Emergency Fund Planner
A fully funded emergency fund is the financial foundation that gives you the stability and confidence to handle whatever comes your way without derailing your long-term goals or going into debt.
Unexpected expenses are a part of life, from a sudden car repair to a change in employment. In order to help you navigate these challenges, this planner will provide you with the tools and insights you need to build a robust emergency fund.
But how much is enough, and how long will it take to get there? This interactive planner will guide you through the three essential steps: defining your unique goal, charting your path to success, and discovering how the right savings account can get you there months - and in some cases years - sooner.
Define Your Goal
First, let's calculate your target savings amount.
Chart Your Path
How long will it take to reach your goal?
Timeline with a Traditional Savings Account (0.40% APY):
0 years
(Total interest earned: $0)
Fill out the fields above to see your personalized projection.
Accelerate Your Savings
See the difference a High-Yield Savings Account makes based on the latest data.
Average High-Yield Savings
3.87% APY
(Banksparency Core Index™)
FDIC National Average: 0.40% APY
Rates reach 4.73% or more for top-tier accounts with specific activity requirements.
By saving in a HYSA, you could reach your goal 0 months faster and earn an extra $0 in interest.
Fill out the fields above to see your personalized projection.
Interpreting Your Results
The High-Yield Advantage
As your projection shows, where you save your money is almost as important as how much you save. By choosing a High-Yield Savings Account (HYSA), the power of compounding interest works significantly harder for you, helping you reach your goal faster and earning you hundreds or thousands of dollars in extra interest along the way.
The Power of Consistency
Your savings plan is built on consistency. The most effective way to stick to your plan is to automate your contributions. Set up an automatic transfer from your checking to your savings account each payday to build your fund effortlessly.
Frequently Asked Questions
Why is a HYSA the best place for an emergency fund?
A High-Yield Savings Account is ideal for an emergency fund because it excels in the three most important areas: Safety (your money is FDIC-insured up to $250,000), Liquidity (you can access your funds quickly without penalty, unlike investments), and Growth (it earns a competitive interest rate that helps your money outpace inflation, unlike a traditional checking account).
How many months of expenses should I really save?
The standard rule of thumb is 3 to 6 months of essential living expenses. However, your ideal target depends on your personal situation. Freelancers, single-income families, or those with variable pay might aim for 9-12 months for a larger cushion. Conversely, dual-income households with stable jobs might feel secure starting with a 3-month fund.
What should I do after my emergency fund is full?
Congratulations! Once your emergency fund is complete, you can focus on other financial goals. This is a great time to start tackling high-interest debt (like credit cards) more aggressively or to begin investing for long-term goals like retirement.
Ready to put your plan into action?
Compare the top FDIC-insured High-Yield Savings Accounts and start accelerating your journey to financial security.
Compare High-Yield Savings Accounts