Cash is an important component of any portfolio. It forms the bedrock of your emergency funds and short-term savings goals. It can also play a role in your investments by buffering against volatility and giving you the flexibility to buy more assets during market dips.

Yet, in today’s ultra-low interest rate environment, it is increasingly difficult to earn a decent yield on your cash savings. To jumpstart an economy battered by the COVID-19 pandemic, the US Federal Reserve has cut interest rates to near zero and has committed to keeping rates low for the foreseeable future. Banks worldwide have followed suit and many local banks have revised their interest rates lower in recent months.

Even “high-yield” savings accounts have not been spared. The reward after meeting multiple income and transaction requirements is a razor-thin yield of around 0.05% to 1.0% per annum (assuming you fulfill one income and two category transactions below $30,000