Emergency fund

[Viki63]

Please pardon my financial ignorance:
for the first $1000 of an emergency fund,
why is a bank money market fund preferable to a plain savings account?
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[Seatuck]

Originally Posted by Viki63

Please pardon my financial ignorance:
for the first $1000 of an emergency fund,
why is a bank money market fund preferable to a plain savings account?
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Higher Interest and it is separate from your normal savings so you'd be less likely to use it by mistake.

[mommyof4]

Originally Posted by Seatuck

Higher Interest and it is separate from your normal savings so you'd be less likely to use it by mistake.

Yep, I keep mine in my Capital One MM account, and do my regular banking at another bank. There is no minimum deposit or balance, and I get a whopping 2.98% APR on my money. I do have fairly easy access to the money- I have it connected to my regular banking account and I can transfer money within about 3-4 days online. Or if I need it faster, I do have a checkbook that I can use to write a check out of the MM account.