As both a financial writer and a Certified Financial Planner™, I’m very familiar with all of the various types of bank accounts and other interest-bearing instruments Americans can use to store their cash. However, one of the most common questions I’m asked is what I do with my own money.
Well, without getting into the dollar amounts I keep in various accounts, here’s a rundown of the different types of cash accounts I use and some things to keep in mind when you’re deciding how to allocate your money.
How much do I keep in my checking account?
According to the Federal Reserve Board Survey of Consumer Finances, the average U.S. household has $10,618 in their checking account. However, the median is about $2,000, which means that half have less and half have more.
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Without getting into the actual dollar amounts I keep in my…
