T-bills now beat most fixed deposits — and the next auction closes for applications Tuesday 9pm

While banks have spent 2026 trimming FD promos, the 6-month T-bill cut-off has gone the other way: 1.50% → 1.55% → 1.59% across the last three auctions. The next auction is Wednesday 13 August with S$8.7 billion on offer — and cash applications through internet banking close Tuesday 12 August, 9pm (UOB can be earlier). Here’s how the auction works, when a T-bill genuinely beats your FD, and the catches that never make the headline.

By MoneyAtlas Research · Verified 11 Aug 2026 · How we verify & rank

Last verified 11 Aug 2026 · 5 official sources · 30 Jul auction result + 13 Aug auction parameters (as announced)

Last verified11 Aug 2026

Data version30 Jul auction result + 13 Aug auction parameters (as announced)

Verified sources5 of 5

Auction figures are from MAS announcements as tracked by the cited sources; the 13 August cut-off is unknowable until the auction runs and will be added to this page once published. This is education, not a recommendation to buy any security. Bank application deadlines vary — confirm with your bank.

Spotted a figure that looks wrong or out of date? Report a data error— we’ll check it and correct it openly.

The numbers going into Wednesday

Three rising auctions, a bigger offer size, and one deadline that matters more than the rest.

1.59%Last cut-off — third rise in a row2 July: 1.50%. 16 July: 1.55%. 30 July: 1.59%, with S$18.1 billion of applications chasing S$8.6 billion issued. Demand is heavy — which can cap how much higher cut-offs go.

S$8.7bOn offer this auctionSlightly larger than last time. The 6-month market yield sat around 1.55% in early August, so expect a result near the recent range — the exact cut-off publishes early afternoon on auction day.

Tue 9pmThe real deadlineCash applications via DBS/POSB and OCBC internet banking close 9pm on 12 August; UOB’s cut-off can be a day earlier. SRS and CPF routes close earlier still — if you’re using those, act today.

T-bill vs fixed deposit — the honest comparison

For six-month money, the auction now beats most bank promos. Most — not all.

The rate mathThe best 6-month FDs in our August audit pay roughly 1.50–1.60% (RHB branch 1.60%, Maybank branch special 1.55%, HL Bank online 1.55%) — and many need fresh funds, minimum sums or a branch visit. The last T-bill cut-off of 1.59% beats most of that list from your sofa, with no conditions. Only the top branch-visit promos genuinely compete.

The safety mathFDs are bank deposits insured by SDIC up to S$100,000 per bank. T-bills are direct Singapore-government obligations — no insurance cap needed, because the credit is sovereign. For parking more than S$100,000, the T-bill’s uncapped government backing is the cleaner structure.

Where the FD still winsYou know an FD’s rate before committing; a T-bill non-competitive bid accepts whatever the cut-off turns out to be. FDs also take odd amounts and some banks pay monthly interest options; T-bills are S$1,000 multiples, discount-priced, nothing until maturity. And if you can actually reach RHB’s branch 12-month 1.65%, that beats rolling 6-month T-bills at current levels.

How to apply tonight — three steps

Step 1Internet banking → SGSDBS/POSB, OCBC or UOB internet banking → investments → Singapore Government Securities → Treasury Bills. You need a bank account and (created automatically if missing) an individual CDP account with direct crediting for cash applications.

Step 2Non-competitive bidChoose the 13 August 6-month auction, enter your amount (min S$1,000, multiples of S$1,000) and select non-competitive — you accept the cut-off yield, which is how nearly all retail applies. Funds are earmarked at application.

Step 3Check the result WednesdayThe cut-off yield and allotment publish on MAS’s site early afternoon. You’re refunded any unallotted amount; the bill is issued about a week after auction and matures six months later at face value.

The catches nobody headlines

Catch 1Treat it as locked for 6 monthsYou can technically sell on the secondary market through your bank, but retail lots trade thinly and pricing isn’t guaranteed. If you might need the cash, the SSB’s redeem-any-month structure suits you better.

Catch 2Auction risk cuts both waysCut-offs have been rising, but heavy demand (S$18.1b last time) can push the result below the secondary-market yield. You cannot cancel after the deadline — if Wednesday cuts off at 1.50%, that’s your rate.

Catch 3CPF applications have extra frictionCPF-OA applications go through your CPFIS bank with earlier deadlines, a S$2.50 service charge per transaction, and you forgo CPF’s 2.5% floor interest for the months the money is out — the math is thinner than the headline suggests. Run it before switching CPF money into a 6-month bill.

The one-line takeawayFor six-month money you won’t touch, Wednesday’s T-bill likely beats every online FD — apply non-competitive by Tuesday 9pm and accept the cut-off. For money you might need back, or for multi-year horizons, the September SSB at a 2.25% ten-year average (open until 26 August) is the stronger claim — and our FD audit shows exactly which bank promos still compete.

Quick answers

What is the T-bill cut-off yield and what will the 13 August auction pay?The cut-off yield is the single rate every successful bidder receives, set where demand meets the S$8.7 billion on offer. It cannot be known before the auction closes — the last three 6-month auctions cut off at 1.50% (2 July), 1.55% (16 July) and 1.59% (30 July), and the 6-month yield traded around 1.55% in the secondary market in early August, so the result is likely in that neighbourhood. The official cut-off publishes on the MAS website on auction day, typically early afternoon — we update this page with the result.

How do I apply for the 13 August T-bill before the deadline?For cash applications: log in to DBS/POSB, OCBC or UOB internet banking, look for Singapore Government Securities / Treasury Bills under investments, and submit a non-competitive bid (you accept whatever the cut-off is). Minimum S$1,000, in multiples of S$1,000. Cash deadlines are typically 9pm on the business day before the auction — 12 August for this one (UOB's cut-off can be a day earlier; check your bank). SRS applications go through your SRS operator's internet banking and CPF applications through your CPFIS bank, both with earlier deadlines than cash.

T-bill at ~1.59% or a fixed deposit at 1.65% — which should I take?Compare like with like. The best clean 12-month FD in August pays 1.65% but requires a branch visit (RHB); the best 6-month FDs pay around 1.50–1.60%. Against those, the last T-bill cut-off of 1.59% beats most 6-month FD offers, needs no branch visit, no fresh-funds condition and no bank relationship — and it's a claim on the Singapore government rather than a bank. The FD wins if you can actually get the top promo tier, want a fixed known rate rather than an auction outcome, or want amounts under S$1,000 granularity.

Is a T-bill safer than a fixed deposit?Different protections, both strong. An SGD fixed deposit is a claim on a bank, insured by SDIC up to S$100,000 per depositor per bank. A T-bill is a direct obligation of the Singapore government (AAA-rated) with no insurance cap — the S$100,000 SDIC ceiling doesn't apply because the credit risk sits with the sovereign, not a bank. For amounts above S$100,000, that difference matters.

What's the catch with T-bills?Three things. Your money is committed for the full six months — you can sell early on the secondary market via your bank, but pricing is not guaranteed and small retail lots trade poorly, so treat it as locked. Second, you accept auction risk: with a non-competitive bid you get the cut-off, whatever it is, and cannot cancel after the deadline. Third, T-bills are sold at a discount and pay no coupon — your return is the difference at maturity, so there's no monthly interest.

What if I miss the 12 August deadline?Two good options. Six-month T-bill auctions run roughly every two weeks, so the next is around end-August — same process. And the September Singapore Savings Bond is open until 26 August with a 10-year average of 2.25% and first-year interest of 1.52%, redeemable any month with no penalty — a better home than an FD for money you might want back. See our SSB guide for the full comparison.

Sources

General information, not investment advice and not a recommendation to buy any security. Auction parameters and past cut-off yields are as published by MAS and tracked by the cited sources as at 2026-08-11; the 13 August cut-off is determined only at auction. Bank application deadlines and CPF/SRS procedures vary by bank — confirm before applying. FD comparisons reference our August 2026 audit; promotional rates change without notice.