Money picks for First-time savers
Building a first emergency fund and learning where to keep cash so it earns real interest, from high-yield savings to a first CD once the basics are covered.
What you're really asking: Where should I keep my first savings so it's safe and actually earns something?
Our picks (10)
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Frequently asked questions
How much should my emergency fund be?
A common target is three to six months of essential expenses, but don't let that number paralyze you. Start with a smaller goal like one month, then build from there. Any cushion beats none.
Where should I keep my emergency fund?
In a high-yield savings account. It stays safe and instantly accessible while earning a competitive rate, unlike a big-bank account paying next to nothing. Don't put emergency money in the stock market, where it could drop right when you need it.
When should I consider a CD?
Once your emergency fund is in place and you have extra cash you won't need for a set period. A short-term CD like Meridian lets you lock in a rate on money you can afford to set aside, while keeping your emergency fund liquid.