The latest SSB Nov 2025 (SBNOV25 GX25110W) has been released, with a first-year rate of 1.39% and a 10-year average rate of 1.83%. The rates continue to decline this month as inflation cools and the Fed’s rate-cut cycle is ongoing. For investors looking for a safe place to park their cash, is SSB still a good option? Will SSB rates continue to decline in the future?
SSB Nov 2025
Most investors who have been investing in SSB over the past two years may find these rates disappointing. We continue the trend of declining rates this month, with the 10-year average rate dipping below the 2% mark. As we are in the midst of a rate-cut cycle, with the Fed recently reducing the benchmark interest rate by 0.25%, we may continue to see downward pressure on SSB future rates.
If you have yet to fill your desired SSB allocation and are interested in this SSB Nov 2025, please take note of the following application timeline:
Rate Competitiveness
Let us compare the current rates with those of the past few years:
The chart shows the SSB interest rates since early 2021. The current rates are roughly back to the 2022 levels, whereas the rates over the past two years were significantly higher. Unfortunately, we can safely conclude that the current rates are not as competitive as they have been historically.
Future Rates Expectation
How about future rates? If rates continue declining, we may consider the current SSB Nov 2025 offering to fill our allocation.
We can make an educated guess about where rates will go in the future by following the direction the Fed itself expects rates to take in the coming months. According to its latest FOMC projection, the Fed anticipates up to two additional rate cuts this year, with further cuts expected in the next two years.
The market seems to agree with the Fed’s sentiment, by also expecting up to two rate cuts by the end of this year.
If this projection holds, we can also expect the SSB interest rates to continue their downward trend in the coming months as the rate-cut cycle continues.
But let’s be more specific. How about next month’s SSB rates? We can make a ‘fun’ guess on where rates will be by tracking the Singapore government 10-year bond yield. SSB tends to follow this bond yield rate.
The chart indicates that the rates have been on a strong downtrend but have recently experienced a slight upward trend. Although we are still early in the month, if this trend persists, we can expect a slight increase in SSB rates next month; however, the difference may not be substantial enough.
What Do We Do?
We love SSB because it is capital protected, guarantees rates for ten years, while still allowing monthly redemption with accrued interest. We use SSB to park our short- and medium-term cash allocation. In 2024, we also migrated all of our short-term cash allocation from T-bills to SSB to lock in higher interest rates for a longer period.
Since all of our SSB holdings have higher rates than what SSB Nov 2025 offers, we will not participate in this month’s SSB.
How about you? Will you be applying this month? If so, follow our step-by-step guide on how to buy SSB.
