Growing up, the first bit of financial advice our parents gave us was probably to save money – and as much of it as possible for a rainy day.

As grown-ups, we go to work, try to climb the corporate ladder and each month, sock away a percentage of our salary in a savings account. This all sounds great, until you realise that while you’ve been hard at work, the money in your bank account has been collecting digital dust – especially over the past year when interest rates have plunged.

The dangers of sitting in idle cash

Idle cash as its name suggests, is cash that is not meaningfully earning you any interest or investment income.

To put things in context, consider this. According to an analysis by Goldman Sachs, the S&P 500 has returned 13.6% annually over the past 10 years. If you invested $10,000 in 2010 – and added nothing else, you would have had close to $36,000 in 2020. But if you had kept that money in a basic savings account with 0.05% annual interest

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