Where Should You Hold Cash?

If you have an emergency fund or savings in cash, where should you be holding it? There are a few factors to consider.

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Mike Bernard, CFP® offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk, including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past performance is not a guarantee of future results.

[yannip]

What's the difference between savings account and money market account? Is a 1-3 months CD good?

[missouri]

Just use the Fidelity checking account because it pays presently 4.74% and that will go up and down according to the market and you get to write checks off of that
That’s where you can hold your cash and for that matter have your Social Security checks go into it as well and he manage everything from their nice clean and simple
The only reason that you need a local bank is for that very occasional time that you need a notary

[saplouie]

CIT Bank Platinum savings is at 4.95% if balance is above $5k. Very liquid. Transfers take 2 days

[rOHRshackartpottery]

Where is the best safe place to put cash while searching for investments?

[jameswitte]

T-Bills for cash. Build a ladder with 5/7 year T-Notes for steady income. State tax free. Any bank that bought LONG term Treasuries when rates were barely above zero percent deserves to go out of business.