[poundwise]

I'm of the opinion that an emergency fund needs to be reasonably liquid and accessible. A money market account fits this nicely. I understand your statement about using the credit card and liquidating as needed, however, that opens you up to additional hassle during a time when you may not want/need it, plus, you may be forced to sell some of your position when it may be unfavorable to do.

Now, if you have a substantial level of funds, as in 3 to 6 months of expenses or something, then I could see having 1/3 or 1/2 in a money market and the remainder in something else.

That's just my take.