Good news for income investors. The latest SSB Oct 2026 has been released: the first-year rate is 1.65%, and the 10-year average rate is 2.32%. Rates continue to rise this month, with both the first-year rate and the 10-year average climbing again. Are you interested in this month’s offering?
SSB Oct 2026
SSB Oct 2026 offers a first-year rate of 1.65% and a 10-year average rate of 2.32%.
With continued instability in the Middle East and persistent inflationary pressures in the US, the US Fed continues to maintain the current target interest rate and adopt a data-driven approach going forward.
If you have not yet filled your desired SSB allocation, this month may be a good time to consider it. Please take note of the following application timeline:
| Opening date | 01 Sep 2026, 6pm |
| Closing date | 25 Sep 2026, 9pm |
| Allotment date | 28 Sep 2026, after 3pm |
| Issuance date | 01 Oct 2026 (by end of day) |
Historical Rates Comparison
SSB interest rates peaked during the late 2022-2024 period and have been declining since. Given the historically high rates, the SSB Oct 2026 offers rates much lower than those seen a few years ago. However, we have observed a slight increase in recent months, which is encouraging for income investors and may present a good opportunity to enter the market.
What About Future Rates?
To make an educated guess about future SSB interest rates, we can look at the overall interest rate environment. An important indicator is the US Federal Reserve’s policy decisions.
At its July 2026 FOMC meeting, the Fed chose not to change interest rates. Given high inflation and robust growth in the US economy, the Fed is taking a more data-driven approach going forward.
The market also agrees with the Fed’s projection and expects no rate cuts at all this year and a rate hike next year.
If the broader interest rate environment stays elevated, SSB rates can also remain relatively high in the near future.
Next Month’s Rates
How about next month’s offering? We can make an estimate of next month’s SSB rates by closely tracking the movement of the Singapore government 10-year bond yield:
The chart shows that the 10-year yield has continued to trend up since late last year, with a decent bump late last month. If this trend persists, we can expect higher rates to hold for next month’s SSB offering.
You may continue to monitor the changes in this 10-year Singapore government bond yield towards the end of the month to see where the next SSB rates are going to be.
What Do We Do?
We like SSB because it allows us to lock in interest rates for up to 10 years while still having the flexibility to redeem every month with accrued interest.
We deployed most of our short- to medium-term cash needs to SSB during the peak 2023-2024 rates to lock in higher rates for up to 10 years. Because current rates are still much lower than what we hold, we will not participate in this month’s SSB issue.
What do you think of this month’s SSB issue? Will you be participating this month?
If you are interested in this month’s SSB, you can check out our step-by-step guide on how to buy SSB.
