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If you’re keeping a bunch of cash in a regular non-interest bearing account you’re doing it wrong. Keep a few hundred in a regular checking account. Keep everything else in a combo of savings and money market (not including your investment portfolio). If you need emergency funds you can easily move money from savings. If you’re saving for a big purchase like a down payment you can withdraw from a MM. No reason you should have thousands or tens of thousands just sitting there. Learn to use a solid reward credit card for every day purchasing (Chase sapphires, AmEx gold or everyday). Put 100% of spending and every bill you can on the credit card & pay it in full every single month. You’ll reap all the benefits, have absolutely no interest & it’s a very easy way to budget your expenses. And then all of your liquid money is earning interest.
Yea I do the same thing. I have cash in MM. And CC all my expenses
6 months’ expenses.
I have about 6 months of expenses and a bit extra just since I’m a bit more cautious than most
12 months expenses
It depends on your financial profile. Given the tone of your post, you seem less risk adverse than some. So I would follow the 6 mo of expenses rule. I personally keep a bit more.
12 months, in a high yield checking account.
My cash in bank varies from 30k - 100k at one point, but it was on the high end because i was saving for a downpayment.
12 months
6 months expenses
@EY2 - which savings account give APY of 2%? I currently have Capital one 360 savings account?
Capital One has a savings account with a rate of 1.9% (same as the MM) with no minimum balance. I signed up for it just this week.
I keep 1 year fixed expenses + 3 months of rolling expenses.