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Hi Kok Yuen,
I park the money in my bank account which offers best liquidity. The question is which bank offers the highest interest rate? That depends on the amount of risk you want to take, bank like CIMB may offer higher interest rate than DBS Singapore but you must take note the origin of the bank, Malaysia. 
With the recent introduction of Singapore Government Saving bond, you may also consider setting aside a sum of money to get a higher interest rate (in the event you park too long) since there is no penalty to do early withdrawal.