He also suggests looking into no-penalty CDs at online banks that lock in interest rates for a set term, often six, eight or 12 months. While rates will be similar to savings accounts, a CD's rate isn't variable like a savings account's, so it won't change.
That the money is essentially as easily accessible as it would be in a savings account, especially, is "a nice feature." If you have an emergency fund with a few months' expenses built up, it might also be worthwhile prioritizing paying off some extra high-interest debt. Depending on the interest rate, it is a better return for your money than stashing away extra cash.
That said, the coronavirus pandemic has made many people even more aware of the precariousness of their finances. With some Americans out of work for several months, savers may opt to save even more to have cash on hand, rather than pay off a car note or make an extra student loan payment. There is wisdom in that, too, especially if having more socked away would give you peace of mind in a trying time.
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MakeIt Look at the current chart's for OpenLearning=ASX$OLL🚀 🤔OpenLearning has broken out into a new higher trend and looks to be going up, with strong growth and support that has not been in the past.
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MakeIt What kind of idiot puts money in the bank when they could be adding shares of solid companies during every market crash. Better tour futures, not let the banks trade your money so they can make higher profits.
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