Emergency Fund Calculator: How Much Will Protect You? - NerdWallet

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An emergency fund cushions against surprise financial setbacks. Use our emergency fund calculator below to help you pinpoint your savings goal.
» Jump ahead to some of NerdWallet's favorite accounts for storing your emergency fund
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 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.
(If you need more info, here's our emergency fund explainer. And for inspiration, learn more about how to save money.)
Once you have a target, find a savings account with a competitive interest rate where you can store your cash. (Some of NerdWallet's favorite online savings accounts are here.)
A savings account is the best place to keep your emergency fund — it provides easy access to cash if you need it. And a high-yield savings account will help you grow your balance by paying a higher-than-average interest rate.
» Find high rates across checking, savings and other accounts in NerdWallet's list of high-interest accounts.
Member FDIC
LendingClub High-Yield Savings
0.60%
$2,500
Member FDIC
Discover Bank Online Savings
0.40%Advertised Online Savings Account APY is accurate as of 02/12/2021
$0
on SoFi's website
SoFi Money®
0.25%
$500
on Wealthfront's website
Wealthfront Cash Account
0.10%
$1
Member FDIC
Capital One 360 CD
0.70%
2 years
Member FDIC
Capital One 360 CD
1.00%
5 years
Deposits are FDIC Insured
Chime Spending Account
N/A
$0
Deposits are FDIC Insured
One Spend
N/A
$0
Member FDIC
Citi Priority Checking
0.03%0.03% Annual Percentage Yield
$30
Member FDIC
LendingClub Rewards Checking
0.10%0.10% APY on balances of $2,500–$99,999
$0
Member FDIC
CIT Bank Money Market Account
0.45%
$100
Member FDIC
Quontic Money Market Account
0.40%
$0
Member FDIC
Axos Bank® High Yield Money Market
0.25%
$0
About the author: Margarette Burnette is a savings account expert at NerdWallet. Her work has been featured in USA Today and The Associated Press. Read more
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