Any suggestions for a good place to save emergency fund with an easy access? Thanks.
I’m a fan of using the idea of churning, but for savings accounts. While the average interest rates are dismal, you can keep your money safe, accessible, and insured while earning easy money through sign-up bonuses. Right now I’m waiting to receive $350 from Chase before moving on to the next account. If you do this, too, just be sure to close each account when you move on and transition any deposits or recurring transactions. You can go back to each bank and get a new bonus after 6 or so months without an account!
If you want to do the same, the $350 chase deal can be found here: https://accounts.chase.com/raf/share/2145939863
To clarify, I’d steer clear of using e-fund money to invest or use in a long-term but higher-interest CD. It’s too risky, in my opinion, but this is the best workaround I’ve come across, yet. Hope it helps!
Under mattress or savings account.
Savings account is less accessible.
Churning idea is a good way to make the most of your money, but takes a little effort.
If you want no risk and easy access, the best thing you can do is use a high yield savings account. I use Discover, which is fine, and I’ve heard other like Ally and Marcus. Anything above 2% right now is a solid bet.
Stay away from regular savings accounts or checking accounts, as they usually only pay around 0.01% … which is terrible. Just terrible. Terrible. Did I say terrible?
If you’re ok with a little more risk and little less accessibility, you could put some in a bond fund. But now were moving away from emergency fund territory and more towards actual investments. Just depends on your risk level.
warning: shameless self promotion inbound…
I got this question emailed to me a lot, so I wrote up this post.
For my money (literally) I prefer a money market index fund with Vanguard. Not a “true” emergency fund because it’d take 1-3 days to get your money, but close enough for my risk tolerence.
Once you’ve developed the discipline of keeping money aside in the form of an emergency fund and you’re clear on the definition of an emergency, invest in a good strong safe, and keep the cash there for easy access.
The best place to keep your emergency fund (think three to six months of living expenses) is separate from your regular checking and savings accounts so it can be earmarked for emergencies only.
Make your emergency fund work for you
- CD Laddering.
- Emergency Fund .
- High-yield Accounts.
- Money Market Account.
Well, I decided to do what is convenient for me. There is a sense to do my full-time job and devote some time to a kind of side job, which is gambling in my case. I like games of chance, and the feelings they give me. My last choice is what I found in the post from GadgetFlazz — https://gadgetflazz.com/entertainment-software-industry-novelties/, where dealer-less casinos were mentioned. The idea seemed to be cool to me — electronic poker tables with a computer as a dealer. So, in theory, you can simply have a rest playing in such casinos after work, and also earn some money and use it as you wish. As for saving money, I’m trying not to think about it too often.
I would suggest you use a high-yield savings account to stash your emergency funds. You can easily access your funds anytime you want from these kind of accounts. When looking for a high-yield savings accounts that would suit your needs.
I would advise that you search for banks with competitive interest rate and no monthly fees or minimum balance requirements.
On the other hand, some of these banks offer welcome bonuses to new customers which would benefit you.