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An emergency fund protects you against unexpected financial setbacks. Use our emergency fund calculator below to help you find your savings goal.
How much emergency fund should I have?
Sudden car repairs, medical emergencies, or job loss can all lead to unexpected debt if you're not prepared. It's difficult to predict how much these or other emergencies might cost, but three to six months of expenses is a good estimate.
If that seems too high, start with a number that seems more reasonable. For example, if you have access to $500 in a savings account, you can pay for an unexpected car repair or medical bill without debt, so that could be a goal. If you save $10 a week and don't have to invest in it, that will add up to more than $500 after a year.
Keep in mind that it's okay if you need to use the money for emergencies before you reach your first goal. The intention is to tap and replenish an emergency fund. Once you reach your first goal, you can set another goal so you're prepared for more unexpected expenses later.
For inspiration and tips, read more abouthow to save money.
If you need more information, here's oursemergency fund statement.
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Member of the FDIC
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Member of the FDIC
EverBank Performance℠ Savings
API
5,15 %
Min. balance for APY
$ 0
Where should you keep your emergency fund?
Once you have a goal, find a savings account with a competitive interest rate where you can store your money. (See some of theNerdWallet's Favorite Online Savings Accounts.)
A savings account is the best place to keep your emergency fund; it provides easy access to cash when you need it. And a high-yield savings account helps you grow your balance by paying a higher-than-average interest rate.
» Find high pricesabout checking, savings and other accountsNerdWallet's list of high-interest accounts.
