Where do you put your EF?

[Lucas]

For those of you who do the EF where do you put it? savings account? Mix it with your checking? Keep it in cash? buy gold with it? Whats your method. Personally I was thinking just make a separate savings account but have been keeping it with my checking.

[dcompton]

I've simplified lately. I keep the bulk of it in an online savings account. I keep just enough in checking to cover the rent and few early in the month bills if there's a glitch in the direct deposit of my paycheck.

[Greebo]

Not Gold. Not CDs. Not mutual funds. Nothing "illiquid".

We keep our EF in a Schwab online checking account where it earns tolerable interest but stays out of our main banking.

[Holding Pattern]

Like Greebo, we have an online money market checking account that it goes into. We also have an EF 'stash of cash' for true emergencies. A couple of 1 oz. gold krugerrands that were bought about 10 years ago and right now I am really happy I have them, thinking of selling them since gold is high, and putting them into the MM account.

[Jilly]

I've simplified lately. I keep the bulk of it in an online savings account. I keep just enough in checking to cover the rent and few early in the month bills if there's a glitch in the direct deposit of my paycheck.

Ditto. I keep my EF in a stand alone savings account. I have my paycheck direct deposited into 3 accounts: 2 checking accounts and 1 savings account (EF). My first checking accounts is used strictly for monthly expenses that I pay through my bank's online bill pay (e.g. mortgage, electric, cable, phone, etc.). My 2nd checking account is with my credit union. I've set it up so that a portion of my paycheck gets deposited into this account and is tied to my Visa debit card. I use it for anything that is outside my monthly living expenses (e.g. groceries, fuel, doctor's copays, other miscellaneous purchases).

I know this may sound like a lot to keep up with, but it really has simplified my life! I can rest assured that my living expenses will never be at risk for overddraft fees because of an incidental purchase with a check or debit card. My "spending" account (the one with the debit card) keeps me within my budget. And a set amount is deposited into EF savings each pay period.

[Contrary Housewife]

Ours is spread out. There is the big savings account. There is a smaller amount of "buffer" in the checking account tied to our debit cards -- easily available when we travel. There is an even smaller debit account from before I got married that serves as a backup (our main account has a daily limit on it and a weekend worth of shopping can make the cards unusable come Monday when it all hits) That's the "I'm sorry ma'am, your card was declined" fund.

I have "extra" savings tied up in CDs because at the time it was a good rate and we had "enough" in the big account to cover pretty much anything.

I have cash stashed in the house, too.

[mauimagic]

Our EF is in an ING account with automatic deposits made twice monthly.

[JessieMom]

we have a couple accounts with ING.
-our EF, which we move money into 2x a month when we get pd
-my daughters dance fund, which we move money into once a month (so we can pay her tuition up frnt & for her competition fees)
-and we have an account that we put money each month for those bills that are quarterly or 2x yr (like our auto ins)
I like having it in an online bank, they give better interest than my checking account and it takes a couple days planning to access it if needed (just long enough to curb the "impulse" transfer, lol)

[Natalie]

That reminds me. I need to put some more in my EF.

I have a little in good silver dollars, but the majority is in 2 savings accounts, a money market fund, a CD...

My signature needs updated....

[mateosbaby]

We have a checking and a savings account. My $1000 baby EF is in the savings account, and even though I can transfer funds VERY easily between both accounts (both at the same cu), I am disciplined enough not to want to touch it. We also have extra in the checking account that happened to make its way there. I just don't touch it. It was from before we started DR, and I don't want to mess with it. I figure a cushion is a good idea.

[Luckybustert]

In a separate savings account at a bank that is somewhat inconvenient for me to get to. I can get at the money easily enough if we really need it, but not so easily that I'd be dipping into it all the time.

[Denvergirlie]

all of mine is in ING online savigns account. Although I do have a hidden $1K in checking account, but that's not really part of the EF, it's just there.

[missmanny]

My EF is in ING that way it earns some insterest but I can get at it relatively quickly if I really need it.

[Preston]

I have EF in savings account right by my Checking account. Same bank. I keep a penny in my checking account. My savings has the EF.

The EF has several purposes and is one of my favorite tools while I'm unloading all this debt -- It is a cushion if something major goes wrong, but sometimes I have used it for a payday loan (instead of having to pay a few days interest by pulling from a credit line.) It also gives me a little peace of mind.. and when you're on a budget this tight, it helps.

[littleplum]

We keep ours in our savings account, attached to our checking at our credit union. It's not only the simplest way for us to access it when (not if) we need it, but it helps us fulfill our credit union membership requirements. You have to have a "share" (savings) account to belong to most CUs.