Cash is king. Indeed, we had experienced this in the recent COVID-19 health crisis.

This is why we need to have an emergency fund just for times like this.

Keeping cash does not always mean accepting low yield thanks to the availability of high yield savings accounts that pays decent interest while giving you plenty of liquidity and flexibility.

Usually, a high yield savings account will promise additional bonus interest on top of the base interest rate if certain requirements are met. Some requirements require the customer to perform certain actions, e.g. crediting salary, completing giro transactions or meet certain transaction volume thresholds ,e.g. minimum spending of $500 on your credit cards monthly.

With interest rate plummeting to all-time lows due to central banks intervention around the world, it is not surprising that banks had started reducing interest rates in retail deposit accounts.

A slew of local Singapore