Forum Index
»
Off-Topic
Where to keep a large savings cushion/emergency fund
![[Post New]](/jforum/templates/default/images/icon_minipost_new.gif){kind=icon}
Anonymous
| We have a good emergency savings fund that I keep in an online Citibank savings account attached to my checking account. The interest rate is quite good for savings accounts but I wonder if there isn't a better place to keep this $$. Where is yours? Of course it needs to be somewhat liquid and reachable but isn't it a waste to keep it almost just sitting there? |
Anonymous
| smartypig.com - 2.15% |
Anonymous
| Ours is in ING. |
Anonymous
| Also ING. But damn, the rates have gone down since we opened it! |
Anonymous
Same here. |
Anonymous
| FNBO - slightly better rate than ING, but not as user friendly. I also have an ING account. |
Anonymous
| Capital One Bank |
Anonymous
| How much money do you all have in your emergency fund? I'm stressing about this these days... |
Anonymous
| I need to keep ours in an account NOT linked to my checking.... too tempting to dip into. |
Anonymous
| Alliant Credit Union. Consistently high (relative) rates for checking savings (1.5% now). You can join by being a member of a PTA...they don't even require proof. |
Anonymous
| ING |
Anonymous
| ING. Agree that it's better not to have a savings attached to my checking. Keep dipping in! |
Anonymous
| I keep an emergency fund in an online bank, but I also keep some liquid savings in i-bonds (inflation-adjusted savings bonds). Since I've started doing it they added a requirement that you can't cash out during the first year, but I think otherwise the only penalty is losing 3 months of interest during the first five years. The interest rate varies every 6 months and it can actually be 0%, but most of the time it has been better than savings account rates. Plus you get a hedge against inflation (and defer tax on interest until you cash them in or possibly avoid paying any tax on them if you use them for college expenses). |
Anonymous
Me too. I am one of the ING posters. I have several revolving 6 month CDs that I've put my emergency savings into. So there's a real penalty to me if I withdraw it. I'm much less likely to pull it out for some stupid reason. And if it's truly an emergency, the penalty is the last thing on my mind. |
Anonymous
|
We split it between three separate places:
1. Some in the account attached to our savings account. Therefore if it's a real short-term emergency where we need funds quickly, we can readily access it. 2. Some in a separate account for which we don't have an ATM card or online access set up online. That way if it's a "medium" emergency, we have to go to the bank and stand in line to get it. 3. Some in a mutual fund. No penalties for withdrawal but it's enough of a pain that we'll need to have it be a "real" emergency in order to go through the hassle of cashing it out and getting the funds. |