I'm going to go against the grain, here, and tell you to keep your money easily accessable, even if it is in a local bank. The purpose of an emergency is not to build a lot of wealth with it, but to have it easily accessible in case of an emergency. I personally keep my small emergency savings in a local bank, earning a whopping 1% interest, but it is immediatly accessible in case I would need it. The problem with my EF when it was at Cap One was that there was a 3-4 day transfer time between my local bank and Cap One.
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