Facing retirement in less than two years I now have to start increasing my emergency fund, something I’ve neglected over the years.
I use a bank current account for day-to-day budgeting. My ‘savings’ (just under €4,000) are in a Credit Union account which I draw on or borrow from as the need arises. That money is essentially just lying there, although I use it to borrow against.
Is there any point in having a separate savings account in addition to an emergency fund? Should I make the CU account the emergency fund?
Seeing as interest on savings is practically non existent is there a more productive way to use extra cash?
I use a bank current account for day-to-day budgeting. My ‘savings’ (just under €4,000) are in a Credit Union account which I draw on or borrow from as the need arises. That money is essentially just lying there, although I use it to borrow against.
Is there any point in having a separate savings account in addition to an emergency fund? Should I make the CU account the emergency fund?
Seeing as interest on savings is practically non existent is there a more productive way to use extra cash?
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