Question

6. cindy has been working for 8 years, and she’s built up a huge emergency fund -- $45,000, which would be 6 months of her salary. she’s hoping to earn a bit more interest than she currently is with that $45,000 just sitting in her traditional bank’s savings account. which account would you recommend? why?

Answer 1

An alternative type of account such as Certificates of deposit is better for Cindy.

Why a traditional savings account is not the best option?

Traditional savings accounts have very low-interest rates, which causes you cannot earn a lot of money by using this account.

What is one alternative?

One alternative is a Certificate of deposit or CD because this type of account often has a higher interest rate. Moreover, it is ideal for Cindy because she is not using her money and a CD requires you to leave your money untouched for a specific time.

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