The next best thing is a fixed deposit.Ī fixed deposit is a bank account that lets you take out your money after a fixed period of time and generally gives higher yields than an ordinary savings account. However, putting the money in a savings account may see its value diminishing against the rising inflation rate.Īt the same time, putting your money in investments like unit trust, real estate investment trust (REIT) or stocks may not be liquid enough when it comes to emergencies.
Financial experts recommend that we put aside money for contingency for a rainy day.