http://www.sgmoneymatters.com/dispatcher.php?page=archive
"Local Banks offer hongbao rates to savers"

http://www.ocbc.com/personal-banking/banking/Bnk_Dep_MSP.shtm

not bad for small amount savings.

The good news is Financial Market in Singapore is very well regulated, banks and insurance companies have to disclose everything in their marketing materials. so if you take a little patience to read the fineprint, here it is

"Interest rate of 3.6% p.a. is applicable on the 12-month Singapore Dollar unfixed deposit >>>> when you invest fresh funds of minimum amount S$10,000 or equivalent in selected Unit Trusts and/or Single Premium Insurance Plans <<<<< and place and equivalent or lower amount in a 12-month Singapore dollar unfixed deposit. "

That means if you place 10K in FD and 10K in unit trust, you enjoy 3.6% interest only for 10K and have potential lost in your unit trust investment and 5% sales charge which they usually impose.

p.s. i assume the product you were referring is Citibank Unfixed Deposit @ http://www.citibank.com.sg/portal/citiwm_home_center.jsp?frameset=centerFrameset&productID=InvestmentsDeposits&frameval1=wowWorkID&path=/sggcb/english/prod/cat_land/InvestmentsDeposits.htm&framevar1=workID