December 2024’s Government Bonds: Rates Up For January 2025 SSB and 3 T-Bills Available
We’re in the final month of 2024 and next month’s Singapore Saving Bond (SSB) is available for subscription. The first SSB of the year 2025, January 2025 SSB gives a 10-year average return of 2.86% p.a. Accompanying the SSB are three 6-month t-bills available for subscription.
January 2025 SSB – rates up to 2.73% to 2.86% p.a. returns
| Year from issue date | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Interest percent | 2.73 | 2.82 | 2.82 | 2.82 | 2.82 | 2.85 | 2.90 | 2.95 | 2.99 | 3.01 |
| Average return per year % | 2.73 | 2.77 | 2.79 | 2.80 | 2.80 | 2.81 | 2.82 | 2.84 | 2.85 | 2.86 |
In a reversal of falling rates, January 2025 SSB has increased slightly in rates. The first-year rate is 2.73% p.a. and goes up to 3.01% p.a. in the 10th year, giving a 10-year average return of 2.86% p.a. To compare, December 2024 SSB has rates from 2.66% to 3.01% p.a and a 10-year average return of 2.81% p.a.
The tranche size is S$600 million and it is highly unlikely to be oversubscribed given how unpopular SSBs have been in recent month. Of the S$600 million tranche last month, only S$153.4 million was allotted. One could possibly buy as much SSB as they want this month, subject to the overall limit of S$200,000 across all SSB owned by the person.
Could be a good way to lock in rates
Earlier in August, I placed more money into SSB as a way to lock in rates before they continue to slip. SSB is a unique tool for such a purpose as it gives its rates guaranteed for as long as 10 years. It’s something savers can consider putting some of their idle cash particularly if they will not have use for the funds in the years to come.
Don’t rush to subscribe, however, since there is no advantage in applying early. In fact, subscribing now means your funds will lose out on interest until the SSB is allotted, which means you should apply as close to the closing date of 26th November 2024 (9PM) as soon as possible.
Also, stay subscribed as I have recently been working on a collaboration with a company whose offering seeks to be a good option in an environment of falling interest rates. I have also done a video about what I have been doing with my space cash in recent months.
Other bonds this month
| Announcement Date | Auction Date | Issue Date | Maturity Date | Tenor | Issue Code | Type |
| 28 Nov 2024 | 05 Dec 2024 | 10 Dec 2024 | 10 Jun 2025 | 6-month | BS24124Z | T-Bill |
| 12 Dec 2024 | 19 Dec 2024 | 24 Dec 2024 | 24 Jun 2025 | 6-month | BS24125S | T-Bill |
| 24 Dec 2024 | 02 Jan 2025 | 07 Jan 2025 | 08 Jul 2025 | 6-month | BS25100E | T-Bill |
There are 3 t-bills up for subscription this month, all of the usual 6-month variety. The most recent 6-month t-bill closed at 3.08% p.a.
T-bills used to give as much as over 4% p.a, making it a no-brainer and safe investment for things like one’s CPF Ordinary Account funds. As yields hover around 3% p.a. and could possibly go lower, there are some important things to note which I outlined in a recent video.
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Seth Wee was a licensed financial adviser representative from 2009 to 2025, with over 16 years of experience in Singapore’s financial advisory industry.
He started Sethisfy.com in 2019 to share practical insights on credit cards, banking products, and miles strategies, helping readers identify financial products that deliver the best value. Seth has been featured in CNA, Channel 8, Today, and a host of other publications. In 2025, he was also part of a panel at CPF’s Ready For Life festival.
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