Use a High Interest Savings Account for your Emergency Cash Reserves
Thursday November 6, 2008
Most bank accounts are simply transaction accounts. Whilst you may have a transaction account it is not the best place to keep large sums of cash like your emergency cash reserves because most of them pay very little interest or no interest at all.
What you might consider is a savings account that is attached to your transaction account. If your current bank or credit union doesn't have a savings account suitable for your needs there are plenty of other providers that do. Transferring funds between your transaction account and savings account can usually be done overnight if they aren't with the same provider or instantly if they are. Transfers can usually be done via the phone or internet.
Click here to compare savings accounts.
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