where do you keep your emergency savings?

[Anonymous]

We have an account with Capital one (used to be ING) but may need to spend a lot of it on upgrades to a house before selling. We have about 4 months expenses in a CD (long story) that is coming due before we will do the upgrades. I am assuming it's bad to have emergency savings in a CD because of the penalty if you need it? Should we take it out and put it into savings or money market or something? We also have investments but I am keeping those for long terms savings....

[Anonymous]

We have immediate emergency savings in a savings account at our local credit union (where our checking account is). This is relatively small, but is instantly accessible.

The bulk of our emergency savings used to be with ING, but when they got bought out by Capital One we moved them to Ally bank (which also has slightly higher interest rates). This is available within a few days (however long it takes to transfer it to our checking account).

I wouldn't keep true emergency savings in a CD because it's not that easily accessible in an emergency. If the rates were fantastic enough to make up for any withdrawal penalty, then maybe. Or if you do laddered CDs so that one is coming due each month, I can see using that for a longer term emergency fund (ie, if someone loses their job and we need to cover expenses for the next 6 months but can cash out a CD each month to do it). I'd definitely want to have a good buffer of liquid cash though to cover immediate expenses.

[Anonymous]

Under my mattress

[Anonymous]

My emergency fund is all in Capital One also.

[Anonymous]

money market account at vanguard

[Anonymous]

Barclays has a nice savings account going at .9%

[Anonymous]

There have been about 5 threads on this in the last few months.

[Anonymous]

Anonymous wrote:There have been about 5 threads on this in the last few months.

Have you ever tried using the search function on this website?

[Anonymous]

Anonymous wrote:

Anonymous wrote:There have been about 5 threads on this in the last few months.

Have you ever tried using the search function on this website?

It's not great, but if you type either "emergency savings" or "emergency fund" you will find helpful posts in the first few results.