He mentioned having some of the funds as &quot;cash on hand.&quot; Let&#x27;s assume it&#x27;s some sort of investment (eg. sweep) account, like at Charles Schwab [1].  The funds are FDIC-insured, just like a savings account; they are also just as accessible as a savings account.  But they are actually an investment account, from which you can trade stocks, bonds, etc.<p>Of the (mostly affluent) people I know... none of them possess a traditional savings account. Most use a checking accounts for direct deposit and a brokerage account.  There&#x27;s no reason to have a traditional savings account.<p>[1] <a href="http:&#x2F;&#x2F;www.schwab.com&#x2F;public&#x2F;schwab&#x2F;investing&#x2F;accounts_products&#x2F;investment&#x2F;cds_money_markets&#x2F;cash_solutions" rel="nofollow">http:&#x2F;&#x2F;www.schwab.com&#x2F;public&#x2F;schwab&#x2F;investing&#x2F;accounts_produ...</a>