We've seen in recent weeks a number of our local banks have made it more attractive to deposit with them.

• Trust Bank raised interest rates from 1.5% to 2.5% and balance cap from $50,000 to $75,000
• DBS Bank raised interest rates on its Multiplier account from 3.5% to 4.1%
• UOB raised interest rates on UOB One account from 3% to 3.6% for balances between $75,000 to $100,000
• OCBC raised interest rates on its OCBC 360 savings account from 1.85% to 4.65%
• SCB raised interest rates for its Jumpstart account from 1% to 2%

For the 3 local banks - DBS, OCBC and UOB - conditions like salary credit and spending apply to qualify for the higher interest rates so take the headline interest rate claim with a pinch of salt. The November issuance of Singapore Savings Bonds offer an attractive 3.47% average return for 10 years, or 3.26% for the 1st year. However, recent application rounds have a cap of around $10,000 per applicant so those with large pots of savings may not be able to fully utilize the allotment....