Best place for the ol' Emergency Fund

[Writer@Large]

Thanks for all the great responses so far. I'm processing the info now ...

--W@L

[joseblanco]

presidential.com has a 4.87 apy for savings & 4.5 apy for checking (minimums 5k & 1.5k respectively) This way transfers immediately occur b/t your savings to your checking. I see you said you only have 1k so I'd say go w/ GMAC bank has 4.8 apy (500 minimum) for now which permits drafts. Once you build your emergency fund up to 3-6 months then switch to presidential

[Ima saver]

cbmeeks, I did not mean to ignore your question, I just saw it. Yes, it was earning about $650 a month and I just let the interest accrue. However, I am building a spec house (for sale) with that money rather than get a loan at the bank.
If i were not using the money, I might try one of these online banks. Maybe when i sell the house, I will move it somewhere to get more interest!

[jmjj215]

Originally Posted by joseblanco

presidential.com has a 4.87 apy for savings & 4.5 apy for checking (minimums 5k & 1.5k respectively) This way transfers immediately occur b/t your savings to your checking. I see you said you only have 1k so I'd say go w/ GMAC bank has 4.8 apy (500 minimum) for now which permits drafts. Once you build your emergency fund up to 3-6 months then switch to presidential

Does the presidential checking require you set up direct deposit?

[joseblanco]

Yes, they require a minimum monthly deposit of 200 USD per month but for the checking only. No direct deposit requirement for the savings.

[WellManicuredMan]

Originally Posted by joseblanco

presidential.com has a 4.87 apy for savings & 4.5 apy for checking (minimums 5k & 1.5k respectively) This way transfers immediately occur b/t your savings to your checking. I see you said you only have 1k so I'd say go w/ GMAC bank has 4.8 apy (500 minimum) for now which permits drafts. Once you build your emergency fund up to 3-6 months then switch to presidential

Not that this will probably affect many people but just thought I'd point it out...Presidential pays 4.87% up to $35,000 and after that it drops to 3.00% whereas other banks don't have a restriction like this.

[Writer@Large]

Originally Posted by joseblanco

I see you said you only have 1k so I'd say go w/ GMAC bank has 4.8 apy (500 minimum) for now which permits drafts.

A $500 minimum doesn't work for me right now. With only $1000, I need it all accessible! But in the long term, I will definitely be looking for a better plan ...

--W@L

[nanamom]

Our EF is still very small. We keep it in a separate checking account that only I carry a debit card for. It is never touched. I am very good at ignoring the fact that it is there. We are determined to only use it for emergencies. I hope to build it up to the equivalent of one paycheck. Then I will start building towards the 3 to 6 month that is rec by so many people. We plan to keep that in what ever we can find that will pay a decent rate of interest but be available in a few days. I figure with one paycheck available at a moments notice we should be able to wait for the rest for several days. I add to the fund every month so in 8 months I will be able to start looking for the next option.