Iggy's Journal: T-Bills Jump to 1.92%. What It Means for Your CPF and SRS Cash.

25 September 2026, Afternoon

Podcast

The surprising part of this auction wasn't simply that yields rose again. It's that they rose despite genuinely strong demand, which is usually the thing that's supposed to hold a cut-off down, not push it up.

The Numbers

The auction drew S$15.8 billion in applications, real demand, plenty of investors competing for allocation, and the cut-off still jumped 22 basis points in two weeks to 1.92 percent. That combination tells me the auction is clearing at a genuinely higher price for short-term cash right now, not just drifting because supply happened to be thin. For CPF Ordinary Account money, the comparison is straightforward: 1.92 percent still sits about 60 basis points below the 2.5 percent OA rate, so this auction doesn't change that calculus. For SRS funds or cash sitting outside CPF, the real question is different, whether a modestly higher rate than a fixed deposit is worth giving up the flexibility a Savings Bond gives you, since a T-bill locks your money away for the full six months either way.

My Personal Take

Strong demand and a rising yield happening at the same time is the detail I keep coming back to. It means the market isn't just accepting a higher rate because it has no choice, it's actively bidding for exposure at that higher rate, which says something about where people expect this trend to go next. For CPF OA money, this one's easy, the OA rate still wins and nothing here changes that. For your SRS or spare cash, the honest answer is it depends on whether you value the extra yield over the ability to get your money back before six months is up, and that's a personal call, not a forensic verdict. Full breakdown of how I'm reading this auction against the last two is in today's episode.

📺 YouTube: https://youtu.be/f67O32UvX0k

📩 Substack: https://investingiguana.com/p/the-t-bill-auction-just-had-its-biggest

Not financial advice.