Where do you keep your emergency fund?

benbay001

I seem to have a mental block to allowing money to accumulate in my current account.
Whenever I reach payday and have more than £1k in my account, I get the urge to move it into my S&S ISA.


Not the biggest sin in the world, and i would be willing to remove it at a loss, if a genuine emergency arose.
But i cant help but feel there are more appropriate places to save an easy access £3k or so.


Where do you keep your emergency fund?

Novice_investor101

I got fed up of moving my emergency fund around every few months chasing the "best" easy access savings accounts so I put in all in Premium bonds, with the hope I'll one day win something....

I move any left over salary into the same account every month so it's continually growing. I have a minimum amount I would keep in there at all times but I also use it to move money across to my S&S when there's a big dip in the markets, to average down my unit costs.
I also invest by regular DD, so this is really just a way to have some money spare to take advantage of any falls in equities.
I will always keep a cash amount equivalent to 6 months expenses minimum in the PB's.

Unless interest rates increase significantly I won't be using savings accounts as it's too much messing about for less than £100 a year benefit. Instead I invest more & overpay my mortgage.

DigForVictory

The one I admit to, at a bank.

The other, well, my family are quite IT literate enough.

cattie

Mine is spread around, some in my current account, which I usually maintain at around £1k, then the rest is in easy access accounts & premium bonds.

masonic

Related thread: https://forums.moneysavingexpert.com/discussion/6032337/how-do-you-structure-your-emergency-fund

Linton

As I am retired, I keep a few £K in current account to cover several months expenditure beyond the regular income normally received. I dont bother with a credit card. The rest in PBs for a few minutes excitement each month. I am not bothered about any interest, it would be insignificant compared with that from investments.

talexuser

benbay001 wrote: »

Where do you keep your emergency fund?

In a wooden box, under the bed, which I get out every night and gleefully count the gold with my fingerless gloves by the flickering light of a single faltering candle.



No need to get worked up, if your ISA has a competative rate and is a flexible one you can now withdraw and replace in the same tax year, so is fine as an emergency fund. I too only leave a grand in the current account I actually use and move the excess not needed every month.

quirkydeptless

I used to keep my emergency fund in Premium Bonds as it was easy to keep it psychologically seperate from other cash because of it's difference to traditional savings accounts.

However after I started building my magic money tree to get the best possible cash interest I can, my emergency fund is split in a number of Easy Access accounts, my day to day money is in a couple of current accounts, and anything that's earning 1.75% or more I consider as my cash portfolio, and I track it all in a spreadsheet

Zero_Sum

Mainly marcus for me.

Flobberchops

benbay001 wrote: »

Where do you keep your emergency fund?

Well, I keep about £10,000 for emergencies, in used, non-sequential £20 notes, buried in a Tupperware container next to the tallest oak tree in the recreation ground just off Tudor Drive in my hometown of... hey, wait a minute! Nice try!

Peter314

benbay001 wrote: »

Where do you keep your emergency fund?

In my current account, where it offsets some of my mortgage.