Earlier this year, the story for cash was straightforward. Interest rates were falling, and the only real question was how quickly they would drop. All that has changed. The conflict in the Middle East has pushed oil and inflation higher and the Federal Reserve has shifted from cutting rates to signalling that its next move could be a hike. For Singapore savers, the practical consequence is simple: cash yields have stopped falling, and may start rising going forward. The 6-month T-bill has bounced off its lows, and the best fixed deposits have actually ticked up since February. So this is a good time to revisit the question — where is the best place to park cash for yield today? A few things I wanted to work through:

• The best risk-free rates available today?
• Why cash yields have stopped falling, and where they might go from here?
• Where I would park my cash today for yield?

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