Last updated: April 2026 | Last verified: April 2026
Important: Fund returns, fees, and terms change regularly. This article is for informational purposes only and does not constitute investment advice. Liquid funds are not bank deposits and are not protected by the Singapore Deposit Insurance Corporation (SDIC). Always read the current fund prospectus and factsheet before investing.
Liquid funds (money market funds and cash-plus funds) offer investors a way to earn returns on idle cash while maintaining relatively quick access to their money. This guide covers the best liquid funds available to Singapore-based investors in 2026, with returns verified against recent fund data.
Quick Summary
A liquid fund (or money market fund) invests in short-term, high-quality debt instruments such as government bills and bank deposits. The objective is capital preservation and liquidity, with returns typically modest above a bank savings rate.
Key Facts (April 2026):
- The 6-month Singapore T-bill cut-off yield was approximately 1.46%–1.47% in early April 2026 (MAS / StashAway Singapore, April 2026). This is materially lower than 2024 levels.
- Recent SGD money market fund 1-year returns: Fullerton SGD Cash Fund ~2.22% (12-month yield, April 2026); LionGlobal SGD MMF ~1.87% (1-year return, April 2026); Phillip Money Market Fund ~1.68% (1-year annualised return, January 2026) (FundSingapore, April 2026).
- The CSOP USD Money Market Fund (Singapore-authorised) recorded approximately 3.98% 1-year return as of April 2026 (FundSingapore, April 2026). USD-denominated returns are higher than SGD equivalents but carry FX risk for SGD investors.
- SGD and USD money market funds should not be compared on yield alone — SGD investors in USD funds carry currency fluctuation risk.
- Important: The DBS CIO Liquid+ Fund is a global fixed-income portfolio, not a money market fund. It invests predominantly in USD-denominated investment-grade and high-yield bonds with 1–3 year duration. It carries more risk than a money market fund. It is included in this guide in a separate category. (DBS Prospectus, March 2026: www.dbs.com.sg)
Top Picks at a Glance
- Best SGD money market fund (retail): Fullerton SGD Cash Fund (~2.22% 12-mth yield)
- Best for OCBC customers: LionGlobal SGD Money Market Fund
- Lowest SGD minimum (SGD 100): Phillip Money Market Fund
- 🇺🇸 Best USD money market (SG-authorised): CSOP USD Money Market Fund (~3.98% 1-yr)
- Best institutional USD liquidity: BlackRock ICS USD Liquidity Fund
- Cash-plus alternative (not a MMF): DBS CIO Liquid+ Fund (verify prospectus)
Comparison Table (Last updated: April 2026)
Note: Returns shown are recent historical figures from public fund data platforms and are not guaranteed. Yields and returns will change with market conditions. Always verify the current factsheet or prospectus before investing.
| Fund | Manager | Type | Currency | Recent 1-Yr Return / Yield | Min Investment | Redemption | Last Verified |
|---|---|---|---|---|---|---|---|
| Fullerton SGD Cash Fund | Fullerton Fund Mgmt (Temasek) | SGD Money Market Fund | SGD | ~2.22% (12-mth yield, Apr 2026) | SGD 1,000 | T+1 | Apr 2026 |
| LionGlobal SGD Money Market Fund | Lion Global Investors (OCBC/GE) | SGD Money Market Fund | SGD | ~1.87% (1-yr return, Apr 2026) | SGD 1,000 | T+1 | Apr 2026 |
| Phillip Money Market Fund (Class A) | Phillip Capital Mgmt | SGD Money Market Fund | SGD | ~1.68% (1-yr ann. return, Jan 2026) | SGD 100 | T+1 | Apr 2026 |
| CSOP USD Money Market Fund | CSOP Asset Management | USD Money Market Fund (SG-authorised) | USD | ~3.98% (1-yr return, Apr 2026) | SGD 1,000 (verify with CSOP) | T+2 (SGX) | Apr 2026 |
| BlackRock ICS USD Liquidity Fund | BlackRock | USD Liquidity Fund (Institutional) | USD | ~4.5%–5.2% (indicative, varies by class) | USD 25,000 (verify share class) | T+0 or T+1 | Apr 2026 |
| Amundi SGD Money Market Fund | Amundi Asset Management | SGD Money Market Fund | SGD | Verify on fund factsheet | SGD 1,000 (verify) | T+1 | Apr 2026 |
| DBS CIO Liquid+ Fund | DBS Bank / DBS CIO | Cash-plus / Short-duration Bond Fund | USD (SGD hedged class available) | Verify on prospectus (not a MMF) | SGD 1,000 (Class A); USD 1M (Class B) | Within 7 business days | Apr 2026 |
Sources: FundSingapore (April 2026), fund factsheets and prospectuses, DBS (March 2026 prospectus). Past performance is not indicative of future returns.
Our Methodology
Funds in this guide were selected based on: (1) Singapore-authorised or Singapore-accessible status; (2) publicly available performance data from FundSingapore or official factsheets; (3) relevance to different investor types (retail SGD, institutional USD, cash-plus). Yield figures are taken from publicly available fund data as of April 2026 and represent recent historical returns, not forecasts.
Important classification note: The DBS CIO Liquid+ Fund is classified separately as a ‘cash-plus / short-duration bond alternative’ because its prospectus describes it as a global fixed-income portfolio with a different risk/return profile from money market funds. It should not be compared directly with SGD money market funds.
How to Choose a Liquid Fund in Singapore
- SGD vs USD currency. SGD funds avoid FX risk and are suitable for investors whose needs are in Singapore dollars. USD funds currently offer higher yields (~3.5–5%) but expose SGD investors to currency fluctuation. Do not compare SGD and USD fund yields directly without accounting for FX risk.
- Money market fund vs cash-plus fund. A money market fund (Fullerton, LionGlobal, Phillip) invests in very short-duration, high-quality instruments. A cash-plus or short-duration bond fund (e.g., DBS CIO Liquid+) invests in slightly longer-duration or higher-yield instruments and carries more risk. The DBS CIO Liquid+ Fund is not a money market fund.
- Redemption speed. Most Singapore money market funds settle on T+1. ETF-format Singapore-listed funds settle on T+2 (SGX standard). The DBS CIO Liquid+ Fund pays redemption proceeds within 7 business days.
- Minimum investment. Phillip Money Market Fund minimum is SGD 100. Most other retail SGD money market funds require SGD 1,000. Institutional USD funds may require USD 25,000–100,000.
- Total expense ratio (TER). Compare net yield after fees. Phillip’s TER is 0.48% p.a. (January 2026 factsheet). Verify the current TER for each fund on the official factsheet before investing.
The 7 Best Liquid Fund Options for Singapore Investors
1. Fullerton SGD Cash Fund
Best for: Retail and institutional investors seeking the best-performing SGD money market fund
The Fullerton SGD Cash Fund, managed by Fullerton Fund Management (a Temasek subsidiary), recorded approximately 2.22% 12-month yield as of April 2026 (FundSingapore, April 2026). It is one of Singapore’s most established money market funds and is accessible on Fundsupermart, Endowus, and FSMOne.
Quick Facts (Last verified: April 2026):
- Manager: Fullerton Fund Management Company Ltd (Temasek subsidiary)
- Fund type: SGD Money Market Fund
- Recent 12-month yield: ~2.22% (April 2026; source: FundSingapore)
- Min investment: SGD 1,000
- Redemption: T+1
- Platform access: Fundsupermart, Endowus, FSMOne
- Source: FundSingapore (fundsingapore.com), Fullerton Fund Management
Pros: Best-performing major SGD money market fund in recent data. Temasek-linked manager. Low minimum. Widely accessible.
Trade-offs: Not a bank deposit — not SDIC-protected. Returns will decline if market rates fall further.
2. LionGlobal SGD Money Market Fund
Best for: OCBC customers and investors seeking a major local manager SGD money market fund
LionGlobal Investors (a joint venture between OCBC and Great Eastern) manages one of Singapore’s largest SGD money market funds by AUM, with a 1-year return of approximately 1.87% as of April 2026 (FundSingapore, April 2026).
Quick Facts (Last verified: April 2026):
- Manager: Lion Global Investors (OCBC / Great Eastern JV)
- Fund type: SGD Money Market Fund
- Recent 1-year return: ~1.87% (April 2026; source: FundSingapore)
- Min investment: SGD 1,000
- Redemption: T+1
- TER: ~0.25% p.a. (verify current factsheet)
- Platform access: OCBC, FSMOne, Endowus
Pros: Large AUM. OCBC-linked manager. Competitive fee. Directly accessible through OCBC banking platform.
Trade-offs: Not a bank deposit. Returns will change with market rates.
3. Phillip Money Market Fund (Class A)
Best for: Retail investors seeking the lowest minimum SGD money market fund via POEMS
The Phillip Money Market Fund (Class A) is one of Singapore’s accessible money market funds, with a minimum initial investment of SGD 100 and inception date of 16 April 2001. The 1-year annualised return was approximately 1.68% as of January 2026, with a TER of 0.48% and annual management fee of 0.45% (Phillip Capital Management factsheet, January 2026: phillipfunds.com).
Quick Facts (Last verified: April 2026):
- Manager: Phillip Capital Management (S) Ltd
- Fund type: SGD Money Market Fund
- Inception date: 16 April 2001
- Recent 1-year annualised return: ~1.68% (January 2026; source: Phillip Capital Management factsheet)
- Min investment: SGD 100 (Class A)
- Annual management fee: 0.45% p.a.; TER: 0.48% p.a. (January 2026 factsheet)
- Redemption: T+1
- Platform access: POEMS (Phillip Capital)
- Source: phillipfunds.com
Pros: Lowest SGD minimum (SGD 100). Long track record (est. April 2001). Convenient for POEMS brokerage users.
Trade-offs: Higher TER (0.48%) than some competitors reduces net yield. Returns will change with market rates.
4. CSOP USD Money Market Fund
Best for: SGD investors seeking USD money market exposure via a Singapore-authorised fund
The CSOP USD Money Market Fund is a Singapore-authorised actively managed fund, recording approximately 3.98% 1-year return as of April 2026 (FundSingapore, April 2026). Note: this is the Singapore-authorised CSOP USD Money Market Fund — not the CSOP US Dollar Money Market ETF listed in Hong Kong. Verify the specific product and access method with CSOP (CSOP Asset Management: www.csopasset.com/sg).
Quick Facts (Last verified: April 2026):
- Manager: CSOP Asset Management
- Fund type: USD Money Market Fund (Singapore-authorised)
- Recent 1-year return: ~3.98% (April 2026; source: FundSingapore)
- Currency: USD (FX risk for SGD investors)
- Settlement: T+2 via SGX for ETF-format; verify dealing frequency for unit trust class
- Source: www.csopasset.com/sg/en/products/sg-mmf/
Pros: Higher yield than SGD equivalents (USD rate environment). Low TER. Singapore-authorised fund.
Trade-offs: USD-denominated: SGD investors carry FX risk. Verify the exact product class and access method with CSOP before investing.
5. BlackRock ICS USD Liquidity Fund
Best for: Institutional investors seeking institutional-grade USD money market access
BlackRock’s Institutional Cash Series USD Liquidity Fund is one of the world’s largest money market funds by AUM, offering same-day or next-day liquidity for institutional investors. The Admin IV share class has a minimum initial investment of USD 25,000 (BlackRock factsheet, March 2026: www.blackrock.com).
Quick Facts (Last verified: April 2026):
- Manager: BlackRock Investment Management
- Fund type: USD Institutional Liquidity Fund
- Indicative yield: ~4.5%–5.2% USD (varies by share class and market conditions)
- Min investment: USD 25,000 (Admin IV share class; verify current class minimums at www.blackrock.com)
- Redemption: T+0 or T+1 (same-day or next-day; verify per share class)
- Currency: USD (FX risk for SGD investors)
- Source: www.blackrock.com/cash/literature/fact-sheet/ (verify current share class)
Pros: One of the world’s largest money market fund managers. Same-day liquidity available. Institutional-grade reporting and operations.
Trade-offs: USD-denominated (FX risk for SGD investors). Institutional access — verify eligibility and share class minimums with BlackRock.
6. Amundi SGD Money Market Fund
Best for: Investors seeking a European asset manager-backed SGD money market fund
Amundi Asset Management offers a Singapore-accessible SGD money market fund. Amundi is one of Europe’s largest asset managers. Verify current fund name, returns, minimum investment, and platform availability directly with Amundi or on fund platform sites such as FundSingapore (fundsingapore.com).
Quick Facts (Last verified: April 2026):
- Manager: Amundi Asset Management
- Fund type: SGD Money Market Fund
- Currency: SGD
- Min investment: Verify current minimum on Amundi’s official page or FundSingapore
- Redemption: T+1 (verify current terms)
- Source: FundSingapore (fundsingapore.com) — verify current details
Pros: Major European asset manager. SGD-denominated — no FX risk for SGD investors.
Trade-offs: Verify current fund name, fees, and returns from official sources before investing — details subject to change.
7. DBS CIO Liquid+ Fund (Cash-Plus / Short-Duration Bond Fund — NOT a money market fund)
Note: This is NOT a money market fund. It is a global fixed-income portfolio with a different risk/return profile.
The DBS CIO Liquid+ Fund is described in the March 2026 prospectus as a global fixed-income portfolio, predominantly in USD, investing in investment-grade bonds, high-yield bonds, and government securities with 1–3 year duration. Its risk/return profile sits between money market funds and traditional bond funds (DBS Prospectus, March 2026: www.dbs.com.sg/documents/d/treasury-markets-sg/scalar-vcc-prospectus-mar-2026-19678-10-e-signed-1). It is not a substitute for a money market fund and carries more risk.
Quick Facts (Last verified: April 2026):
- Manager: DBS Bank / DBS CIO
- Fund type: Global fixed-income / cash-plus fund (NOT a money market fund)
- Currency: USD (SGD hedged Class A available)
- Min investment: SGD 1,000 (Class A); SGD 1,000,000 (Class B); SGD 10,000,000 (Class C)
- Redemption: Within 7 business days of receipt and acceptance
- Source: www.dbs.com.sg/documents/d/treasury-markets-sg/scalar-vcc-prospectus-mar-2026
Pros: Potentially higher yield than pure SGD money market funds. DBS CIO managed.
Trade-offs: Higher risk than money market funds (invests in high-yield bonds). Not SDIC-protected. Longer redemption window (up to 7 business days). Verify current prospectus before investing.
Best for Use Cases
| Use Case | Recommended Fund |
|---|---|
| SGD money market / retail investor | Fullerton SGD Cash Fund or LionGlobal SGD MMF |
| OCBC banking customer | LionGlobal SGD Money Market Fund |
| POEMS brokerage user | Phillip Money Market Fund |
| Lowest SGD minimum investment | Phillip Money Market Fund (SGD 100) |
| USD money market exposure | CSOP USD Money Market Fund |
| Institutional USD liquidity | BlackRock ICS USD Liquidity Fund |
| Cash-plus / short-duration bond alternative | DBS CIO Liquid+ Fund (not a MMF — verify prospectus) |
FAQs
What is a liquid fund in Singapore?
A liquid fund (or money market fund) is a unit trust that invests in short-term, high-quality debt instruments such as government bills and bank deposits. It aims to preserve capital and provide returns above a bank savings account, with relatively fast redemption (typically T+1). Returns change with market interest rates.
Are liquid funds in Singapore safe?
Money market funds are not bank deposits and are not covered by the Singapore Deposit Insurance Corporation (SDIC). However, MAS-regulated Singapore money market funds investing in high-quality, short-duration instruments carry very low risk of capital loss under normal market conditions. The DBS CIO Liquid+ Fund carries more risk than a money market fund — verify the prospectus before investing.
How do liquid funds compare to Singapore T-Bills in 2026?
The 6-month Singapore T-bill cut-off yield was approximately 1.46%–1.47% in early April 2026. Recent SGD money market fund 1-year returns range from approximately 1.68% to 2.22%. T-bills have government backing but are locked in for 6 months (can be sold in secondary market). Money market funds offer more flexibility but do not have explicit government backing.
What is the minimum investment for Singapore money market funds?
The Phillip Money Market Fund (Class A) has a minimum initial investment of SGD 100 (as of January 2026 factsheet). Most other retail SGD money market funds require SGD 1,000. Institutional funds require higher minimums — verify with the fund manager.
Can I use CPF funds to invest in liquid funds?
Most Singapore money market funds are not on the CPF Investment Scheme (CPFIS) approved list. Check with the CPF Board (www.cpf.gov.sg) for the current list of approved investment products.
For institutional and corporate liquid fund solutions, visit: www.dbs.com.sg/global-financial-markets/others/funds/cio-liquid-fund
Sources: FundSingapore (fundsingapore.com, April 2026), DBS Prospectus March 2026 (www.dbs.com.sg), Phillip Capital Management factsheet January 2026 (phillipfunds.com), BlackRock factsheet March 2026 (www.blackrock.com), CSOP Asset Management (www.csopasset.com/sg), MAS / StashAway Singapore (April 2026). Past performance is not indicative of future returns.
