Where to you have you emergency and your whoopie reserves? Are they in ordinary savings or worse checking accounts?
For years it did not matter where you kept your cash, there were no vehicles that paid 1% or above in APR. Now, in the Biden run-up of the interest rates you need to be making your money work harder for you.
One of my banks was offering 4.5% on a money market account and before I could get it set up, I received an offer for 5.5% from another, granted it was for only six months, by then I expect there to be other options in that range.
I am not a fan of CD’s, yes you can lock in a rate for a specific period of time, but you limit your access to the cash with the lock-up. That I do not like, the whole purpose of cash is to have it be liquid and available. Otherwise, it should be in a longer-term vehicle. Maybe a bond or a bond fund.
The interest rates are rising, and your money should be working for you, not sitting on the sidelines any longer, you need to act.