Re: Emergency Fund: Why Money Market??
most people don't realize that at today's rates, savings accounts are at 5%+. There is also some fear among older people to invest in an online bank.
In my personal finance class, I brought this same idea up and he was basically like "what savings account could get 5%?" and he was like, "oh.....INTERNET bank".
But yeah, they're essentially the same.
Also, a checking account is a bad idea, because you want to make some money on your money, but not so much money that you risk losing your emergency fund.
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