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Where do you keep your EF?

October 9th, 2007 at 08:35 pm


We've had some serious expenses here the past few months:
$690 auto repair in Aug
$690 unexpected electrician bill Oct 1
$340 replace rental unit washing machine

I have been able to keep these purchases off the credit card but have had done serious damage to our savings account (and I just paid tuition for the 07-08 school year for 3 DKs for $3,200.) I figure if I really buckle down on most extraneous expenses I can come up with about $1,000 a month. I'm considering "laddering" three 3-month CDs for an EF knowing that I can access the money in no more than two weeks (14-day grace period) and my parents could always advance me fund til I'd pay them back (no more than two weeks). Does this make sense to anyone? Anyone else do this?

I'm also moving money to Vanguard's money market fund since our bank's intro-rate to new money market accounts dropped to 3 something%. But there is a 10 day hold on all money going into that fund/account so that is where my more significant savings ($10K is going)

where and what do you do with your savings/EFs?

Posted in Uncategorized | 5 Comments »

5 Responses to “Where do you keep your EF?”

  1. Ima saver Says:
    October 9th, 2007 at 10:24 pm 1191968644
    1191968644

    My savings are local because they were paying 5.25% I did just open a vanguard prime money market.

  2. Househopeful Says:
    October 9th, 2007 at 10:26 pm 1191968779
    1191968779

    I have savings in both ING and Emigrant Direct accounts. But since the rates have dropped, I am shopping around again. I just like to have the money fairly quickly available. Although, in an emergency, writing a check from a money market account would be just as easy.

  3. koppur Says:
    October 10th, 2007 at 11:44 am 1192016697
    1192016697

    I have my EF at ING and a saving account for "other" at Emigrant (right now it is my savings for my Vegas trip in Nov.)

  4. Aleta Says:
    October 10th, 2007 at 06:35 pm 1192041322
    1192041322

    I had a friend that did as you're suggesting. She had 3 CD's split so that in case she needed to access the money, she would only need to cash in one and have a penalty. If you have a bank money market, you are I believe as mine is to a limit of 3 checks and 3 transfers a month. In Vanguard, your checks have to be written out for at least $250., but for the most part, that would be where you would keep larger amounts. If you are with Vanguard, just make sure that you are linked to your bank for both the home checking account and the money market. I think that you would have to transfer at least $100. each time out of your bank account to Vanguard. I'm using Vanguard because I'm familiar with them. The other side of it is that you have to maintain 2500. or 3,000. there. I think you need 3,000 to open and a balance of 2500. There are many ways that you can ladder your money to make it work for you.

  5. Kikee Says:
    October 10th, 2007 at 11:38 pm 1192059515
    1192059515

    I have my EF scattered so that I am not only less tempted to dip in to it for non-essential emergencies, it is less convenient. :-)

    I have money in Emigrant Direct, HSBC and ING.

    Plus, I have money in 2 local banks. (1 is a savings account the other is a checking account)

    In addition, since the great blackout out of 3/4 years ago, I keep a few hundred dollars cash in a fireproof lockbox in my home.



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