Structured Deposits and 1.5% annual returns

Of late, we are starting to see offers of Structured Deposits and such once again.  It's so pathetic.  At 1.5% return a year, wouldn't one be better off just keeping to Money Mkt Funds, SGS Bonds, or any of the Preference Shares that offer near-equivalent or higher yields, without the additional hard to understand risks?

Then there are those foreign currency deposits.  The unbeknownst looking for a better interest rate than parking in our local banks would find them attractive.  But, if the currency swings by a similar percentage against S$, any yield would be offset by currency rates.  In the worst case, even the capital would be eroded - i.e. no protection whatsoever (not capital guaranteed).

I just don't buy it.  Pun intended.