In line with rising interest rates, banks have increased their fixed deposit rates and robo-advisors have upped the projected returns of their cash portfolios. The 10-year average return for Singapore Savings Bonds has also been rising to keep pace with higher rates. With interest rates widely expected to rise further, which product is better for your cash savings?

What is a fixed deposit?

A fixed deposit (also known as a time deposit) is a type of account that allows you to earn a fixed amount of interest when you deposit a sum of money over a certain amount of time.  Your money is usually locked up for the specified duration and most banks require a minimum deposit of at least S$20,000 for their promotional rates.

Latest bank fixed deposit rates in Singapore 

Across the local banks, UOB is offering one of the highest rates at 2.6% for a 12-month...