Best place for an emergency fund

[Hamster]

I always say an overdraft is the last thing anybody should ever have. It's a sure way to easily get into debt.

 

[lord-of-war]

I always say an overdraft is the last thing anybody should ever have. It's a sure way to easily get into debt.

Remember it is only for emergencies, if your salary gets released late but your debit orders has gone off already. Credit can be very usefull tool when used responsibly.

 

[Hamster]

Remember it is only for emergencies, if your salary gets released late but your debit orders has gone off already. Credit can be very usefull tool when used responsibly.

Too convenient and how often is one's salary paid in late?

Get a credit card and make a conscious decision to go into debt. Even better, buffer your current account with money you have instead of a overdraft.

An overdraft is the work of the devil and the only reason to ever have one is if you absolutely need the eBucks for some retarded reason.

 

[mr_norris]

Bit of a necro here. I have been trying to figure out where the best place was to store my emergency fund. Given the amount I have, and being with FNB, I figured the best place would be in FNB's 32 Day Flexi Notice account, which yields a whopping 6% return.

The goal is of course having something that I can access fairly quickly, not to invest in shares or anything. I have searched high and low for something better, without incurring more costs. Has anyone found something better?

 

[Jet-Fighter7700]

i suppose one cant beat crypto for quick access to funds, and growth potential.

unfortunately you also run the big risk of losing everything quite quickly.

dont know? gold coins, I going to give that a shot and see how it goes.

 

[Corelli]

Standard Bank has ties to SHYFT. You can transfer your money into USD then you wont feel the crumbling rand as much, and you get interest too, yet it's pretty low.

 

[backstreetboy]

Bit of a necro here. I have been trying to figure out where the best place was to store my emergency fund. Given the amount I have, and being with FNB, I figured the best place would be in FNB's 32 Day Flexi Notice account, which yields a whopping 6% return.

The goal is of course having something that I can access fairly quickly, not to invest in shares or anything. I have searched high and low for something better, without incurring more costs. Has anyone found something better?

Old Mutual money account with a Save account linked to their Money market fund.

 

[Eti1]

Money Market. Less risk than a fund with equities, faster to access and more diverse than a notice account. Generally better interest rates too.

There is an admin fee though.

 

[Datura]

I always say an overdraft is the last thing anybody should ever have. It's a sure way to easily get into debt.

I kept a paid up revolving loan active in case of emergency. Worst idea ever. Far too convenient and I ended up paying it back at least 5 fold by the time I had it paid up again. Overdraft comes 2nd imo.

 

[NoviceDIYer]

Bit of a necro here. I have been trying to figure out where the best place was to store my emergency fund. Given the amount I have, and being with FNB, I figured the best place would be in FNB's 32 Day Flexi Notice account, which yields a whopping 6% return.

The goal is of course having something that I can access fairly quickly, not to invest in shares or anything. I have searched high and low for something better, without incurring more costs. Has anyone found something better?

Do you have a home loan? If so, parking funds in there (assuming you have an access/flexi bond) makes sense, since you effectively save paying interest at your bond rate, and it’s a tax free return.

 

[mr_norris]

Old Mutual money account with a Save account linked to their Money market fund.

Money Market. Less risk than a fund with equities, faster to access and more diverse than a notice account. Generally better interest rates too. There is an admin fee though.

Thanks, I will look into that.

Do you have a home loan? If so, parking funds in there (assuming you have an access/flexi bond) makes sense, since you effectively save paying interest at your bond rate, and it’s a tax free return.

I don't, but thanks though.