What happened?
I’ve been reviewing where to park my spare cash in May.
With markets still volatile and the outlook uncertain, I want my emergency cash to earn a reasonable yield without compromising too much on safety or accessibility.
I’ve seen the Singapore 6-month T-bill yield held fairly steady in recent auctions, while the best fixed deposit rates in Singapore have edged up slightly.
At the same time, some popular high-yield savings accounts, including the OCBC 360 and Standard Chartered Bonus$aver accounts, have cut their interest rates in May.
These changes have sparked more discussion within the Beansprout community about where to park our idle cash and earn passive income in Singapore without taking on too much risk.
In this article, I’ll break down some popular options such as T-bills, fixed deposits, Singapore Savings Bonds (SSBs), and money market funds to see how they compare right now.
I’ll cover:
- The latest interest rates on fixed deposits, T-bills, SSBs, and money market funds
- Pros and cons of each option
- What I personally look at when deciding where to park my spare cash
- And the strategy I’m using right now to make my money work harder
Best 6-month fixed deposit rate in Singapore of 1.50% p.a. in May 2026
Firstly, let’s take a look at the best fixed deposit rates in Singapore in May 2026.
- The best 3-month fixed deposit rate we found was 1.30% p.a. by RHB, ICBC and Bank of China (BOC).
- The best 6-month fixed deposit rate we found was 1.50% p.a. offered by HL Bank.
- The best 9-month fixed deposit rate we found was 1.50% p.a. offered by Singapura Finance.
- The best 1 year fixed deposit rate we found was 1.52% p.a. offered by Singapura Finance.
| Tenure | Best fixed deposit interest rate (p.a.) | Minimum amount | Bank |
|---|---|---|---|
| 3 months | 1.30% | S$20,000 / S$20,000 and above / S$500 | RHB / ICBC / Bank of China (BOC). |
| 6 months | 1.50% | S$10,000 | HL Bank |
| 9 months | 1.50% | S$20,000 and above | Singapura Finance |
| 12 months | 1.52% | S$20,000 and above | Singapura Finance |
| Source: Various bank websites as of 8 May 2026 | |||
To get the latest list of best fixed deposit rates this month, check out our guide to the best fixed deposit rates in Singapore.
Latest 6-month Singapore T-bill offers yield of 1.40%
The yield on the Singapore T-bill has fallen in recent auctions.
The cut-off yield on the 6-month T-bill in Singapore stayed at 1.40% in the recent auction on 7 May 2026 after the fall in yield in the 6-month T-bill auction on 23 April 2026.
With the drop in the T-bill yield, it is below the best 6-month, 9-month and 12-month fixed deposit rate.
Best no-frills savings account in Singapore offers an interest rate of up to 1.50% p.a.
If you are looking for another no-frills savings account to park your savings, the UOB Stash Account offers an effective interest rate of up to 1.50% p.a. on $100,000 deposits currently.
You can also make use of the UOB Stack Your Cash Savings Promotion to earn up to $700 guaranteed cash when you deposit fresh funds into your UOB Stash account.
However, if you are able to credit your salary, save regularly, and spend, the OCBC 360 account offers up to 1.95% p.a. effective interest on the first S$100,000 in May 2026. Find out more about the OCBC 360 Account and its revised rates here.
Following the cut to OCBC 360’s rates, I would also consider the DBS Multiplier Account as an alternative if I am able to credit my salary, spend on a DBS or POSB credit card, and service a home loan with DBS. Under this combination, I could earn 2.10% p.a. on the first S$100,000, rising to as high as 3.00% p.a. if my eligible transactions exceed S$30,000.
For those able to transact across more categories and hit higher eligible transaction tiers, DBS Multiplier offers up to 4.10% p.a. Find out more about the DBS Multiplier Account here.
For smaller cash balances, the SingFinance GoSaver is another simple, fuss-free option. It offers up to 1.30% p.a. up to the first S$100,000 without requiring any additional hoops.
Compare the best savings account in Singapore here.
Latest Singapore Savings Bonds (SSB) offer a 10-year average return of 2.11%
The April issuance of the SSB (SBJUN26 GX26060N) offers a 1-year interest rate of 1.46%, and a 10-year average return of 2.11%.
This is slightly lower than the 10-year average return of the previous SSB, which was 2.14%.
I would consider the SSB mainly for the opportunity to lock in the yields for a period of up to 10 years.
As of 8 May 2026, the 10-year average return of the next SSB is projected to decline slightly at around 2.08%.
