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PCMA invest your excess cash into Phillips Money Market Fund which currently gives 0.5% return. This is very good because it is much higher than bank deposits plus you have the luxury of withdrawing the money whenever you need it. If you withdraw in the morning, likely that your money will be deposited the next day. If you withdraw in the night, then you will get it in your bank account the day after tomorrow.
I have been placing my family's emergency cash here to generate at least some returns until recently when I placed it in a HSBC fixed deposit which offers much higher returns. But the money is now locked which does not really fulfil the purpose of "Emergency Cash".
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