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Your emergency fund strategy

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Would be interesting to know what your emergency fund strategy is, how you structured it or if you even have one and why not? If we get enough feedback and different approaches we can summarise them in this post at some stage.


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I make use of a combination of a notice deposit and credit card.

 

FNB 32 Day notice deposit with 5-6 month's expenses in it. If I have an emergency I use my credit card when possible and then request money from the 32-day account to settle the expenses on the credit card. If I can't use the credit card I pay the penalty fee on the 32-day account and get the money instantly.

 

Pro Tip: if you are with FNB and you schedule a monthly deposit of R1000 or more to go into the 32 day account you score some extra eBucks (unless they changed the rules since the last time I checked).


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Dunno the exact number but it's somewhere in the 6.5% region. These 32 Day accounts are tiered so the more you have in it the higher the interest rate becomes.


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