A savings account should be rather different from a bond. Ie minimum sum, redemption wise, callability the feature of a coupon vs monthly interest rate. As for the 1 percent interest rate there are many high yield accounts that offer higher interest rates.
Well, you could think of it that way as there are mild similarities. (where you put money in a relatively non fluctuating class). But I would not compare it directly with a bond as this is more of an asset which is a higher-interest yielding 1% p.a savings account.
A bond would usually have the following characteristics: A debt security, under which the issuer owes the holders a debt and (depending on the terms of the bond) is obliged to pay them interest (the coupon) or to repay the principal at a later date, termed the maturity date.
Your CPF would perform more like a bond where it matures at a certain age at a pretty high decent interest rate be it 2.5% or 4% p.a. with the OA and SA accordingly!
It is by far the best savings deposit rate!
No frills, just a regular savings account with 1% p.a!!