SBNOV26 Has Closed. Here Is What Happens Next — and Why the 1.95% T-Bill Matters More Now
SBNOV26 Has Closed. Here Is What Happens Next — and Why the 1.95% T-Bill Matters More Now
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The November 2026 Singapore Savings Bond (SBNOV26, GX26110X) closed for applications at 9pm on 27 October 2026. If you applied, the next dates to watch are allotment on 28 October and issue on 2 November 2026. If you missed it, the more interesting question is what to do with cash now that the latest 6-month T-bill has hit a new high for 2026.
This post covers the confirmed SBNOV26 terms, the 22 October T-bill result, and a practical checklist for November — including the next T-bill auction and the December Savings Bond.
What SBNOV26 actually pays
SBNOV26 pays 1.67% in year one, stepping up to 3.08% in year ten, for a 10-year average return of 2.45% per annum if held to maturity. That 10-year average is up from 2.32% for the October issue and 1.65% in year one, so the November issue improved on both measures.
- Issue code: SBNOV26 (GX26110X)
- Amount offered: S$400 million
- Applications: opened 1 October 2026 at 6pm, closed 27 October 2026 at 9pm
- Allotment: 28 October 2026
- Issue date: 2 November 2026
- Maturity: 1 November 2036
- Interest payments: every six months, on 1 May and 1 November; first payment 1 May 2027
- Minimum: S$500, in multiples of S$500; individual cap S$200,000 across issues
- Application fee: S$2 per application, non-refundable
- Flexibility: redeem in any month with no penalty, with interest paid to date
The step-up structure is the point. A 1.67% first-year rate on its own looks modest next to short-term rates, but the return rises each year you hold. Judge an SSB on the holding period you actually plan for, not on year one alone.
If you applied: check your allotment, then check your refund
Allotment was not guaranteed in full. SBNOV26 was oversubscribed, with S$311 million applied against a S$293 million allotment, so MAS allotted by random ballot above the cutoff amount. Unallotted cash is refunded — for cash applications, by the next business day after allotment, according to the SSB guides. Check your individual holding through CDP or your SRS operator, rather than assuming the full amount you applied for was allotted. Your bonds start earning interest from the issue date, 2 November, not from the day your application money was deducted.
If you hold an older SSB paying much less, SBNOV26 is a candidate for a swap — redeem the old issue and apply for the new one — but only after comparing the rates you are actually receiving now against the 2.45% average, and remembering the S$2 fee on each new application. An older issue paying above 2.45% on average is not automatically worth swapping out of.
The 22 October T-bill: 1.95%, the highest of 2026 so far
The 6-month T-bill auctioned on 22 October 2026 (BS26121N) cleared at a cut-off yield of 1.95% per annum. That is up 5 basis points from 1.90% on 8 October, and above the previous 2026 high of 1.92% on 24 September.
What the auction detail shows:
- Total applications fell to S$16.1 billion, from S$17.8 billion on 8 October.
- The amount allotted rose to S$8.6 billion, from S$8.3 billion.
- The bid-to-cover ratio therefore fell to 1.87x, from 2.14x.
- The median bid yield rose to 1.90%, from 1.86%, and the average bid yield rose to 1.83%, from 1.76%.
- Competitive bidders below 1.95% received full allocation; those bidding exactly at 1.95% received around 34%.
- Non-competitive bids, at S$1.5 billion, were within the allocation limit and received full allocation.
In plain terms: yields rose even as demand cooled, because more bills were on offer and bidders asked for higher yields. That is a rate-driven move, not a rush of new demand.
T-bill vs SSB vs fixed deposit: how to choose in November
For money you may need within six months, the T-bill's 1.95% is the headline, but it is not the highest short-term rate quoted in October: Beansprout's 18 October comparison put the best 6-month fixed deposit at 2.05% and the best 12-month fixed deposit at 2.10% per annum. Fixed deposit rates change frequently and usually require holding to maturity, so check the current bank rate before acting — do not rely on an October snapshot in November.
For money you can leave alone for years but want to be able to exit, the SSB's appeal is its combination of a rising, locked-in schedule and monthly redemption with no penalty. For money you need on demand, a savings account or money market fund keeps access, but money market funds are not capital-guaranteed and are not insured under SDIC, unlike T-bills and SSBs, which are backed by the Singapore Government.
What to watch next in November
- Next 6-month T-bill: BS26122V, auction 4 November 2026, issue 10 November 2026, with S$8.5 billion announced, according to the auction calendar listing. Confirm the exact schedule on the MAS website before applying, and note that bank application deadlines fall before the auction itself.
- December SSB: rates are announced by MAS in early November. A projection published on 20 October put the December issue at around 1.81% in year one and a 2.40% 10-year average — that is a projection based on SGS yields so far in October, not a confirmed rate, and it can move before announcement.
- Your own deadlines: if you applied for SBNOV26, confirm allotment and any refund; if you are waiting for December, decide in advance what 10-year average would make you apply, rather than deciding on announcement day.
Frequently asked questions
Can I still apply for SBNOV26?
No. Applications closed at 9pm on 27 October 2026. The next opportunity is the December issue, whose rates are announced in early November.
Is the 2.45% SBNOV26 return guaranteed?
The SBNOV26 schedule is confirmed for that issue: 1.67% in year one, rising to 3.08% in year ten, averaging 2.45% if held for the full ten years. If you redeem early, your average return will be the average for the years you actually held, which will be lower than 2.45%.
Is a T-bill or an SSB better?
It depends on horizon and flexibility. A 6-month T-bill suits a known six-month horizon; an SSB suits money you want to keep flexible over years while locking in a rising schedule. Neither is a substitute for an emergency fund you can access immediately.
Sources: MAS Singapore Savings Bond issue GX26110X; DollarsAndSense, Complete Guide to Buying Singapore Savings Bonds (2026 Edition); Beansprout, 6-month T-bill yield jumps to 1.95% (22 October 2026 auction, sourced to MAS) and T-bills vs Fixed Deposit vs SSB, October 2026; SGYieldHub, GX26110X and T-bill auction results; Turtle Investor, Singapore Savings Bonds (SSB) Nov 2026.
Disclaimer: This article is for general information only and does not constitute financial advice. Rates, projections and auction outcomes can change. Always do your own research or consult a licensed financial adviser before investing. Projections are not guarantees of future returns.