MAS has just released the latest SSB Apr 2026 (SBAPR26 GX26040E): the first-year rate is 1.36%, and the 10-year average rate is 1.99%. This latest offering may disappoint investors as rates continue to decline, especially given the 10-year average rate dipping below 2%.
Should we consider this month’s SSB, given the ongoing rate-cut cycle and the downtrend in inflation?
SSB Apr 2026
While this month’s offering may disappoint investors, it still offers respectable rates: the first-year rate is 1.36%, and the 10-year average rate is 1.99%. Given that we are in the middle of a rate-cut cycle, there is no surprise that rates will continue to experience downward pressure.
If you have yet to fill your SSB allocation and are interested in this SSB Apr 2026 offering, please take note of the following application timeline:
SSB Rates Comparison
With the SSB rate continuing its downward trend, let’s take a look at how it compares historically.
The chart shows that the current rates are relatively lower than the previous two offerings, and much lower than during the 2022-2024 period. However, we can also observe that this month’s SSB Apr 2026 rates are still higher than some late-2025 offerings.
Future Projection
We can try to make an educated guess on where the rates will go in the near future by following the Fed’s own projection.
At its January 2026 FOMC meeting, the Fed kept the benchmark interest rate steady while awaiting further data before deciding on a rate cut.
The sentiment is shared by the market, which anticipates only two rate cuts this year, with both expected to be in the second half of the year.
SSB rates tend to follow these benchmark interest rates. With rates expected to decline further, we can expect SSB rates to continue their downward trend in the coming months.
Next Month Rates
Well, but how about the SSB rates for the immediate next month? We can also make an educated guess by tracking the movement of the Singapore government 10-year bond yield in the market:
We can see from the chart that the rate has risen slightly late last year and early this year, but has since resumed its downward trajectory. Should this downward trend persist, we can also expect SSB rates for next month to be slightly lower.
Keep in mind that we are still early in the month, and rates may continue to move as the month progresses. Keep this guess with a grain of salt 🙂
What Do We Do?
We love SSB because it lets us lock in rates for up to 10 years while still allowing monthly redemptions. We migrated our short- and medium-term cash allocation to SSB in late 2023 to capture the higher rates then available.
Because this month’s rates are lower than what we are already holding, we will not participate in this SSB Apr 2026.
How about you? Will you be participating this month? If so, you may follow our step-by-step guide to buying SSB.
