Lloyd has $20,000 to deposit. His wife’s illness leads to medical expenses beyond what their insurance will cover, so Lloyd must often quickly access his savings. Recommend a good way for Lloyd to store his money.

Lloyd needs to access his savings quickly to pay unexpected medical expenses, so liquidity matters more than earning the highest interest rate. An online savings account typically lets him withdraw money more easily than a two-year CD, which may impose a penalty for early withdrawal. The online savings account earning 3.6% is the best fit for his need.

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