Top three Saving Accounts to consider

I have to say that I have been viewing bank accounts of other banks and the three that I have posted earlier is still arguably the ones to consider seriously.

CIMB StarSaver Account http://depositssg.blogspot.com/2011/12/cimb-starsaver-account.html

This is a great account if you intend to have a savings plans with an option to withdraw anytime you want without penalty. This is excluding those offered by insurance companies.

Phillips Money Market Fund http://depositssg.blogspot.com/2011/12/my-top-pick-phillips-cash-management.html
This is another great account if you have money and you need to park somewhere because you won't use it in the near future. You will need a Phillips Cash Management Account (Actually I wonder why other brokerage does not have this function)

Standard Chartered Bank XtraSavers Account http://depositssg.blogspot.com/2011/12/personal-banking-deposits-xtrasaver.html
This account is not attractive based on their interest rates. Rather it is attractive because of the rebates it comes with if you are using its debit Mastercard. The amount of cash rebates you receive can easily match the interest rates that banks offers (including PMMF and CIMB StarSaver account).
Having said that, I think if you have enough credit cards (with a management system to manage them), it is not required.

I intend to use CIMB StarSaver account to kickstart the accumulation of my cash reserves i.e. saving for a rainy day or emergency use once my HSBC fixed deposit matures.

This post will stay on top while I try to find other products. Offers are mostly fixed deposits which I now does not favour due to liquidity issues.

My top pick - Phillips Cash Management Account

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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".