• Вс. Май 28th, 2023

9 Best Places to Put Emergency Fund for Highest Return & Quick Access

In life, everyone needs to have an emergency fund or quick money for little surprises. Some amazing stuff just happens that requires one to spend. Emergencies like contracting cold, mechanical failures of cars, or even refilling that gas necessitates one to dip a hand in their pocket. It requires that one have an emergency fund that is easily accessible and multiplies with time.

Best Places to Put Emergency Fund

9 Best Places to Put Emergency Fund for Highest Return & Quick Access

This article discusses the various suitable ways of keeping one’s emergency fund safe, easily accessible, and yields handsome returns. It is worth considering the following suggestions.

1. Money Market Accounts

These accounts function more like savings accounts. Money market accounts are usually opened online or at a local bank. They are easily accessible using a personal ATM, or through web-based account management. These accounts typically yield high returns and are suitable for keeping an emergency fund.

2. High-Yield Bank Accounts

By keeping an emergency fund in these savings accounts, one can quickly access their money at any time. The money saved in high-yield savings accounts usually fetches high interests, and the emergency fund gives back high returns. One needs to explore the many options of money savings accounts, especially those that offer high-interest rates on the deposits. Furthermore, it is essential to consider the accounts that do not charge monthly fees or balance requirements.

3. Certificates of Deposits

The documents of deposits, CDs, guarantee one of stable returns on their deposits, which come at fixed rates. These returns are usually offered within a specific time interval. Opening certificates of deposits account for an emergency fund guarantees one of the handsome interests. However, with CDs, one cannot access their money for a certain period and may be forced to pay a penalty fee to shut down the account and access it. To deal with this inconvenience, it is good to open multiple CDs with different maturity dates. This ensures that has access to their money at all time, and interests accrued in these accounts mean that the emergency fund is growing.

4. Discover Online Savings Account

The Discover account offers an interest of 0.80% APY on one’s savings. The interest is compounded daily, but the payment is made monthly. Discover an online savings account is opened at no cost, and there are no monthly fees charged. These factors make the Discover savings account one of the best options for keeping and growing a personal emergency fund.

5. Roth IRA

The Roth IRA ensures that one conservatively invests its emergency fund. Moreover, one is guaranteed considerable returns in terms of high interests, at low or no risk. The risk in question is when one’s Roth IRA loses value, which is only minimized by saving the money using conservative means.

6. Stocks and Bonds

This is yet another way of investing in a personal emergency fund and being sure of good returns. However, in most cases, the money is less liquid, and there are risks that one should always deal with regarding the market movements. For more useful investment tips visit instant loan.

Since this investment involves buying and selling, it usually takes time before the sale is effected, for the money to land in one’s account. This mode of keeping an emergency fund is only useful when one has a substantial fund and does not plan to access it at once.

7. Traditional Bank Account

Keeping money in online savings accounts or having it tied up for an extended period becomes inconveniencing. It is good to consider saving one’s emergency fund in the brick-and-mortar banks. In this kind of savings account, the interests are not as high as one would expect, but the money is safe and accessible. However, with the traditional savings bank accounts, one is tempted to withdraw the money even when there is no emergency. As a result, people are advised to open and run multiple savings accounts for their emergency fund, apart from the regular easily accessible accounts. It is good to introduce constraints when it comes to making withdrawals from these accounts, to minimize the tendency of accessing them all the time. This ensures that the money is only withdrawn when there is a genuine emergency.

8. Multi-Faceted Approach

At times it may be challenging to settle on one best option of saving an emergency fund, especially when many choices are available. In such a scenario, it is healthy to consider going with several options. For instance, one decides to split their emergency fund into different savings accounts, such as high-yielding accounts, Discover online savings accounts, and certificates of deposits. In this way, one is assured of massive interests accumulated in the different accounts than when it was just one savings account. The money is also easily accessible at any time. However, one must carefully examine the best savings accounts that offer reasonable interests, with no monthly fees that would otherwise eat up all the money in their accounts.

9. Investing

Investing is another way of ensuring that the money held as an emergency fund grows and multiplies. Rather than lying idle in the savings account and only earning interests, the funds should be channeled out in investments and reap massive profits to increase the fund. There are various ways of investing in the emergency fund for better returns.


Having an emergency fund puts one in a better financial position to counter unexpected issues in life. Better still, knowing how to keep the money in a safe place gives one peace of mind, especially when they are sure that the money is multiplying and is easily accessible. This article has highlighted several safe ways of keeping the emergency fund for better returns.

Therefore, it is good to consider the best and go with it after examining the monthly fees and the requirements in each of them. When deciding on one becomes stressing, consider using multiple options to maximize the returns and convenience in accessing the money. The emergency fund is of great importance in one’s life, as well as their family. Therefore, it should be kept in a way that it multiplies, and easily accessed to meet the unexpected problems of life.

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