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Bank of America, for instance, is offering a nine-month CD at 2.4% for consumers who invest at least $5,000. If you find a better rate a few months down the road or you need the cash, you're free to pull your money out -- as long as you reinvest it in a Bank of America deposit account. The flexible terms make such CDs an attractive option for your emergency fund. "If you're going to have to keep money in the bank anyway, I would stick it in that," says New York certified financial planner Cary Carbonaro. "Even more so if we're going through a recession."
5. Avoid Exotic Investments
Each rate cut by the Federal Reserve makes investing in assets with some risk more appealing. But beware: Nothing is as safe as cash. Case in point: Several banks allegedly hocked auction-backed securities as safe substitutes for cash. After they lost value in February, a rash of lawsuits accused the banks of deceptive advertising. You may make more money investing your emergency money in high-rated corporate bonds or a diversified mutual fund. But then again, you're taking a risk. You'll pay for it, but keeping your emergency money in cash, Carbonaro says, is at least "a place to park it that will let you sleep at night."Your emotions affect your money decisions more than you think.
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Keep on top of the market and the critical information you need to make more profitable investing decisions.
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