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You might consider taking time to shop around for the best savings accounts and highest yields available on the account you keep your emergency fund in. 7. Replenish after an emergency
Inflation commonly affects savings. Nearly two-thirds (63%) of U.S. adults say they’re saving less for emergencies due to inflation, while 45% say a reason is rising interest rates.
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To avoid financial hardships on top of unexpected repairs and other needs, it’s best to have an emergency fund. Think of this money more as a safety net than a bank account. For You: 3 Things ...
The best place for your emergency fund is a liquid savings account, where you’ll be able to access the money quickly, if needed. An example is a high yield savings account.
A high-yield savings account is one of the best places to keep your emergency fund. A high-yield account accrues more interest than a standard savings account, so your savings will grow faster.
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