The December 2026 Singapore Savings Bond is open for applications until 9pm on Wednesday, 25 November 2026. If you hold it for the full 10 years, it pays an average of 2.39% a year. Its first-year coupon of 1.83% is higher than the November issue’s.
That trade-off matters more than the headline figure. Whether December beats November depends on how long you expect to keep the money in.
The December 2026 Singapore Savings Bond in Numbers
According to the Monetary Authority of Singapore (MAS) notice dated 2 November 2026, the bond is issue code GX26120A. MAS is offering up to S$500 million, compared with $400 million for the November issue.
Key dates from the MAS notice:
- Applications close: 9pm, 25 November 2026
- Allotment: 26 November 2026
- Issue date: 1 December 2026
- Maturity: 1 December 2036
- Interest paid: every 1 June and 1 December, starting 1 June 2027
The minimum is $500. MAS caps each person at $200,000 across all Savings Bonds held, and that limit includes bonds bought with cash and with SRS funds.
December vs November: Which Pays More, and When?
Savings Bond coupons step up each year, and MAS sets them so your average return depends on how long you hold. Here are the average annual returns from the two official notices.
| If you hold for | December 2026 (GX26120A) | November 2026 (GX26110X) |
|---|---|---|
| 1 year | 1.83% | 1.67% |
| 2 years | 1.91% | 1.83% |
| 5 years | 2.16% | 2.13% |
| 6 years | 2.21% | 2.21% |
| 8 years | 2.30% | 2.33% |
| 10 years | 2.39% | 2.45% |
The December bond pays more in the early years. The two are level at six years, and November pulls ahead after that.
The short version: The December 2026 Savings Bond pays more than November’s if you are likely to redeem within about five years. If you would hold for the full decade, it pays less (2.39% against 2.45% a year).
November’s applications closed on 27 October, so you cannot choose it now. The comparison still helps if you already hold the November bond and are thinking of switching, or are planning ahead for future issues.
What $10,000 Would Earn in Year One
Illustration only, based on the published first-year coupon. Put $10,000 into the December issue and the 1.83% coupon works out to about $183 for the first year, paid in two half-yearly instalments.
From year 2 the coupon rises: 1.99%, then 2.17%, then 2.35%, up to 2.83% in year 10. These rates are fixed when the bond is issued and do not change afterwards.
Two costs to remember. MAS charges a $2 transaction fee (including GST) on each application and each redemption. The fee is not refunded if your application is unsuccessful.
Why the Rates Moved
MAS bases each issue’s coupons on average Singapore Government Securities (SGS) yields from the month before the issue is announced. Each month’s bond therefore reflects where government bond yields were recently, not a decision about savers.
The wider backdrop is steady. On 14 October 2026, MAS kept its monetary policy unchanged, maintaining the rate of appreciation of the Singapore dollar policy band with no change to its width or centre.
In the same statement, MAS forecast MAS Core Inflation to average 1.5–2.0% for 2026, with headline inflation around 2.0%. For 2027, it expects both measures to average 1.5–2.5%.
Set against those forecasts, a 1.83% first-year coupon offers little or no return after inflation in the short term. The 10-year average of 2.39% is only modestly above them.
How It Compares With CPF
Many readers measure every rate against CPF. For 1 October to 31 December 2026, the CPF Ordinary Account pays 2.5% a year, which is its legislated minimum. We look at the OA’s 2.5% against inflation separately. The Special, MediSave and Retirement Accounts pay 4%.
Both CPF rates and Savings Bond rates are guaranteed by the government. They do different jobs, though. CPF savings are mostly locked in for retirement, housing and healthcare. A Savings Bond can be redeemed in any month, so the money stays accessible.
MAS also confirms that you cannot use CPF savings to buy Savings Bonds. The choice is only between cash, or SRS funds for those with a Supplementary Retirement Scheme account. CPF Ordinary Account savings can go into T-bills instead, and our OA break-even maths covers when that pays.
How to Apply Before the Deadline
You need to be 18 or older, with a bank account at DBS/POSB, OCBC or UOB and an individual CDP Securities account linked for direct crediting.
- Cash: apply through DBS/POSB, OCBC or UOB ATMs or internet banking, or the OCBC mobile app.
- SRS: apply through your SRS operator’s internet banking.
If the issue is oversubscribed, MAS allots using a “quantity ceiling” method. Every applicant gets at least $500 where possible, so you may receive less than you asked for.
What To Do Next
- Decide how long you are likely to leave the money untouched. Then read across the table above, rather than looking only at the 10-year figure.
- Check MAS’s Savings Bonds page for the official notice and the interest calculator.
- If you plan to use SRS funds, give yourself time. Bank cut-offs can fall before MAS’s 9pm deadline on 25 November.
- If you are weighing Savings Bonds against T-bills, fixed deposits or your CPF, read our comparison of T-bills, Savings Bonds and fixed deposits.
