Are there advantages in having a fixed deposit account and a savings account? Why do some people put money into a FD account, instead of say, putting everything into a savings account (e.g. DBS Multiplier)?

Soemtimes dbs multipler has many hurdles to get the right rates.

Both serve different purposes, FD rate is higher than SA. Not everyone have or can achieve those conditions set by eg. DBS Mutliplier.

FD generally gives a higher interest rate than savings account. It is also less risky than putting money in other forms of investment. But you have to hold on to maturity in order to receive the full interest sum.

Fixed deposit(FD) also known as time deposit is when you lock a sum of money with an entity(government, coporations, banks) in exchange for higher interest rates than what savings account offer.

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Disadvantage of FD: Illiquid, your money is locked until its maturity. If you choose to withdraw before the maturity date, you will not receive the interest and may inccur transaction fees.

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Advantage of FD: Higher interest rates than what common savings account offer

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Disadvantage of savings account: Lower interest rates than FD

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Advantage of savings account: You can choose to withdraw your money anytime without constraints and inccuring extra charges for any uses.

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You should put only a portion of your money into FD since you may not be able to touch the money within the next few years (usually 5-10 years).