The best places to keep your emergency fund:
Money Market Account
You can open a money market account at most local banks, as well as at online banks. You may find higher rates online. Online-only banks can offer better rates because they don’t have all the overhead costs that traditional banks face. Whichever you choose, be sure you understand how to access your funds in a hurry, if necessary.
Having to pay a fee isn’t ideal and can defeat the purpose of choosing an account that earns higher interest. In a way, it’s like gambling as to whether or not you’ll face any emergencies during that time period. There are a few no-penalty CDs, but you’ll need to read the fine print to be sure that the no-penalty feature isn’t tied to a specific circumstance like losing your job.
One risk with this strategy is that keeping your emergency fund in a traditional bank account could lead to your withdrawing money when it’s not truly an emergency. To combat this, you could open an account at a different bank from your other checking and savings accounts. This can at least add a degree of difficulty that may help keep you from pulling funds out when you’re not facing a real emergency.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
10 Best Sweaters to Keep You Warm This Winter 2020 / 2021 » Fashion AllureToday we hand-picked the finest selection of knit wonders to prepare your wardrobe for sweater weather! Simple creams and tans, cozy knits, suede and classic patterns feel so polished. Just have a look!
Read more »
What Grammys? Try these 12 places for the best live music in AmericaRanking the musical thrills and architectural wonders from a coast-to-coast fact-finding mission on music halls, from classical in Cleveland to jazz in New Orleans.
Read more »
The Best Beauty Looks From Couture Fashion Week S/S20Couture Fashion Week is well underway and we are seeing every makeup trend in the book. From frosted eyebrows to bold, glittery lips, these are the most impressive couture beauty looks that you missed this week.
Read more »
The 6 Best Waterproof Mascaras, According to a Makeup ArtistLaugh, cry, or go swimming — we had an expert weigh in on the mascaras that simply won’t run.
Read more »
Grammys set to honour music's best, but scandal overshadows galaRevelations of infighting at the Recording Academy, which organizes the awards show, and an explosive allegation of rape has cast a dark shadow over the glitzy gala and rattled the institution's efforts to shed its out-of-touch image.
Read more »