Learn why not to use an online-only bank, whether I like banks or credit unions best and how much cash to keep on hand at home in case of emergency.

This is what I posted on Instagram:

"Be skeptical of any financial expert who tells you not to use a bank. It's not that I'm pro-banks (I'm definitely not), but a bank that has physical locations will greatly relieve any anxiety you may feel if there is a power outage or internet failure. What would you do if you couldn't access your account online and no one answered the phone? You are not going to make much interest in a bank account anyway, so don't worry about a "much higher interest rate" that an online-only bank pays because the annual difference is probably less than $30. Experts are making commissions for encouraging you to do things that are not in your best interest." Keep your checking and emergency fund in a bank, invest the rest through your brokerage account for higher returns and serious compounding.

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Be Wealthy & Smart,™ is a personal finance show with self-made millionaire Linda P. Jones, America's Wealth Mentor.™ Learn simple steps that make a big difference to your financial freedom.