I placed a fixed deposit with OCBC in May at a rate of 1.28% p.a. for 2 years. That was one of the best deals months ago before recent surges in interest rates. I woke up today to see a higher rate offered by UOB. The main catch is the placement must be at least S$20k of fresh funds. Hence I instinctly decided to cancel my fixed deposit with OCBC, wasting 4 months by getting 0.05% board rate interest and principal amount back. Then I place the fresh funds with UOB. There it goes! 1.28%@24 months to 2.7%@15 months which is not shown on their website! I acknowledge that this is not the best deal and interest rates may go up higher in next few weeks but I prefer to lock in my money at around CPF OA rates in local banks such as UOB and OCBC, which coincidentally I "own" shares in, rather than foreign banks which offer even higher interest rates....