The latest 6-month Singapore T-bill (BS26120W) cleared at a cut-off yield of 1.90% p.a. at its auction on 8 October 2026, a slight dip from 1.92% at the previous auction on 24 September. The bills were issued on 13 October 2026 and mature on 13 April 2027.
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BS26120W Auction Results
| Auction Date | 8 October 2026 |
| Issue Date | 13 October 2026 |
| Maturity Date | 13 April 2027 |
| Cut-Off Yield | 1.90% p.a. |
| Cut-Off Price | S$99.053 per S$100 |
| Median Yield | 1.86% p.a. |
| Average Yield | 1.76% p.a. |
| Amount Offered | S$8.3 billion |
| Total Bids Received | S$17.79 billion |
| Bid-to-Cover Ratio | 2.14x |
Non-competitive bids were fully allotted, while only around 52% of competitive bids submitted exactly at the cut-off yield were filled, meaning bidding at the cut-off does not guarantee a full allocation if you go the competitive route.
How This Compares to Recent Auctions
This is a slight pullback from the previous 6-month T-bill (BS26119F), which cleared at 1.92% on 24 September. Despite the small dip, demand actually increased this round, which likely contributed to the lower cut-off yield rather than weaker investor interest. Looking further back, 6-month T-bill yields were around 1.36% in February and dipped to roughly 1.30% in August, so the current 1.90% level represents a meaningful rise over the course of the year.
How BS26120W Compares to Other Options
At 1.90%, this T-bill sits just below the top fixed deposit rates this October, which reach roughly 2.00% to 2.10% p.a. depending on the bank, tenure, and deposit size. See my Best Fixed Deposit Rates October 2026 roundup for the current bank-by-bank breakdown. It also compares against the November 2026 Singapore Savings Bond, which offers a lower 1.67% Year 1 rate but with the flexibility of penalty-free early redemption, something a T-bill does not offer.
How to Apply
You can apply for Singapore T-bills using cash through DBS/POSB, OCBC, or UOB, or using CPF Ordinary Account or SRS funds. The minimum application is S$1,000, in multiples of S$1,000. For retail investors, a non-competitive bid is generally recommended, since it guarantees full allotment at whatever cut-off yield the auction sets. See my T Bills Singapore guide for the full application walkthrough.
BS26120W FAQ
What was the cut-off yield for BS26120W?
1.90% p.a., set at the auction on 8 October 2026.
When does BS26120W mature?
13 April 2027, 6 months after its 13 October 2026 issue date.
Is 1.90% a good T-bill yield right now?
It is reasonable but currently sits slightly below the best fixed deposit rates available this month. Whether a T-bill or fixed deposit suits you better depends on your liquidity needs, since fixed deposits generally only lose accrued interest on early withdrawal, while T-bills have no early redemption option at all through MAS.
What is the difference between the cut-off yield and median yield?
The cut-off yield is the lowest yield accepted at auction, which all successful bidders receive under MAS’s uniform-price format. The median yield (1.86%) and average yield (1.76%) reflect where the broader range of submitted bids actually fell, giving a sense of how competitive the auction was.
Disclaimer: This is not a sponsored post, and the opinions are solely based on My Sweet Retirement’s own research. Figures are sourced from MAS’s official T-bill auction data for BS26120W. Always verify directly on the MAS Auctions and Issuance Calendar before making investment decisions.