In 2018, high yield savings accounts outperformed the stock market for the first time in a decade. A savings account offers a safe place to set aside money for an upcoming trip, a big expense, or a safety net in case of emergencies.
Almost 40% of American adults wouldn’t be able to cover a $400 emergency expense, according to the results of a May 2019 survey by the Federal Reserve. Respondents said they wouldn’t be able to cover the bill with cash, savings or a credit-card charge that they could quickly pay off and would have to either borrow from friends or incur long-term credit card debt. It can be scary to consider where the money would come from — how asking for a loan from a family member might strain your relationship, or how interest payments quickly add up.
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