Watch this: These Are the Safest Places to Keep Your Money Right Now 03:56
Putting your cash in the right places can help you maximize your returns and preserve your savings. zenstock/Getty Images/CNET
It's been a brutal year for anyone following the economic headlines. Tariffs are on, then off, then on again. Prices are high either way. Layoffs are picking up. Oh, and a recession may still be around the corner.
The macroeconomic situation is out of your control, but there are steps you can take to put yourself in a better financial standing if the worst comes to pass. First and foremost is putting your money in the right place.
From your everyday spending cash to your long-term savings, here are the best accounts to keep your cash safe during a recession.
Read more: A Recession Could Be Hiding in Plain Sight. Here’s the Best Advice to Prepare
💵 Where to keep your spending money in a recession
Rewards checking account
Even if your paycheck is directly deposited into your checking account, you shouldn't keep all your money there.
Your checking account funds should cover everyday spending and bills, plus a cushion for other expenses. The rest of your cash should be in an account that earns a high interest rate so it can grow. Plus, when you keep money earmarked for savings in a separate account, you're not tempted to dip into it.
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