Where do you keep your rainy day/emergency funds?
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Anonymous
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Under the mattress doesn't count.
Looking for some options - savings account and money market yields are so low right now. Would love to earn a little bit from my emergency fund, but not tie it up nor have difficult tax implications. Needs to be easily accessible if we need it (i.e. doesn't need two full business days to transfer to checking account). What do you use? Thanks! |
Anonymous
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If you need it to be highly liquid, as in potentially the same day, keep it in savings. If it is for an emergency, don't put it at risk or tied up. You're just asking for trouble,
Not to mention, I am not 100% certain what vehicles out there are going to keep that liquidity and give you any sort of return. |
Anonymous
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Bitcoins!
No, I'm just kidding. Savings accounts are the only vehicle I can think of that has the liquidity you see (besides stashing it under your mattress.) Just don't put it in your couch cushions! http://www.nydailynews.com/news/national/roommates-find-40-000-thrift-store-couch-article-1.1793398 |
Anonymous
| Meant to add -- you might ask yourself if you really, honestly, do need the money to be that liquid. For example, could you cover any dire emergency with a credit card, at least for a few days/weeks? If so, then maybe a certificate of deposit might be an option for you. Still low interest, but slightly better than a vanilla savings account. |
Anonymous
| If you go to the corner of P and 13th, NW, look for a drop dead box that looks like a random piece of concrete. Upon further inspection, it will open. That's where I keep it. |
Anonymous
| Just about everything is in my Betterment.com account(s) other than $2500 that I keep in the bank just in case I need to get to it on very short notice. I can't imagine needed more than $2500 cash quicker than a couple of days it would take to get it from Betterment. I like having my money make me money |
Anonymous
| First tier in an online savings account, 2nd tier in ibonds. |
Anonymous
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Money market. (And enough cash in the house to get through a moderate weekend emergency.)
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Anonymous
| I-bonds |