Where do you keep your emergency fund?

**sunray16** · 12-17-2007, 10:14 PM

I'm working on building my emergency fund and I'm not sure where to keep it. Right now I have about $650 in my Paypal account from selling things on Ebay. I'm tempted to leave it in there so I can't access it as easily as I can my savings account. I'm afraid if I put it in savings, I'll be tempted to use it when it's not a true emergency.

Where do you keep your emergency fund?

**Kitten20** · 12-17-2007, 10:23 PM

We keep it in my savings account. It can be tempting and I am guilty of taking a few dollars here and there, but overall it works for us.

**kittykatstrong** · 12-18-2007, 12:52 AM

I put in a CD. I can get it really needed but not very easy.

**sdrjeolsen** · 12-18-2007, 12:58 AM

I have ours in an on-line account. Takes 2-3 business days to get to it.

**Squirt** · 12-18-2007, 07:13 AM

Same as above. I can access it in 2-3 days, and it's going to be adding to itself as it earns interest.

I also have a Mason jar of dollar bills (I've been raiding my wallet for singles every few weeks) in case I need a few bucks some day. Like for emergency beer or something.

**SweetPea** · 12-18-2007, 08:44 AM

Ours is split up, one is in a 6 mo. CD that will be maturing in march, and the rest is in an ING account.

**LexTysMommy** · 12-18-2007, 09:01 AM

I do not have emergency fund so I am curious to read this thread to see where or how I should start one!

**McD** · 12-18-2007, 09:06 AM

It's currently in a savings account. As it continues to be beefed up, I will transfer it into a money market.

**yonksgirl** · 12-18-2007, 09:23 AM

We are going to keep it in the house so we can get to it quick. I wish I could find a lock box that had two keys that had to be in at the same time before it would open. You know James Bond style! LOL!

**sunray16** · 12-18-2007, 09:41 AM

Does anyone see a problem with me keeping it in my Paypal account? It's technically a money market account (earns 4.6% currently....better than my savings account) and it takes 2-3 days to get the money. I think if I keep it in there, I would be much less likely to use it when it's not an emergency. And I'm just talking about my $1,000 baby emergency fund. Once the snowball is gone and we really start building a good emergency fund of 6 months of expenses, I would move it somewhere else.

What do you guys think?

**JustJoy** · 12-18-2007, 10:39 AM

I've had mine in ING for over a year now.

**Holly** · 12-18-2007, 11:03 AM

Restarting mine in Jan. It will be kept at home because if its an emergency I don't want to have to mess with a bank. ( It won't be under my matress though )

**Michelle** · 12-18-2007, 12:43 PM

Originally Posted by sunray16

Does anyone see a problem with me keeping it in my Paypal account? It's technically a money market account (earns 4.6% currently....better than my savings account) and it takes 2-3 days to get the money. I think if I keep it in there, I would be much less likely to use it when it's not an emergency. And I'm just talking about my $1,000 baby emergency fund. Once the snowball is gone and we really start building a good emergency fund of 6 months of expenses, I would move it somewhere else.

What do you guys think?

I think your reasons for wanting to keep it in Pay Pal are great, but I just don't trust Pay Pal.

I keep mine in ING.

**Squirt** · 12-18-2007, 12:46 PM

Michelle has a good point.

If you use PayPal and there is some sort of problem over a transaction, they'll take your money first and ask questions later. That's a little frightening.

**sunray16** · 12-18-2007, 02:48 PM

You're right about Paypal. Does anyone have a suggestion for a good online bank that earns a pretty good interest rate and doesn't take forever to get money if you need it?