1. High Yield Saving Account
If you are looking for a better option from a traditional savings account offered by banks, you should look for high-yield savings accounts. For example – Online Saving accounts and Cash management accounts. These accounts offer higher interest rates than traditional ones. These accounts are flexible, and you can easily access cash for emergencies or travel finances.
The risk is shallow here since the accounts are usually FDIC insured. The only risk is losing the purchasing power of money if the deposit is invested for a very long time. It’s best for people who want access to cash shortly and are afraid of taking risks. You can open an online savings account in BASK bank, CITIZENS, among others.