Where should we keep our emergency fund? - Mothering Forums

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#1 of 5 Old 07-05-2008, 11:10 AM - Thread Starter
 
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Any advice about what type of account is the best place to keep our emergency fund? Up until now we have just kept a certain amount in our regular savings account and been good (well, pretty good ) about not touching it. I'd like to separate it from our other funds though and since it will be sitting in an account without much activity I would like it to be earning as much interest as possible. However, this being the emergency fund, we need to be able to access it immediately in the event of an, well, emergency. Any advice would be appreciated. Thanks!
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#2 of 5 Old 07-05-2008, 01:33 PM
 
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Some people stagger small amount in CDs so at least one CD is set to mature each month (giving you access without penalty). I read in another thread that e-loan is offering a good interest rate on a 1 yr CD, but I've never used them. Regions bank was offering 3.25% on a 6 month CD when we opened ours. I don't mind doing long term CDs because you can always cash a CD out with minimal penalty. We had to cash ours out early and the penalty was only $5, we sill received interest for the few months we had it in. It might be a good idea to several CDs so if you need to cash out you still have some earning.

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#3 of 5 Old 07-05-2008, 02:05 PM
 
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We have ours in an ING savings account. I believe it is paying 3%. It does take a day or two to get the money, I believe, but that's fast enough for us.
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#4 of 5 Old 07-05-2008, 03:18 PM
 
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I keep mine in http://fordcredit.com/interestadvantage/index.jhtml

Current Rates
For the Week Beginning June 30, 2008
Amount Invested Rate Compound Yield
Under $15,000 3.40% 3.45%
$15,000 to $50,000 3.55% 3.61%
Over $50,000 3.70% 3.76%


They have the best rates that I know of...would be interested if anyone is getting any better.
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#5 of 5 Old 07-06-2008, 11:46 PM
 
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We recently transferred ours to a goldmoney account overseas, but I think it would take a few days to get it, if we needed it.
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