Three Critical Things You Need to Know About Emergency Funds

Woman at a bank window
Woman at a bank window

Everyone talks about how important it is to have an emergency fund, but few people talk about what kind of emergency fund that should be.

After all, there's a big difference between stuffing money in a shoe box for a rainy day and setting up a savings account. Take it up a level, and there's a big difference between letting your money hang out in a standard savings account and investing in a no-penalty CD or money market account.