During times of economic uncertainty, it’s especially important to have some money tucked away. While saving for long-term costs (e.g., buying a house, college tuition) is top of mind for many Americans, it’s also vital to set up an emergency fund for life’s unexpected expenses.
Whether it’s an emergency fund, a cash management account, or simply a high-interest checking account, Fiona allows you to easily compare online savings accounts from a network of top financial institutions. The process is fast and simple, thanks to Fiona’s leading search, comparison, and recommendation engine for financial services.
In Case of Emergency…
What is an emergency fund and why is it so valuable? When a consumer is hit with an unanticipated bill — say a car repair or a medical emergency — it’s good to have a savings account with easily accessible funds to cover costs. Doing so prevents racking up credit card debt or disrupting a monthly spending budget.
However, one-third of Americans have less than $500 set aside for such scenarios. Even more troubling, nearly 25% of US consumers have no emergency savings at all.
While those numbers may sound alarming, there are options out there to set up easy, online savings accounts for a number of purposes. Some online savings accounts have annual percentage rates (APYs, i.e., interest rates) that are typically much higher than those of traditional bank savings accounts.
With Fiona, users can compare APYs from online savings accounts and find the offer that works best for their needs. Users can also compare additional account features including: no monthly fee, no minimum balance requirement, and 24/7 online and mobile account access. The process is completely digital and seamless with an online savings account, saving you trips to your local branch.
Ideally, when setting aside funds for an emergency account, it’s wise to save up to three to six months of expenses. In addition to an unexpected auto or medical bill, an emergency fund can also come in handy due to a sudden loss in income, whether a recession causes you to lose your job or go on unpaid leave.
Why It Pays to Save
Aside from setting up an emergency fund, consumers can use an online savings account to set aside funds for a special event, whether it’s having a baby, planning a wedding, booking a dream vacation, or funding a home improvement project. With the possibility to earn up to 1% APY, an online savings account is a great way to make your money work for you when saving up.
A cash management account, on the other hand, allows users to better allocate their funds while also earning interest, whether it’s short-term saving, investing, planning for retirement, or making charitable donations.
No matter the exact need, an online savings account is a great financial tool for consumers looking to have their money grow (rather than growing dust in a checking account without an APY). Try Fiona today, and see what offers await you — all from one convenient and easy-to-use site.
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