We are just starting to build up our emergency savings but I have no idea where to keep it. We have an account through our CU but we pay all our bills through there and I wouldn't want that money to get tapped into for whatever reason. We also have an online savings account but it takes a few days to transfer back to our regular credit union account, and in an emergency that wouldn't work. So, where do you keep your emergency savings?
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Can you just open up another account at your credit union? All of our account are with the same bank.
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We have a seperate savings account at the same bank as our checking, but we purposely do not tie them togehter. We also keep some cash in our safe just in case we would ever need more than an ATM would allow us to take out.
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We have another checking out at our bank. We would have a savings BUT don't have to have to worry about being penalized if we needed to make multiple transfers or transactions out of it in a months time.
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We have it in our savings account.
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DH keeps it in one of his savings accounts.
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We have a savings account and a Fidelity account.
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Well, we have 3 savings accounts, 2 of which are 'emergency.' The larger one we keep at the CU, and do not have online access to it. The smaller one (which keeps getting smaller...) we have at BoA and we can instantly transfer $ to our checking account if needed. The third, big one, which is for day care when baby comes, is an online account that takes a few days to get access to. When LO comes we will move that money into the BoA savings and have one large emergency fund. Wish we had more in it!
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We have a smaller account that we only use for certain things, not day to day expenses, that we could tap an a really urgent emergency, but most is in an ING account that does take a few days to transfer. I can't really think of a likely emergency that we couldn't either wait the 2 days for the cash or use our credit cards though.
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Ours is in the stock market. Regular savings is in my secondary bank that I transfer money out of primary on a regular basis. Bills get paid out of the checking, but savings are stowed away.
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We keep some money in our savings account; but we keep the majority of our savings in a Vanguard investment fund because it earns a lot better interest than a regular savings account (although there is also more risk involved too).
For emergencies, we would use a credit card for the purchase and then transfer money in to pay it off if we needed to. We haven’t had any emergency situation happen where we needed actual cash, so cc works for us.
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We keep ours in an online savings account that takes a few days to access. I figure if there was some emergency, we would do like @yoursilverlining and pay with a credit card, then transfer the money to pay it off.
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We have 2 savings accounts, an emergency line of credit and a couple credit cards.
Hopefully we'd never have to use them all.
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Mine's in a savings account but it would also take about 3 days to transfer over. However, our credit cards have a relatively high limit on them (i think one of mine is 30K or something insane?) so i would just charge something, then transfer the money over.
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We keep ours in a savings account with our bank.
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We have our emg do not touch savings an Ally bank. It'd take a few days to transfer to our usual bank, but I don't think that's too bad. I can't think of a situation where I would actually need *real* money that fast. But I charge everything on my credit card, so I'd do the same in an emg and I'd be able to get my cash to where it needs to go before the bill was due.
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I have an ING savings account. I don't want it in the same place as my regular banking so I'm not tempted to pull from it.
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we have two accounts at our bank, checking and savings and they are connected (we can make transfers and view all on one account online) but separate.
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We have the same exact situation as @Mrs. Pen!
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Mattress! I kid . . .
Multiple accounts with 2 large banks.
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@Mrs. Pen: @Modern Daisy: How are you not tempted to dip into it, since its so easily accessible?
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We have the same situation as @Mrs. Pen: and @Modern Daisy.
@runsyellowlites: Why would you be penalised for making multiple transfers or withdrawals in a month? Doesn't this only apply to telephone or electronic transfers with online banks like Ally etc?
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@plantains: I know with ING you can only make 6 transfers in a calendar month ETA: @runsyellowlites, oh did you mean with a regular bank account?
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We do have to dip into it sometimes, only because DH tries to over-save every month (which I personally think is pointless and stressful, but I pick my battles) but the 'bulk' of the savings keeps growing over time. He puts most of our disposable income in there every month, so if we go on vacation or have a big unplanned expense then we end up dipping into savings, even though it really isn't technically dipping in.
How many times did I just say 'dip' lol??
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@plantains: @Bao: The conditions of the "savings" account is that there are less than 3 withdrawals/transfers a month. So we just went with a checking account without a debit card & got the free gift for opening a new account! Lol
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@Bao: yup, ING, Ally and other online banks are bound by Federal law to limit the number of transfers to 6 per calendar month.
@runsyellowlites: Wow! I am kind of surprised that a bank would think with interest rates as low as they are anyone would be incentivized to open a savings account with such a small number of transfers allowed.
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We have a bunch of various accounts. Some are "emergency" and some are allocated for different expenses (e.g. car repairs, home repairs, travel, etc.). Since we have a variety, we have 1 at our regular bank that is connected to our checking account and we have 2-3 at ING and Ally which take a few days to transfer.
@Bao: Do you put all of your paychecks into checking and then transfer out money to savings? Or do you put some of your paycheck into savings right from payday? I find that helps with saving... because the money was never in checking to begin with. I just ignore the savings account that is connected to our checking.
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We just switched all our savings from INGdirect to a money market account (pretty much exactly the same as a savings account) with Ally. It has one of the best interest rates out there!
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@sunny: DH has direct deposit, so the same day his check gets deposited, money gets automatically transferred to our online account. I will sometimes do an extra transfer too, if we have extra money.
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@Bao: oh that's good! I think that makes saving so much easier.
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Online savings account for us!
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