Do you mean $1.4k savings per month? You might want to define what is your investment goal (for what purpose and time frame). To get 2-3% risk-free is not difficult. If you go for slighly riskier investment you could get slight more returns. For reference, below is the expect returns for the december tranche of the singapore savings bond (as provided on their website). This should be used as a baseline (riskfree return) to compare against any investment that you buy into (any other products should give a higher return for the corresponding investment holding period).
If your goal is like for retirement or u can plan for part of your savings for the purpose of retirement. CPF special account top up ( retirement sum topping up scheme) is actually an excellent tool to use. Guaranteed 4% interest rate. In additional u will receive tax relief for the topped up amount. Eg, your taxable income is $40k, for every dollar u earn above 40k is taxed at 7%. Therefore, if u topped up $1000 into your special account, u get $1000 tax relief, u saved 7% of $1000 = $70 tax money. Effectively u have gotten 7% return on your money, in additional u will earn 4% interest yearly guaranteed. If you are earning $80k, will be in the 11.5% tax bracket, thus gaining a higher "savings". Yes, the drawback is that u cannot withdraw the money early. But this is what the purpose is for, retirement.
Do msg me on my facebook if u would like to learn more. Without knowing your current profile, it is also hard to provide advice appropriately.
You can use the Seedly calculator to do a comparison across the high interest bearing accounts, some popular options are SC jumpstart, DBS multiplier, OCBC 360. For a return of 2%-3%, you can consider bond funds with lower risks or stock ETFs if you are able to accept the higher risks associated.
If you are under the age of 26, you can create a standard chartered jumpstart account which gives 2%...
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