Financial Fitness with Alan Akina - 6 Places to Keep Your Rainy Day Fund

Good morning, gang. Now I'm sure over the years you've heard me talk about the importance of having a rainy day fund set up. Now today more than ever is a time when having one would come in handy. So for today's financial fitness report, I have 6 places to park your rainy day funds. Now my first recommendation is probably the most obvious, and it's in a checking or savings account at your local bank. Now this is the safest as it is insured by the FDIC up to $250,000 per account. You can also access those funds immediately online with checks or a debit card. Now, if you'd like to earn a little bit of interest on your rainy day funds, these next 2 accounts can help you do just that. Certificate of deposit, more commonly known as a CD, or a money market account. Now, CDs pay interest, but only after your money sits in the bank for an agreed-upon length of time. Now, money market accounts are like a combination of checking and savings accounts. They tend to pay out more interest but have higher minimum balance requirements and restrictions on the number of withdrawals per month. Now, lastly, you can store cash in a safe deposit box at a bank or in a safe at your home. Now, you will not earn any interest on that money, but it's the last option if you feel you need cash for an emergency. For Wake Up Today, I'm Alan Akina. See you on Tuesday.