Update: Trust bank is now offering 2% p.a. if you made 5 spent transactions using debit/credit card!
Many local (Singapore) banks offer 0.05% interest to basic savings accounts. They are pathetic compared to the recent rate hikes and increase in returns by Fixed Deposits across the banks.
However, fixed deposits are not liquid, you can't withdraw them immediately, and so it may not be the appropriate financial instrument to store your cash.
However, a recent joint venture between NTUC and Standard Chartered bank seeks to solve this low interest environment by offering 1.5%/ 2% interest on savings account for Singaporeans and Permanent Residents(PRs). Also, by signing up now and using their debit card for a first purchase, you get a $25 NTUC Fairprice e-voucher which you can use online and at the stores.
Sign up now with my referral 2ZQ3ZPRA and both of us can receive a $10 NTUC Fairprice e-voucher each!