Where To Keep Your Rainy Day Fund

November 29, 2004 07:12 AM

Where To Keep Your Rainy Day Fund

Excerpt: Even if your rainy day fund is small, it's big enough to deserve the best account you can find to keep it in. Often, a money market account, or MMA, will do the trick, but there are also high-yield money market accounts, high-yield savings accounts and money market mutual funds -- or money funds -- to consider.

Even if your rainy day fund is small, it's big enough to deserve the best account you can find to keep it in. Often, a money market account, or MMA, will do the trick, but there are also high-yield money market accounts, high-yield savings accounts and money market mutual funds -- or money funds -- to consider.

Whether you're saving for emergencies or an upcoming purchase, you want this money to be liquid and you want convenience when making deposits and withdrawals. One drawback with high-yield accounts is that you may have to go online to open one. While millions of Americans are overcoming their phobia about this, many people still aren't comfortable plunking their cash in an online bank with no chance for face-to-face interaction with bank personnel.

Money market accounts are souped-up savings accounts that, generally, give you the ability to write a limited number of checks against the account each month. You can open one at just about any bank or credit union and your deposits are insured up to $100,000 by the Federal Deposit Insurance Corp. or the National Credit Union Association. The average interest rate is around 0.50 percent at a bank and about 1 percent at a credit union. That's about double what you'd get in a regular savings account.

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Read all 22 posts in the same category of Banking:

Going Online To Balance Family Budget - Feb 17, 2005
Banks Speed Process For Opening Online Accounts - Feb 04, 2005
Online Banks Are Boosting Yields - Jan 15, 2005
Online Banks Are Boosting Yields - Jan 15, 2005
Momentum Is Gaining for Cellphones as Credit Cards - Jan 10, 2005
Rebels With A Cause, And A Business Plan - Jan 01, 2005
Banks Boost Customer Incentives, But Rates on Savings Remain Low - Dec 27, 2004
Online Bill Paying: How To Get Started - Dec 27, 2004
Banks Test ID Device for Online Security - Dec 24, 2004
Paper Checks Going Bye-Bye? - Dec 08, 2004
Check It Out: Incentives to Pay Bills Online - Dec 07, 2004
'Gift Cards' May Come Loaded With Fees - Nov 29, 2004
What's Your Bill-Paying Personality? - Nov 28, 2004
Debit Cards Lack Protections Of Credit Cards - Nov 28, 2004
A New Era In Banking Begins - Nov 25, 2004
Automatic Debit Scams - Nov 22, 2004
Bank Accounts Fail To Follow Fed's Lead - Nov 12, 2004
ChexSystems Puts Him In Penalty Box - Nov 09, 2004
"Check 21" Starting in Late October - Nov 03, 2004
Gift Cards 04 - Nov 03, 2004
Save Electronic Checks for Your Taxes - Nov 01, 2004

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