Reply to where do you keep your emergency savings?

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[quote=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. [/quote]

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