CDs aren't really for long-term savings, but they're not good for emergency cash, either. Think of CDs as savings that you can't touch.

CDs are a great way to save money, but they are not designed to be used as emergency cash. CDs are meant to be long-term savings, so they are not really suitable for times when you need quick access to money. CDs are best used as a way to set aside money that you can’t access without incurring a penalty. They may not give you the same kind of flexibility as other savings accounts, but they are a great way to help you reach your long-term savings goals. However, for short-term savings needs, there are other accounts that can offer better returns than CDs. These accounts can give you access to your money when you need it, without incurring a penalty. In 1929, the stock market crash triggered banking panics and people rushed to withdraw their savings. To prevent further withdrawals, President Roosevelt ordered a four-day bank holiday in 1933. He then declared a new law that limited the amount of money individuals could withdraw from the banks. This law helped to reduce the panic and stabilize the banking system. As a result, the economy began to recover from the Great Depression