Where to Save Cash: You Have Options

Know where to save cash to keep your money safe and earn interest on it.

Dollar bills stashed beneath a floorboard
(Image credit: Getty Images)

Saving money is an important component of a strong financial plan. Putting money away makes it easier to prepare for emergency expenses and achieve short-term financial goals, but how do you know where to save cash?  

Before you get started, determine if you'll need the funds you plan to save: Avoid investing money you'll need to access in the event of an emergency or that you plan to use in the next year or two. For cash you are able to put aside, you want to ensure you keep it in the best place. Here are some of the best options to consider as you decide where to save your money.

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Ben Luthi

Ben writes about all things personal finance, including consumer credit, credit cards, mortgages, student loans, investing and budgeting, as well as travel. Before his career as a writer, Ben worked in financial planning and insurance, banking and auto financing. After working as a staff writer at NerdWallet and Student Loan Hero, he started freelancing full time in 2018. Ben earned a B.S. in business administration with a finance emphasis from Brigham Young University. He lives near Salt Lake City with his two kids and two cats.