Markia Brown

Online banks have no physical location and require you to do everything digitally — and because of that, they tend to come with lower fees and higher rates of return. Traditional banks, on the other hand, have brick-and-mortar locations, a wider range of products, and in-person customer service.

With the Federal Reserve raising interest rates, unemployment numbers rising, and inflation causing spikes in the price of food and gas, now more than ever, you need an emergency fund. Six months’ worth of expenses is the rule of thumb, and you should set it aside in a separate savings account (i.e., not in a box under your bed).