January 2025’s Government Bonds: February 2025 SSB, 3 T-Bills and 2-Year SGS Bond Available
It’s the first month of 2025, and we have multiple government bonds up for subscription. As usual, we have the monthly Singapore Savings Bond (SSB) for February 2025.
Also available are 3 t-bills – two are of the 6-month variety while one is a relatively rarer 1-year t-bill. Finally, there is also a 2-year Singapore Government Securities (SGS) bond up for subscription.
February 2025 SSB – rates relatively flat at 2.76% to 2.82% p.a. returns
| Year from issue date | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Interest percent | 2.76 | 2.78 | 2.78 | 2.78 | 2.78 | 2.80 | 2.84 | 2.87 | 2.89 | 2.91 |
| Average return per year %[1] | 2.76 | 2.77 | 2.77 | 2.77 | 2.78 | 2.78 | 2.79 | 2.80 | 2.81 | 2.82 |
Compared to last month’s bond, rates are relatively flat, though the short-term yields are ever so slightly up. February 2025 SSB offers a return of 2.76% p.a. for a short-term one year tenure (compared to 2.73% p.a. last month) and 2.82% p.a. average return for the full 10 years (compared to 2.86% p.a. last month).
While the rates this month aren’t fantastic especially since we have seen SSBs offering more than 3% p.a. returns, this month’s SSB may still prove attractive given how rates from bank accounts have dipped in recent months.
The final day to apply for this is 24th January 2025 (9PM). This is a little earlier possibly due to Chinese New Year holidays near the end of the month, so take note if you wish to apply. There is no advantage to applying for SSB earlier since they will all be issued at the same time, so you would theoretically wait until the last day to apply so your funds can sit elsewhere to generate interest/returns.
Two 6-month and one 1-year t-bills, plus a 2-year SGS bond
| Announcement Date | Auction Date | Issue Date | Maturity Date | Tenor | Issue Code | Type |
| 09 Jan 2025 | 16 Jan 2025 | 21 Jan 2025 | 22 Jul 2025 | 6-month | BS25101F | T-Bill |
| 16 Jan 2025 | 23 Jan 2025 | 28 Jan 2025 | 27 Jan 2026 | 1-year | BY25100H | T-Bill |
| 21 Jan 2025 | 28 Jan 2025 | 04 Feb 2025 | 05 Aug 2025 | 6-month | BS25102Z | T-Bill |
| 21 Jan 2025 | 27 Jan 2025 | 03 Feb 2025 | 01 Mar 2027 | 2-year | NZ07100S | SGS Bond |
This month sees the usual two 6-month t-bills. It also features the first of four 1-year t-bills this year. For reference, the latest 6-month t-bill has a cut-off yield of 3.05% p.a. while the latest 1-year t-bill closed in October 2024 with a cut-off yield of 2.71% p.a.
The SGS bond is on the shorter side this time with a tenure of just 2 years. An SGS bond with similar tenure closed in May 2024 with a cut-off yield of 3.46% p.a. This was more than half a year ago where rate cuts have not kicked in, so we should be expecting lower rates this time.
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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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