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High-yield savings accounts, with easy access to your funds, are worth considering, said Ken Tumin, founder and editor at DepositAccounts.com. While investors expect the Federal Reserve to start cutting interest rates next year, online savings account rates won't fall significantly until the policy shifts, he added. Treasury billsAmid rising interest rates, Treasury bills have also become a competitive option for cash, with yields well above 5%, as of Aug. 18. Money market fundsAnother option to consider is short-term money market funds, said certified financial planner Chris Mellone, partner at VLP Financial Advisors in Vienna, Virginia. Money market mutual funds — which are different from money market deposit accounts — typically invest in shorter-term, lower-credit-risk debt, such as Treasury bills.

Persons: Ken Tumin, They're, Chris Mellone Organizations: Istock, Getty, Federal Deposit Insurance Corporation, Federal Reserve, U.S ., Treasury, U.S . Department of, VLP Financial Locations: TreasuryDirect, Vienna , Virginia

☆ Millionaires see market volatility, inflation among biggest threats to wealth, CNBC survey finds
▼ + stars: | 2023-06-07 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

"We're starting to climb that wall of worry again," said certified financial planner Chris Mellone, partner at VLP Financial Advisors in Vienna, Virginia, referring to market resilience despite economic uncertainty. The volatility index, or the VIX , is currently trending lower, below 15 as of June 5, Mellone pointed out. Inflation is still a top concernWhile inflation continues to moderate, many affluent Americans still worry about high prices. Annual inflation rose 4.9% in April, down slightly from 5% in March, the U.S. Bureau of Labor Statistics reported in May. Chris Mellone Partner at VLP Financial Advisors

Persons: Chris Mellone, Mellone, Natalie Pine, We're Organizations: Getty, VLP Financial, Briaud Financial, College Station ,, U.S . Bureau of Labor Statistics Locations: Vienna , Virginia, College Station, College Station , Texas

☆ What the debt ceiling standoff means for money market funds
▼ + stars: | 2023-05-10 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

But some investors worry about increased risk as the debt ceiling debate intensifies. Money market funds — which are different than money market deposit accounts — typically invest in lower-risk, short-term debt, such as Treasury bills, and may make sense for short-term investing goals. As a result, some of the biggest money market funds are paying nearly 5% or more as of May 9, according to Crane data. Investors worry funds may 'break the buck'As default concerns rise, investors fear money market funds may "break the buck," which happens when a fund's so-called net asset value, or total assets minus liabilities, falls below $1. Money market funds may provide an 'opportunity'Despite the looming debt ceiling, advisors are still recommending money market funds for cash.

☆ 4 of the best places for cash as the Federal Reserve weighs a pause in interest rate hikes
▼ + stars: | 2023-05-06 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +4 min

Hero Images | Hero Images | Getty ImagesWhether you're building an emergency fund or short-term savings, finding the best place for your cash isn't easy — especially as the Federal Reserve weighs a pause in interest rate hikes. The central bank on Wednesday unveiled another quarter percentage point interest rate increase, with signals that it may be the last. But higher yields are still available for those "willing to shop around," said Greg McBride, chief financial analyst at Bankrate. While the average savings rate is still below 0.5%, some of the top high-yield online savings accounts are paying over 4%, as of May 4. However, CDs are generally less liquid than savings accounts because you may owe a penalty for cashing out before the term ends.

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