Where to park spare cash in Singapore: what T-bills, fixed deposits and the SSB pay in 2026

You've got S$20,000 sitting in an account that pays next to nothing, and the family chat keeps saying T-bills. They're not far off: on 22 October 2026, a 6-month T-bill paid 1.95% and a 12-month fixed deposit paid 2.10%, while a savings account with no conditions paid 0.88%. Here's what each place to park cash in Singapore pays, and how fast you get your money back.

What does every option pay, as of 22 October 2026?

For money you can leave alone for a year, the 12-month fixed deposit pays the most at 2.10%, with the 6-month T-bill close behind at 1.95%.

CIMB and RHB both pay 2.10%. CIMB's rate is an online promotion, and your deposit has to be placed, funded and approved by 31 October. RHB's has no end date.

CPF pays more, 4% in the Special Account, but a top-up only comes back as monthly payouts in retirement. Once it's in, it isn't spare cash.

Want every bank's rate? It's in our savings account rates and fixed deposit rates.

As of 22 October 2026.
Where	Rate on 22 October 2026	Lock-in	Minimum or limit	How you get it back
Savings account with a salary bonus (DBS, Standard Chartered)	1.80% to 1.85% on S$50,000	None	A salary and card spend each month	Any day
Savings account with no conditions (GXS, MariBank)	0.88%	None	None	Any day
12-month fixed deposit (CIMB, RHB)	2.10%	12 months	S$10,000 at CIMB, S$20,000 at RHB	At maturity; breaking early costs interest
6-month T-bill	1.95% (22 October auction)	6 months	S$1,000	At maturity, or sell early at the market price
1-year T-bill	1.92% (15 October auction)	1 year	S$1,000	At maturity, or sell early at the market price
Singapore Savings Bond, November issue	1.67% in year 1; 2.45% a year over 10 years	None	S$500	Any month, paid by the 2nd business day of the next
CPF Special Account top-up (under 55)	4%	Can't be undone	Up to the Full Retirement Sum	Only as monthly payouts in retirement
CPF Ordinary Account	2.5%	Can't be undone	Can't be topped up on its own	For housing and other CPF uses

What each pays a year, 22 October 2026

What each pays a year, 22 October 2026
Where	Rate a year
Savings account, salary bonus	1.85%
Savings account, no conditions	0.88%
12-month fixed deposit	2.10%
6-month T-bill	1.95%
1-year T-bill	1.92%
Savings Bond, year 1	1.67%

Source: MAS and each bank's website, 22 October 2026

How much does S$20,000 earn in a year?

On S$20,000, the 2.10% fixed deposit earns S$244 more in a year than a savings account paying 0.88%.

Say you have S$20,000 you won't touch for 12 months. Here's what it earns in each:

12-month fixed deposit at 2.10%: S$20,000 x 2.10% = S$420.
1-year T-bill at 1.92%: you pay S$19,617 at the 15 October auction and get S$20,000 back a year later, so S$383. There isn't another 1-year auction until 2027.
Savings account with a salary bonus at 1.85%: S$370.
Savings Bond in its first year at 1.67%: S$334.
Savings account with no conditions at 0.88%: S$176.
6-month T-bill at 1.95%: S$194 by April 2027. For the second six months you buy again at the next auction's rate.

The catch: which of these can you get back next month?

Only the savings accounts and the Savings Bond let you take money out early without losing any of it: a savings account any day, a Savings Bond early the next month. Everything else holds your money for a term, and CPF keeps it for retirement.

Here's how each one gives your money back:

Savings account: any day, no notice needed.
Savings Bond: ask to cash out by the 4th last business day of any month, with no penalty. Your money and the interest so far land by the 2nd business day of the next month.
T-bill: the full amount on the day it matures. To get out sooner you sell it on the market at that day's price, which can be below what you paid.
Fixed deposit: at the end of the term. CIMB rolls it over for the same term, at its rate on the day, unless you tell it not to. Break it early and you lose interest. At CIMB, the promotional rate goes and you're paid only for each full quarter you stayed.
CPF top-up: never as a lump sum. A Special Account top-up comes back only as monthly payouts in retirement.

Why does the Savings Bond show two rates?

Because its interest steps up each year you hold it. The November bond pays 1.67% in its first year and 3.08% in its tenth.

The 2.45% is the average a year if you keep it all 10 years. Cash out after one year and you've earned 1.67%. You can apply for the November issue until 27 October.

A baby tortoise takes slow, careful steps across a patch of sand — Me, waiting 10 years for the 3.08%. via GIPHY

So, can spare cash go into CPF?

It can, but it only comes back as monthly payouts in retirement. Your Special Account pays 4% a year, and that 4% floor runs until 31 December 2027.

If you're under 55, a top-up goes into your Special Account. You can add up to the current Full Retirement Sum, less what's already there.

The first S$60,000 of your combined CPF balances also earns an extra 1%, with no more than S$20,000 of it from your Ordinary Account. Cash top-ups to yourself cut your income tax too, with up to S$8,000 of relief a year. Here's how the top-up tax relief works.

Can you park cash in your Ordinary Account at 2.5%? Not on its own. The only way in is a voluntary top-up split across all three accounts. It can't be undone either, and it counts towards the CPF Annual Limit of S$37,740 along with your usual payroll contributions.

What isn't in this table, and why

Here's what we left off, and why.

Money market funds and cash management accounts from investment platforms and robo-advisers: they hold funds, not deposits, so SDIC doesn't cover them.
Priority banking rates, because they need a big balance first. RHB pays its Premier customers 2.20% for 12 months, and Premier needs S$200,000 with the bank. CIMB's Preferred Banking rate for 12 months is 2.15%.
Foreign-currency deposits: SDIC doesn't cover them, and what you get back depends on the exchange rate.
MediSave top-ups: that money is for healthcare, not cash you can spend.
How to buy each one: our T-bill guide and Savings Bond guide walk through it, and SSB vs T-bill vs fixed deposit compares the three.

How we checked these numbers

All rates are as of 22 October 2026, and the links are in Sources below.

For savings accounts we took the highest rate with a salary and card spend, 1.85%, and the highest with no conditions, 0.88%. For fixed deposits, it's the highest 12-month rate you can get without a priority banking account.

T-bill rates are from the latest auction for each term. The Savings Bond is the November 2026 issue, and the CPF rates are the ones for October to December 2026.

The S$20,000 sums are simple interest over 12 months, rounded to the dollar. We'll check every rate again by 31 January 2027.

The MoneyBees take: what we'd check first

We'd split the cash by when you'll need it before comparing rates. Money you need on hand earns 0.88% to 1.85% in a savings account.

Money you can leave for a year earns 2.10% in a fixed deposit, which is S$244 more on S$20,000 than a 0.88% savings account. The Savings Bond sits between the two, at 1.67% in year one with your money back in any month. What settles it is how many months of spending you want within reach.

Frequently asked questions

Where can I park spare cash in Singapore and still take it out any time?

A savings account, any day. On 22 October 2026 you'd get 0.88% with no conditions, or 1.85% if you credit your salary and spend on the card. A Savings Bond lets you cash out in any month with no penalty, and the November issue pays 1.67% in its first year.

Which pays more right now, a T-bill or a fixed deposit?

The fixed deposit, for both terms. On 22 October 2026 the top 12-month fixed deposit paid 2.10%, and RHB's 6-month one paid 2.00%, against 1.95% for the 6-month T-bill. The 1-year T-bill paid 1.92% on 15 October, and the next 1-year auction isn't until 2027. A T-bill is easier to start with: S$1,000, against S$10,000 for CIMB's 2.10% and S$20,000 at RHB.

Can I take money out of a Savings Bond early?

Yes, in any month, with no penalty, as long as you ask by the 4th last business day of the month. You get your money back with the interest earned so far by the 2nd business day of the next month. You only get the 10-year average rate if you keep it for all 10 years.

Can I top up my CPF Ordinary Account with cash?

Not on its own. A voluntary top-up has to go into all three CPF accounts together, it can't be undone, and it counts towards the CPF Annual Limit of S$37,740 along with your usual contributions.

Is my spare cash safe in these places?

SDIC insures Singapore dollar deposits up to S$100,000 per depositor per bank, so anything above that at one bank isn't covered. T-bills and Savings Bonds are issued by the Singapore Government, and a Savings Bond gives back your full amount whenever you cash out.

Sources

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This is general financial information for Singapore, not personal financial advice. Figures change, so verify current rates against the official sources above before acting. See our full disclaimer.

Junxiong-WFG Organisation is an authorised representative of AIA Financial Advisers Private Limited (Reg. No. 201715016G).