Best place for an emergency fund

[Eighty4]

I am thinking 2 months in a money market, 2 in Coronation Strategic Income and 2 in Coronation Global Strategic USD Income

I will have to disagree. Income funds can also suffer from some volatility. variable bond yields and currency risk associated with the Rand does not serve the purpose for an emergency fund. An emergency fund is actually not an investment, but it is rather self-insurance. It is great if the money can earn some returns, but that is not the purpose here.

Leaving it in a bank account that earns some interest is the best.

 

[SauRoNZA]

Or your home loan, if you have one.

Highest interest rate in savings you can get while in accessible cash.

 

[WaxLyrical]

Park it in your bond if you have one, interest saved will beat interest earned.

Just ensure its a flexi type bond or similiar

This.
And that cash is available immediately.

No greater feeling than a fully paid up bond.

 

[Swa]

Or your home loan, if you have one.

Highest interest rate in savings you can get while in accessible cash.

Only while the bank is open defeating the purpose.

 

[SauRoNZA]

Only while the bank is open defeating the purpose.

Huh?

I have no idea what you are saying here.

 

[Hamster]

Huh?

I have no idea what you are saying here.

I think Swa is still stuck in 1992 where we use chequebooks and go to the bank during business hours everytime we want something done.

 

[Swa]

Huh?

I have no idea what you are saying here.

How are you going to withdraw money from a homeloan if the bank is closed?

 

[Swa]

I think Swa is still stuck in 1992 where we use chequebooks and go to the bank during business hours everytime we want something done.

Didn't know we're living in 2120 where everything can be done without going into the bank.

 

[paul5186]

Didn't know we're living in 2120 where everything can be done without going into the bank.

Simple, it's just a transfer from my home loan to my current account on online banking

 

[Swa]

Simple, it's just a transfer from my home loan to my current account on online banking

Sure if you've provided for that option and instant transfer.

 

[Jehosefat]

Sure if you've provided for that option and instant transfer.

Which bank's don't provide this?

Nedbank, FNB and Investec definitely provide 24/7 instant transfer via internet banking between access bond and current account. (And have done so for at least the last 7 or 8 years)

 

[SauRoNZA]

How are you going to withdraw money from a homeloan if the bank is closed?

I still don't follow.

On Internet banking like everything else.

 

[SauRoNZA]

I think Swa is still stuck in 1992 where we use chequebooks and go to the bank during business hours everytime we want something done.

Yeah it is quite evident that...

a) He is living in the old regime.

b) Doesn't have a home loan.

 

[Hamster]

Troll season is open

 

[SauRoNZA]

Sure if you've provided for that option and instant transfer.

What it there to provision? This is the standard for banking and home loans.

There is nothing to specially plan for or to think about in this equation.

It seems you just want to be contrarian for the sake of it while applying no real world logic or experience.

 

[Barbarian Conan]

What it there to provision? This is the standard for banking and home loans.

There is nothing to specially plan for or to think about in this equation.

It seems you just want to be contrarian for the sake of it while applying no real world logic or experience.

Yup, it's almost like a current account, only without the option to make payments to other people's accounts.

 

[SauRoNZA]

Yup, it's almost like a current account, only without the option to make payments to other people's accounts.

Of course some people have gone dead quiet and super silent now.

About the only condition is that you need to move a certain minimum out depending on the bank when making a withdrawal which isn't a problem for an emergency fund.

 

[Swa]

Of course some people have gone dead quiet and super silent now.

Not at all, just can't respond to everything at the same time exactly when you want me to. Point still remains that it's not by default and you still have to set it up. If you do then fine but not everybody would have.

 

[SauRoNZA]

Not at all, just can't respond to everything at the same time exactly when you want me to. Point still remains that it's not by default and you still have to set it up. If you do then fine but not everybody would have.

But it is by default... that's the entire point.

There is nothing to setup.

 

[lord-of-war]

I always say, you need one months salary as an overdraft. Your emergency funds can then be in a 32 notice account.