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Building a safety net

Is it still possible to make your savings pay?

By Andy Davis   February 2014

© ANDY REYNOLDS/CULTURA/CORBIS

© ANDY REYNOLDS/CULTURA/CORBIS

What is cash? It’s an odd question but well worth asking for anyone who does their own thinking about personal finance and investment. Cash is notes and coins. It’s electronic digits in an online bank account. Every transaction starts or ends with cash. So far, so obvious. But once you start to dig into the question a little, it can lead you down some interesting avenues.

Money, the theory says, fulfils three functions. It’s a unit of account, a medium of exchange and a store of…

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