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What Is an Emergency Fund?

An emergency fund is an account that sets aside funds in the case of an unexpected event and helps protect your finances and increase savings. Experts suggest saving three to eight months’ worth of living expenses for your emergency fund.

Keep reading to learn more about an emergency fund and how to save money for “what if” scenarios.

Tips to Create an Emergency Fund

save for your emergency fund today

In order to create an emergency fund, you need to have savings to set aside. However, you don’t want your savings to sit in the back of your closet or your checking account. So, where do you keep your money?

For an emergency fund, you want to make sure you do the following:

Where Should I Put My Emergency Savings?

If you’re wondering where you should put your hard-earned savings, here are your best options:

Start an Emergency Fund with Synchrony Bank

Don’t be one of the 57 million Americans without emergency savings. Call 844-345-5789 to talk to a banking representative about saving for your emergency fund or open an account today.

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Sources:

Investopedia: http://www.investopedia.com/terms/e/emergency_fund.asp

Business Insider: http://www.businessinsider.com/how-much-emergency-savings-do-you-need-2014-8

Investopedia: http://www.investopedia.com/articles/pf/09/high-yield-savings-account.asp

NerdWallet: https://www.nerdwallet.com/blog/banking/cd-certificate-of-deposit/ 

Money.cnn.com: http://money.cnn.com/2017/01/12/pf/americans-lack-of-savings/index.html

Time: http://time.com/money/collection-post/4533574/best-one-year-cd/


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