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re: Emergency money account advice
Posted on 7/1/14 at 9:19 am to RolltidePA
Posted on 7/1/14 at 9:19 am to RolltidePA
quote:
$5,000
quote:
We currently keep the money in a savings account with a .95% return rate.
IMO if $5,000 is your average emergency fund balance I wouldn't worry much about the interest rate you're getting. It's more important that the money is there and readily accessible rather than serving as a pseudo investment. You're not going to be earning much interest on that amount anyway.
1
Posted on 7/1/14 at 9:34 am to Jwodie
quote:
IMO if $5,000 is your average emergency fund balance I wouldn't worry much about the interest rate you're getting. It's more important that the money is there and readily accessible rather than serving as a pseudo investment. You're not going to be earning much interest on that amount anyway.
That's more or less what I was thinking. I logged into that account today to transfer some money to pay for a some repairs, and it got me questioning if there was something better to do with the money that I hadn't thought about. Figured it couldn't hurt to ask and see what some others thought.
We do keep a separate F-You / job loss emergency fund, but that is managed differently.
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