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Savings where to stash your cash now.(Money)
With talk of recession in the wind and stock-market turbulence in the headlines almost daily, you may be wondering where, aside from the nearest mattress, to stow your money until the storm passes.
Depending on your goal--maximum safety, quick access, or a bit more interest--you have several worthy options to think about for those short-term savings.
But even before you start to save, consider reducing any credit-card debt you might have. It makes no financial sense to put your savings into accounts that are earning 3 or 4 percent if you're paying 15 percent interest or more on your credit cards.
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GOAL: MAXIMUM SAFETY
If preserving your savings is paramount, Loretta Nolan, a financial planner in Old Greenwich, Conn., suggests a plain old FDIC-insured savings or money-market account. Just bear in mind that you'll have to keep the account total under $100,000 (still the max the FDIC will insure per depositor in non-retirement accounts) or spread your savings among several institutions.
To find the best deal, compare yields on Web sites like Bankrate.com with those you can get at local banks. In March, for example, we found a money-market account that paid 4.25 percent at Flagstar Bank in Troy, Mich.
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