When I heard of long, snaking queues forming outside of United Overseas Bank (SGX: U11), or UOB, branches back in September, I thought it was the bank touting some free limited-edition gift. Instead, I was amused to learn that it was about the bank’s 2.7% fixed deposit rate. Some queues lasted around four hours, nothing to sneeze at if you’re a housewife or house husband rushing home to cook lunch. UOB was not the only bank to offer these rates. Back then, OCBC Ltd (SGX: O39) was also offering promotional interest rates of 2.3% for a 12-month fixed deposit tenure. Soon, the Malaysian banks have also joined the fray, with Maybank (KLSE: 1155) and RHB Bank (KLSE: 1066) offering promotional rates of between 2.35% and 2.7%. And it’s not just fixed deposit rates that have risen. Savings account balances are also attracting the highest rates in 15 years. Singapore’s largest bank, DBS Group (SGX: D05), raised the interest rate for its flagship...