Don’t Invest Your Emergency Fund. Seriously.

A couple years ago, the high-yield savings market was hot — at least to millennials. Internet-only banks entered the market and drove up annual percent yields to above 2% at their peak. This could help you grow your money far faster than the typical .01% of most banks’ savings products.

Two percent APY was a huge score. It made it much easier for people like myself to tout the glories of keeping your emergency savings in cash as opposed to in the stock market. Just put it in a high-yield savings account, and you could, depending on the year, minimize the impact of inflation on your cash.