Where Do I Park My Emergency Fund?

LUcantCme on 22/02/2018 - 00:16

As the title says, I'm trying to get an emergency fund setup for, you know…emergencies.:). Now I've already got two bank accounts in Commbank and in ING. I don't really use the Commbank account because no benefits really with shitty mobile app and interest rates, but wanna have an account in one of the big four, and my paycheck gets deposited in this account which I then move it all to ING.

I love the ING account but I wanna have a separate place to store an emergency fund for which I don't really need a debit card but I also don't need any hassle like minimum deposits or transactions. A good interest rate would be nice so that the money does some work by itself and probably adjust itself for inflation (maybe).

In addition to all these things I have another concern regarding credit rating, is it bad for my credit ratings to have too many accounts or moving between different accounts frequently cause I also want to try other bank accounts and close the Commbank account.

Thanks in advance for any of your suggestions and please let me know of your strategy for emergency saving funds how much % and where you park it.

Cheers

Financial

Comments

  • [Deactivated] on 22/02/2018 - 00:37
    -2

    great first post, amazing contribution.
    you deserve a gold sticker.

    [Deactivated] on 22/02/2018 - 00:37 (Collapsed - Offtopic. Show)
  • volcanoeqcycle on 22/02/2018 - 01:03
    -2

    It's always having about $1000 cash at home, especially with the state of Australian power.

    • UcantCme on 22/02/2018 - 17:19
      -1

      Thanks for the advice, I think I'll do that aswell but my idea of an emergency fund was more about funds required to deal with a bigger trouble like getting fired off your job or something of that scale.

      $1000 doesn't buy much in such scenarios don't you think?

      • volcanoeqcycle on 22/02/2018 - 17:23

        It will buy you $1000 more than $0

  • teacherer on 22/02/2018 - 01:04
    +5

    What's wrong with the CommBank app

    • coco1458 on 22/02/2018 - 01:42
      +8

      I actually think CommBank has the best app of the big 4

      • ninetyNineCents on 22/02/2018 - 09:07
        -6

        comm bank ios app is a joke. It doesnt even support the finger scanner.

        • Randxyz123 on 22/02/2018 - 09:11
          +3

          Err CommBank probably has one of the best apps of the big 4.

          ANZ is horrible, Nab is average at best. Haven’t used Westpac.

          ING is rubbish as well

          CommBank does support the finger scanner and was one of the first to.

        • LeftHandSeat on 22/02/2018 - 09:28
          +1

          Agree with knick007, CBA the best of the big 4, and does support fingerprint scanner on iPhone.

        • LeftHandSeat on 22/02/2018 - 09:31
          +1

          @knick007:

          ANZ is horrible

          They finally retired goMoney and Grow apps a couple of days ago thankfully.
          New app is half decent and can finally immediately see pending transactions on cards.

        • Randxyz123 on 22/02/2018 - 13:07
          +1

          @LeftHandSeat: Didn’t even know about the new anz app.

          Will download it tonight.

        • ninetyNineCents on 22/02/2018 - 13:47

          @LeftHandSeat:

          but not on an ipad air 2.

        • Randxyz123 on 22/02/2018 - 19:21

          @ninetyNineCents: maybe not but it also hasn’t been updated in a year.

        • ninetyNineCents on 22/02/2018 - 20:04

          @knick007:

          I think the app was updated recently. It hardly matters if the app is a year old, the air 2 has been out for years, theres really no excuse for a company of the cba size to not use this basic security feature. THey spend tens and hundreds of millions all thetime on their software.

        • ninetyNineCents on 22/02/2018 - 20:08

          @knick007:

          Heeres another example of the app lacking basic features. One missing thing is cant even schedule a payment, its just amount and description after selecting the account. You also cant delete your recorded targets for payments and a whole lot more.

        • Randxyz123 on 22/02/2018 - 20:19
          +1

          @ninetyNineCents: Use your phone. They've probably figured out very few people use the iPad app…

  • JIMB0 on 22/02/2018 - 06:40
    +1

    Just put it in the same place as your other savings (term deposit/online saver/mortgage offset) and draw it out if required. Otherwise put it on your mortgage and use a credit card for emergency's.

  • Godric on 22/02/2018 - 08:28
    +3

    CBA "Shitty mobile app"

    L0l really?

    • UcantCme on 22/02/2018 - 17:13
      -3

      Commbank app is good for people who have a credit card with them which I don't so I don't get any push notifications about transactions or deposits, tap and pay feature is great but I can do the same with android pay with the ING app and ING sends me email notifications for all my transactions which is why I like that account.

      • Godric on 22/02/2018 - 17:26
        +1

        Nothing you said supports why "cba app is shitty"

        • UcantCme on 22/02/2018 - 18:36
          -2

          CBA app is good for people who have a credit card attached to their account which, it sends them push notifications for every transaction and stuff like that but I donot have a credit card with CBA and I donot get those notifications which is the only reason I don't like the CBA App.

        • Godric on 22/02/2018 - 18:38

          @UcantCme:

          k

    • ninetyNineCents on 22/02/2018 - 20:06
      -2

      yeh its the best because its got silly animations. You cant even schedule a payment, all payments are for now.

  • justcallmeboss on 22/02/2018 - 11:23
    +2

    CBA "with shitty mobile app"??????? LOLL only the best mobile banking app in Australia by a long shot… jeez

    What made you think having multiple bank accounts affect your credit rating? A bank account is not a line of credit.

    With the requirements you've put forward, the only place I can think of to stash your emergency funds is under your mattress. Good luck

  • realfancyman on 24/02/2018 - 00:32

    Just open a new commbank account, not sure why the app even matters for your emergency fund, it's not like you're going to be moving money around everyday…

    • UcantCme on 24/02/2018 - 11:06

      Yeah I'm thinking the same thing. I don't need any thing for the emergency fund. I don't like the CBA App as my regular use account.
      Thanks for that.. :D

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