facebookWhere's the best place for me to park my emergency funds? Should they be in the same account as my saving account, or separate? What's the best savings account for it? - Seedly

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Anonymous

18 Apr 2019

Saving Hacks

Where's the best place for me to park my emergency funds? Should they be in the same account as my saving account, or separate? What's the best savings account for it?

Discussion (3)

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Cryotosensei

07 Jun 2024

Blogger at diaperfinancingfund.blogspot.com

I have a separate account. I don't like the idea of lumping my money together. I keep mine inside Singlife

I feel it can be in the same saving account as long as you have the determination of not using it. sometimes people use different saving accounts to earn interest etc.

Andy Sim

09 Mar 2020

HR Professional at a Financial Institution

You can use Seedly's savings calculator to calculate the best savings account for your situation and spending habits. Multiplier is good if you can fulfill the categories. If not, Jumpstart or CIMB Fastsaver is good as a no frills account.

If you can fulfill the multiple hoops for DBS multiplier, I think it is a very good yielding account to park your emergency fund. Anything above 1.5% I would consider acceptable to park my emergency fund there.

Sure, definitely have your emergency funds in a savings account that gives you a good interest rate....

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