Fixed Income & Cash Management

Singapore T-Bill Interest Rate 2026: How Cut-Off Yields Work and Where to Track Them

The 6-month T-bill cut-off yield settled at 1.70% per annum on 10 September 2026. That is the highest rate this year. Here is exactly how the rate is set, where it stands today, and how to track it after the September FOMC meeting.

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What Is the Singapore T-Bill Interest Rate?

T-bills do not pay a coupon. You buy them at a discount and receive the full face value at maturity. The difference is your return.

The “interest rate” commonly reported is the cut-off yield from the most recent auction. It tells you the annualised return an investor would earn if they bought the T-bill at the auction clearing price and held to maturity.

MAS issues two T-bill tenors in Singapore: the 6-month (182-day) bill and the 1-year (364-day) bill. The 6-month auction runs every two weeks on Thursdays. The 1-year auction runs roughly quarterly.

The MAS website publishes the cut-off yield, total issue size, and bid-to-cover ratio for every auction. These are the three numbers worth tracking.

How the Auction Sets the Cut-Off Yield

MAS runs a uniform-price, competitive auction. Institutional and retail investors submit bids stating the yield they want and the dollar amount. MAS then ranks bids from lowest yield (highest price) to highest yield (lowest price) and accepts bids from the bottom up until the issue is fully subscribed.

The yield at the last accepted bid is the cut-off yield. All successful competitive bidders receive this same yield, even if they bid lower.

Retail investors using CPF-OA funds or cash via ATM/internet banking submit non-competitive bids. They are allotted T-bills at the cut-off yield without specifying a rate. They receive a slightly smaller allocation when demand is very high.

The cut-off yield rises when fewer investors compete for the same supply. It falls when demand is strong. Supply is fixed by MAS before each auction.

Current Singapore T-Bill Rates (September 2026)

The most recent auction results as of 15 September 2026:

Source: MAS. Yields are per annum and apply to notes held to maturity. Past rates are not a guide to future rates.

The 6-month rate is slightly higher than the 1-year rate. That is an inverted curve. It reflects the market’s expectation that the Federal Reserve will cut rates at the 17 September 2026 FOMC meeting. Investors locking in 6-month yields before the cut want to capture the current level before it falls.

T-Bill Rate History in 2026

The 6-month cut-off yield has fallen sharply from late 2023 and into 2026. Here is the year-to-date picture:

The yield fell from 2.60% in January to 1.40% in June as global markets priced in rate cuts from the US Federal Reserve. It has since recovered to 1.70% by September as the FOMC delayed its first cut.

The next 6-month T-bill auction is scheduled for 25 September 2026. After the FOMC meeting on 17 September, yields may shift. A 25 basis-point cut from the Fed would put downward pressure on the next auction’s cut-off yield. A larger cut or a hold would have different effects.

For context: a cut in the Fed funds rate does not immediately set the T-bill yield. Auction demand and supply dynamics determine the cut-off. But over multiple auctions, yields tend to follow US short-term rates with a lag of one to two months.

T-Bills vs Savings Accounts vs Singapore Savings Bonds

Each option trades off rate, liquidity, and access differently. Here is the comparison as of September 2026:

Savings account rates above 2% typically require salary crediting, minimum spend, or both. The T-bill rate is guaranteed for your holding period with no conditions. Past rates are not a guide to future rates.

T-bills make most sense if you have a lump sum you will not touch for six months. The best savings accounts can pay more, but only if you meet their qualifying criteria. SSBs offer flexibility on exit but the first-year coupon is lower.

If you have CPF Ordinary Account funds sitting at 2.5%, using them to buy T-bills at 1.70% today is not a gain. The CPF-OA floor rate of 2.5% is currently higher than T-bill yields.

How to Check Today’s Singapore T-Bill Interest Rate

MAS publishes all auction results at www.mas.gov.sg/bonds-and-bills/singapore-government-t-bills. Results go live within hours of the auction closing time (usually by 2 pm on the auction day). The page shows the issue code, cut-off yield, median yield, total bids received, and allotment details.

Two useful third-party trackers update automatically after each auction: StockKaki’s T-bill rate page and Growbeansprout’s pre-auction previews. Both are updated within the same business day.

For the next auction date, check MAS’s published T-bill auction calendar. The 6-month bill auctions every two weeks on Thursday. Settlement is typically the following Monday.

If you already hold T-bills through DBS/POSB, OCBC, or UOB internet banking, you can see your maturity date and the yield you locked in under “Investments” or “Fixed Income” in your account. The cut-off yield you received is confirmed in your allotment notification via email or letter.

What 1.70% Means for Your Cash

On a S$50,000 T-bill, 1.70% per annum over 6 months earns you approximately S$425 in returns (before any transaction fees). That is the discount you receive at the start: you pay about S$49,575 and receive S$50,000 at maturity.

The rate is decent for a zero-credit-risk, government-backed instrument. It is lower than the best bank savings rates but comes without any qualifying conditions, minimum salary credit, or spend requirement. It is also higher than the CPF Retirement Account floor rate of 4.0%? No. CPF-RA pays 4.0% and T-bills pay 1.70%. T-bills do not compete with CPF-RA — only with cash or CPF-OA funds.

After the September FOMC meeting on 17 September, the cut-off yield for the next auction (25 September) may fall if the Fed delivers a rate cut as expected. Investors who want to lock in 1.70% for six months should look at the current secondary market. T-bills trade on SGX at small spreads from their par value.

For those building a CPF investment strategy, T-bills bought via CPF-OA at 1.70% compare unfavourably with the OA’s base 2.5% floor. The CPF-OA is already a better risk-free return for most investors. Use T-bills for cash you are willing to lock up outside your CPF account.

For investors who want higher long-term returns from their portfolio, S-REITs and REIT ETFs offer higher distribution yields, with more risk. T-bills are purely a cash-management tool.

One note on reinvestment: when your T-bill matures in six months, the rate on offer may be different. 1.70% today does not guarantee 1.70% in March 2027. If the Fed cuts rates twice between now and then, the next cut-off yield could be under 1.50%. Plan your cash needs accordingly.

Frequently Asked Questions

Looking for Higher Returns on Your Savings?

T-bills are for short-term cash parking. For longer-term investing, these platforms are used by readers of The Kopi Notes:

Referral disclosure: The Kopi Notes may receive a referral benefit when you sign up using the links above. Rates and promotions change — verify current terms at the platform before applying. This is not financial advice. T-bill yields, savings rates, and platform returns all carry risk and can fall.