I would suggest to keep your emergency fund in a High Yield Savings Account and never with a traditional bank, ex. Chase, BofA, etc. Keeping your money with these banks is a sure way to lose to inflation. HYSA can offer 4% APY and upward. Traditional banks barely offer 1% APY. This is coming from an American, so I am not sure if this works in other countries.
Unfortunately for us foreigners- we can’t open HYSA with US banks as we don’t have SS numbers.
My country, South Africa, has super high yield savings accounts (8-9%) due to our high interests rates but I advise against diluting USD to weaker currencies, except if those funds are to be used in said country.
I keep local currency there to grow handsomely into down payments for properties.
I would suggest to keep your emergency fund in a High Yield Savings Account and never with a traditional bank, ex. Chase, BofA, etc. Keeping your money with these banks is a sure way to lose to inflation. HYSA can offer 4% APY and upward. Traditional banks barely offer 1% APY. This is coming from an American, so I am not sure if this works in other countries.
Great point! I pointed that out in the article.
Unfortunately for us foreigners- we can’t open HYSA with US banks as we don’t have SS numbers.
My country, South Africa, has super high yield savings accounts (8-9%) due to our high interests rates but I advise against diluting USD to weaker currencies, except if those funds are to be used in said country.
I keep local currency there to grow handsomely into down payments for properties.