I have an emergency fund with 3 months of income saved up. It is currently in a money market earning less than 1%. This money is saved in case I lose my job or need to make a major repair on my home.
I would like to keep one month of income in the money market where its very safe and very liquid. I would like to move the remaining two months of income into an investment which pays a higher rate than my money market, has a relatively low risk, and can be sold/liquidated within a month. My intention is to have emergency funds available in the money market, but have longer term emergency savings earning a little more interest.
What options should I consider for this type of savings/investment? Traditionally CDs would be the recommendation, but the rates are abysmal.