Could This Be the Best Place to Store Your Emergency Fund?

You know you should have an emergency fund. While most experts suggest setting aside enough to cover three to six months' worth of bills, it's up to you to determine how much you're most comfortable keeping on hand. For example, if you're self-employed or your income varies by month, you may decide you need more.Once you've decided how large your emergency fund should be, the question becomes the best place to keep the money. You can store it in a checking or savings account, but unless those accounts pay an interest rate that exceeds inflation, your money will lose value each month. You could invest it in a brokerage account, but depending on the type of account you open, you could pay penalties for withdrawing it when needed.If you haven't looked into a no-penalty certificate of deposit (CD), you may be missing the best place to store your emergency fund. Here's what you need to know about no-penalty CDs.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool