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Emergency Fund Calculator: How Much Will Protect You?

Financial experts suggest saving three to six months' worth of expenses.
Oct. 1, 2018
Banking, Banking Basics
emergency-fund-calculator-how-much-should-you-save
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An emergency fund cushions against surprise financial setbacks. Our emergency fund calculator can help you pinpoint your end savings goal.

Sudden car repairs, medical emergencies or job loss can all lead to unexpected debt if you’re not prepared. How much should you save to safeguard your finances? It’s difficult to predict how much these or other emergencies could cost — but personal finance experts say three to six months’ worth of expenses is a good goal. If that seems too steep, saving even $500 will help you avoid going into debt to finance a small car repair or medical bill.

Once you have a target, find a savings account with a competitive interest rate where you can store your cash.

(If you need more info, here’s our emergency fund explainer.)

A savings account is the best place to keep your emergency fund — it provides easy access to cash if you need it. And a yigh-yield savings account will help you grow your balance by paying a higher-than-average interest rate.

These three are among NerdWallet’s picks for saving accounts with top interest rates.

Goldman Sachs Bank USA

at Goldman Sachs Bank USA,

Member, FDIC

NerdWallet bank rating:
NerdWallet bank rating:
Discover

at Discover,

Member, FDIC

NerdWallet bank rating:

APY

2.05%





Monthly fees

$0





Bonus features

Excellent CD options



APY

2.05%





Monthly fees

$0





Bonus features

Large ATM network



APY

2.00%





Monthly fees

$0





Bonus features

Solid CD options



See more high-yield savings accounts

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