If you wish to reserve cash for emergency purpose I would suggest you to open a high yield savings account. Local savings bank are generally provides this opportunity for those households who are eager to manage some extra cash for emergencies.
Make out a pre plan how to get higher yields from your extra emergency money. So.go for smart money movers option just take your addition amounts and deposit them all. You may choose the no-fee online account to manage your excess money.
Keep a close look over your online bank and make sure that this bank is a member of the FDIC. There are many online bank which have there some selective clientele so make sure that you are treated seriously by them. There are many ancient and recognize brand like (Emigrant, Citibank)some campaigns as (ING, Ally/GMAC).
There are many risks related with opening a high yield saving account online. So at first you need to do a good research over it and select a bank totally dedicated with their work and can manage your money. Be sure that you will give your extra money over an expert hand to manage for emergencies.
So enter the world of electronic banking and enjoy investing as well as savings !!!
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