Is the SG Savings Bond really a "risk-free" place to park your money, if you don't intend to hold it to the full 10 years?

Yes, SSB is a risk-free place to park your money, even if you don't have the intention to hold it to the full 10 years. This is because you could withdraw your money anytime with no capital loss.

Yes, it's backed by the govt and you can withdraw any time you want, don't need to hold it for the full 10 years, just that the returns will be a few percentage points lower than if you hold for longer.

Only downside is the returns are comparably lower compared to if you buy ETFs or do your own investments but the risks are definitely higher.

I would consider it very safe due to the Singapore government's backing. Even if you withdraw it before the 10 years mark, you still get paid the pro-rated interest without any penalty.

The ssb is backed by the government, so the only reason why you will not get your money back is if the government cease to exist.