Quick Answer
No rate wins on its own. Put each option on the same time period first. At sample rates of 2%, 1.8% and 1.6%, S$20,000 over six months earns about S$200, S$180 and S$160 in simple interest. If you may need the money before maturity, how easily you can get it out may matter more.
The Useful Number: At sample rates of 2%, 1.8% and 1.6%, S$20,000 over six months earns about S$200, S$180 and S$160 in simple interest.
Why Are Annual Rates Not Six-Month Returns?
A rate quoted per annum (p.a.) is a yearly rate. The calculator works out amount × annual rate × months ÷ 12, so every product is on the same basis. It is not the exact payout for each product.
The prefilled rates are placeholders, not live quotes; use the latest issue or bank rates.
What Does S$20,000 Earn Over Six Months?
With these made-up rates, the highest and lowest results differ by only S$40. If you may need the money before maturity, how easily and cheaply you can get it out may matter more.
- Amount: S$20,000
- T-Bill Input, Per Year: 2%
- Six Months Is Half A Year: × 6 ÷ 12
- Simple Interest Over Six Months: S$200
Data as of . Source: MoneySense — managing your money.
How Do T-Bills, SSBs And Fixed Deposits Pay Differently?
Treasury bills (T-bills) are sold at a discount, so what you get depends on the issue’s price and day count. Singapore Savings Bond (SSB) interest, called the coupon, varies by issue and by year held. Fixed deposits follow the bank’s interest and early-withdrawal rules. The tool simplifies these differences.
Beyond one T-bill, it assumes you reinvest at the same rate, though future auction yields are unknown. SSB interest steps through a set schedule, so a first-year rate used for many years does not match it.
How Do You Match The Product To The Date You Need Cash?
First set aside money you must be able to reach. Check the deposit comparison and MAS issue details, and read the dated T-bill review before you use a past yield. For part of your cash back every few months, see the T-bill and fixed deposit ladder guide.
Quick Check
Three statements from this guide. Tap True or False to check what you have read. Nothing is saved.
Card 1 Of 3
A rate of 2% p.a. pays 2% over six months.
Why?
S$20,000 × 2% × 6 ÷ 12 = S$200 in simple interest. Put every option on the same time period before you compare.
Card 2 Of 3
At the sample rates, the best and worst options differ by S$40 on S$20,000 over six months.
Why?
If you might need the money before maturity, how easily and cheaply you can get it out may matter more than S$40.
Card 3 Of 3
T-bills, SSBs and fixed deposits all pay interest the same way.
Why?
Fixed deposits follow the bank’s interest and early-withdrawal rules. The tool simplifies these differences, so treat its figures as rough simple-interest estimates.
Read: How Do T-Bills, SSBs And Fixed Deposits Pay Differently?
Your Score
Try It With Your Numbers
Open the calculator with this guide’s example filled in. Then change the numbers to match your situation.
Open T-Bill Vs SSB Vs Fixed Deposit →Frequently Asked Questions
How Do You Convert An Annual Rate Into A Six-Month Return?
The calculator works out amount × annual rate × months ÷ 12.
A per-annum rate is a yearly rate, so S$20,000 at 2% for six months gives S$200. This puts every product on the same basis. It is not the exact payout for each product.
Try T-Bill Vs SSB Vs Fixed Deposit →Why Is A T-Bill Estimate Not Exact?
T-bills are sold at a discount, and what you get depends on the issue’s price and day count.
For a period longer than one T-bill, the tool assumes you reinvest at the same rate. But future auction yields are unknown.
Does The SSB First-Year Rate Apply Over The Whole Holding Period?
No.
SSB interest varies by issue and by year held. Using the first-year rate for many years does not match the real step-by-step interest schedule. So the tool’s figure is only a simple estimate.
Are The Prefilled Rates Current Offers?
No.
The prefilled rates are placeholders, not live quotes. Replace them with the latest issue or bank rates. Check the deposit comparison and MAS issue details, and read the dated T-bill review before you use a past yield.
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Sources & Assumptions
Sources checked 11 September 2026. These are examples only. Check the stated assumptions and limits before you use a result.
Rough simple-interest comparison using the rates you enter. It gives no live quotes, exact T-bill pricing, SSB coupon schedule or guaranteed rollover rate.