Should you choose a savings account or a sweep-in FD for your emergency fund?
Financial experts recommend utilizing a combination of both rather than choosing just one. It is best to maintain a portion of your money in a regular savings account for urgent expenses, while shifting any excess cash into a sweep-in FD. While savings account balances often struggle to keep pace with inflation, sweep-in FDs offer better returns of approximately 6-7% while still allowing you to access your money whenever necessary.
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