Please give me your recommendations

[Floriafi]

I am on a 20 month plan to save up 3 months salary ($7,200) to have as an "emergency fund" by contributing $360 a month. My question to you all would be: Is there some kind of short-term investment vehicle that i can contribute to each month instead of just dumping this money into my savings account?

Thank you all for you feed back and feel free to ask me any questions to better your answer.
-J

[disneysteve]

Not really. Just make sure you are using an account that pays a decent rate by current standards. You should be getting no less than 0.80% at this point. It isn't much but it sure beats the 0.01% that some banks are paying.

[smk]

the most important point in an emergency fund is to have it available for an emergency. that means you can cash it in at any moment without having to pay any fees. there are some ways to stagger your emergency fund reserves using things like I bonds. it may not be available for 1 year and after that you will give up interest for 3 months to cash it in. but if you can keep a small portion locked up for that year, then the next year you can add a similar amount. over time you can shift it all to I bonds (from treasury direct). I think you will get the actual inflation rate, which has tended to be a bit higher...

[FrugalTexan75]

Barclay's savings account is paying .9% interest right now.