Hi all,
I so like this site!!
K I am working on my emergency funds. Also thought I should start a Christmas fund and other funds (working out what I need to save for.. vacation sounds like a good fund to have) but I do not want to put them in the bank at 0% (especially the emergency funds which are larger and more long term). Any thoughts on where to park them for 'some interest' but still fairly accessible?
and love the autowithdrawal to savings ideas that some of you have.
Need ideas- where to park emergency funds
October 24th, 2013 at 02:59 pm
October 24th, 2013 at 03:05 pm 1382623512
I bank at PNC and am a big enthusiast of the Virtual Wallet. The Reserve Fund is where I keep my "short-term EF fund" (meaning I know that I'll be parting with these funds in the next 3-6 months). Not sure if other banks offer that three account banking/savings package.
October 24th, 2013 at 03:10 pm 1382623813
October 24th, 2013 at 03:38 pm 1382625485
October 24th, 2013 at 04:13 pm 1382627593
Ally is only 0.84% right now, but has had consistently high rates for several years. Barclays is more of a promotional short-term kind of rate. Capital One is kind of in the same boat, so I'd put Ally as a better chocie. Ally is very focused on being "no fee".
October 24th, 2013 at 04:38 pm 1382629095
Ally offers MMA accounts as well as savings. An MMA account comes with a checkbook. If you need to have your funds immediately accessible, this might be a good way to go.
October 24th, 2013 at 05:50 pm 1382633409
http://www.bankrate.com/funnel/savings/savings-results.aspx?local=false&IRA=false&prods=33&ic_id=CR_searchMMASavingsRates_checking_SeeallMMASavingsproducts
October 25th, 2013 at 12:00 am 1382655603
http://www.savingadvice.com/forums/investing-banking/
I've a different system which adda a modest amount of risk since health care is not an issue and my employment is stable.. Experience taught me that serious emergencies didn't need instantly available large sums. I worked out the sum needed to cover basic expenses for six months + $ 500. cash at home. In an emergency, ATM machines can lose power or run out of money making Cash king. I've always kept a minimum $ 1,000. as a float in chequing for quick access and a long list of free services it gives, It's 3rd function protects from DH causing a careless overdraft. DH keeps a minimum of $ 1,000. aiming for $ 2,000. in a linked savings account. These sums cover unexpected, non catastrophic expenses which are often better charged on a credit card and paid by due date.
I opened and low cost, no fee Dividend Mutual Fund for serious, must fund 6 months of living expenses if I were incapacitated or abruptly lost income. The initial cost to open was $ 1,000. and I added an automatic, monthly transfer from chequing. Once it reached the ideal sum, only the re-invested dividends increase holdings. I'm shocked at how much this fund has gone up this year. I fully understand it can go back down really fast if there is another catastrophic event. I also understand that the underlying value of the specific holdings is the important factor.