The latest SSB Sep 2024 offering has been released: 3.06% for the first-year rate and 3.10% for the 10-year average. Unfortunately, these rates are lower than last month’s offering of 3.22% for the 10-year average. Let’s look further into this offering.
SSB Sep 2024 Summary
Here is the snapshot of this month’s offering:
The first-year rate is 3.06%, and the 10-year average is 3.10%. These rates are much lower than last month’s offering but still present decent rates above 3%. Most investors may have gotten their desired SSB allocation because there was no ceiling cap the previous month. But for those still looking to fill in their allocation, this month could be your opportunity before the possible interest rate cuts in the coming months.
If you are interested in applying for this SSB Sep 2024, please take note of the closing date on 27 Aug 2024. Here is the crucial timeline:
Competitiveness
How competitive is this SSB Sep 2024? Let’s compare where the rates are historically:

Despite the drop in rate, the current offering is still among the highest in recent years. Even in early 2022, the rates were still hovering below 1%.
We think the current rates are still pretty competitive, considering you are locking them in for the next ten years!
With the Fed pivot possibly on the horizon, the rates may have more room to fall in the upcoming releases. If you agree with this sentiment, this could be your chance to lock in the higher rates for up to ten years.
Future Rates Projection
If you have been following us, you may have known that the Fed pivot may be coming very soon, as early as this September. The market even expects more cuts in the subsequent months.

As such, government bond yield has decreased to price in this upcoming event. Because SSB rates track the government bond yield, there is a good chance that the SSB rates may continue to decline in the upcoming offerings.
What Would We Do?
Given these higher rates, we have utilized SSB to park our short-term cash and will continue to do so. As we believe the interest rate cut cycle may be coming soon, we have also migrated some of our T-bills allocation into SSB to lock in the rates for much longer.
Because this month’s offering is still relatively competitive, we may recycle our T-bills allocation into this SSB Sep 2024 to secure the higher rates while they last.
Will you be applying for this month’s SSB? If so, you may follow our step-by-step guide on how to buy SSB.