Will Saving Interest Rates Increase?

Local banks have been giving very low saving interest rates. They reduced saving interest rates really fast but are slow to increase saving rates despite US Fed raising interest rates last month. 

I'm considering taking out my saving from current saving accounts and transfer to Singapore savings bonds that offer pretty attractive interest. However, I'm not going to transfer it so soon (maybe in October) as US Fed has already indicated that there be further interest rates increase this year.

Image from The Sunday Times