
Diversify your savings if you have a lot of cash
If you have a lot of money saved up and you’re not sure where to put it, consider diversifying it. Place a portion of your money in a high-yield savings account, providing easy access for emergencies and short-term goals like an upcoming vacation or purchase. You can then allocate another portion to another account, like a CD, which allows you to lock your money away for a fixed period while earning a competitive rate. This strategy enables you to balance accessibility and growth based on your financial needs and objectives.
— Alexa Serrano Cruz, CAMS, Senior Editor, Personal Finance