Cash management is something many, many individuals struggle with on a daily basis. Do you know where your money goes? I dare you to keep a daily journal of your cash (and credit) spending over a week. How about a month? If you don't know where your money goes then how can you accumulate the wealth to attain those goals? I've heard news accounts stating that the majority of Americans are living paycheck-to-paycheck; I prefer to believe in sound studies, for example one completed by the Harris Poll in 2016 stating that it's 38% Quite scary. I remember those times and my family is just one event away from that. Thus, you have to plan for these possibilities. Experts agree to have emergency savings accounts consisting of 6 - 12 months of your monthly expenses (not your monthly income). If both spouses work, then you could probably have a lower amount; if you or your family relies on one income, then the more you have liquid (e.g., readily available cash not tied up in a retirement or investment account) available. Yes, the interest rate is low, but that's what you give up in order to have quick access to the cash. Don't be fooled to save the money within your checking account because you may have the tendency to spend it - save it in a separate account (even with another bank; that's what I do). So tell me, what kind of savings accounts do you have and for what purpose