Where do you keep your EF?

**littlemotherhaywood** · 10-22-2006, 12:59 PM

The last time we had a decent EF I kept all of it in two virtual bank accounts. Right now we only have $300 in cash stashed in the fireproof lock box, but I don't like that. I know it would be too tempting to spend it. What I was thinking about doing when we get it up to $500 is put in two plastic bags and freezing it in a block of ice so that we 1) wouldn't be tempted to spend it needlessly and 2) would still have access to some cash in a reasonable amount of time until we could access the rest which I would put back in the virtual accounts. What do you think?

**Mojjo** · 10-22-2006, 02:31 PM

I have it in our credit union...it's our "special savings" account.

**Neeley** · 10-22-2006, 02:33 PM

Hubby keeps our in the savings account at our credit union where we have our checking account.

**frugalnana** · 10-22-2006, 02:38 PM

Dh has it in our combined credit union account.

**lottaLove** · 10-22-2006, 02:41 PM

We have ours in a savings account. It's an account that we can't access from a debit machine, and it takes 24 hours for a funds transfer before we can debit it. Sort of stops the impulse spending I guess...

**monkeywrangler71** · 10-22-2006, 03:11 PM

What is a virtual account?

**Telephus44** · 10-22-2006, 03:46 PM

We have ours at ING - so a virtual account.

**FarmerSue** · 10-22-2006, 03:54 PM

Ours is in a regulare savings account in the same bank as our chequing. My bank card has access to both accounts so its super easy to throw a cheque or a 20 dollar bill on it. NEVER have made a withdrawl from EF but PLENTY out of chequing!!!!

**Emjo** · 10-22-2006, 07:23 PM

Ours is in a money market fund. It's good because I can make a withdrawal online if I have to (and have the money the next day), and I can't access it with my debit card or from an ATM. It's not so good because I have to phone the bank or go down there to contribute, which can be easy to put off. The interest is about 3%, which is OK I guess.

**Emerald_Mommy** · 10-22-2006, 07:31 PM

Half in an ING account, half in another e-bank. Plus a bit in our regular savings account.

**emily_hope** · 10-22-2006, 07:40 PM

We have ours in a checking account at a whole different bank from the ones all of our other accounts are in. We don't visit this bank unless we go to deposit money in the EF. We do not carry the checks with us. They are just in case of an Emergency!

**autumnlynn** · 10-22-2006, 07:47 PM

I have mine in Ing. I like it there because it keeps me from dipping into it on impulse.

**Mopsiehoney** · 10-22-2006, 08:04 PM

Originally Posted by emily_hope

We have ours in a checking account at a whole different bank from the ones all of our other accounts are in. We don't visit this bank unless we go to deposit money in the EF. We do not carry the checks with us. They are just in case of an Emergency!

I was thinking of doing my EF the same way. I haven't really got an EF right now -- I'm just starting the "baby steps." If I keep it at a separate bank where I can't just "transfer funds" over the internet or with my atm card I HOPE it will keep me from dipping into it.