MariBank

Related Calculators and Guides on Smart Calculator

• CPF Interest Calculator — model your CPF compounding across OA / SA / MA / RA with the 2026 floors
• Compound Interest Calculator — model any rate over any horizon
• CPF Retirement Calculator — project CPF LIFE payouts with the 2026 retirement sums
• CPF Life Payout Calculator — Standard vs Basic vs Escalating Plan comparison
• CPF Interest Rate 2026 Guide — context on the SA/MA/RA 4% floor extension and the OA 2.5% floor
• Singapore Retirement Age 2026 Guide — context on 1 July 2026 step-up + Jan 2027 senior-worker CPF rate hikes that change RA inflows
• Budget 2026 Household Payouts Guide — the $1,500 CPF top-up in Dec 2026 for eligible Singaporeans aged 50+

Bottom Line

The May 2026 risk-free landscape is flatter than at any point since 2023 — short rates (T-bills, SORA, the best 6-month FDs) cluster around 1.40 to 1.50%, the SSB's long-run 2.14% offers a duration premium, and CPF OA's 2.5% floor remains the highest-yielding statutory rate available to most Singaporeans on retail-sized balances. The reflexive 2023-era move of "drain CPF OA into T-bills" no longer pays off. For new cash savings, the decision flow above gives a clean horizon-based rule. We will refresh this article around the early-June T-bill auction and the SBJUN26 closing — bookmark it.

This article is a content-only explainer of publicly verified rates and is not financial advice. Rates may move between auctions; verify the current month's figures on MAS, CPF Board and individual bank pages before acting. Smart Calculator does not currently take affiliate placements for SSB, T-bill or FD products.