In a rate-changing environment with persistently high prices, where you store your cash could be the difference between growing your wealth or eroding your purchasing power — to the tune of hundreds of dollars.

This is especially true if you're carrying a larger balance like $50,000. Thankfully, there are smart places to park it and earn a healthy APY while investigating other options.

Since there are no one-size-fits-all solutions, here are several common scenarios and strategies for each.

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