To ensure your savings are secure and will be readily available when you need it, seek facilities that are:
- Safe from market risk. You’ll know your money is secure when you need it the most.
- Easy to access. All to ensure you’re able to withdraw the money easily and effortlessly.
- Income-earning. Although the reason behind an emergency fund isn’t about making money, you can still capitalize on the opportunity to earn some profit on your savings.
Two popular places you can park your emergency fund:
The right high-yield Savings Account for your emergency fund should have a competitive interest rate, no monthly fees, or minimum balance requirements, just like our CIMB FastSaver!
Fixed Deposits or FDs typically earn higher interest than a typical Savings Account, such as our Fast Fixed Deposit. However, do note that should you withdraw your deposit before the FD matures, you will lose all extra interest that you’ve earned.
If you have an emergency fund already sorted, you’re well ahead of the pack. If not, it’s never too late to start preparing for a rainy day. Don’t hesitate to contact us should you need help with finding the right account for you. It’s better to be safe than sorry!
Yours Truly,
Octo.
