time to move EF

[KTP]

My refi closes today with wells fargo (went from 6% to 5% 30 year rate now, no costs or points yay!) so I am going to move some of our EF ($30,000) from wells fargo checking to some other insured account. The checking is earning 0.125%...I feel I can do a bit better

I was going to go with redneck bank, but now recently I see that they are playing with the rates. What is the next best, safest choice? GMAC bank savings account?

It is sooo tempting to put 25k or so of the EF in the S&P500 or something that actually keeps up with inflation...but then I guess it wouldn't really be there for an emergency

[mommyof4]

Check out poundwise's thread on rates, or maybe create a CD ladder?

http://www.savingadvice.com/forums/investing-banking/19240-online-savings-accounts-current-rates.html

[Aleta]

Emergency money should be accessible whenever you need it. I would only invest in the S&P if I had extra money to invest. ING is getting 1.50. Emigrant direct is 1.65 and FNBO is 1.90. That is certainly better than what you are receiving now.

[snafu]

What is the likelihood you would need $30,000. in a lump sum in the next three months? While we all need some cash readies for the unexpected, it would likely be drawn down in increments. How would you access the risk of S&P increasing over 30 months to decreasing over say 3 months?