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Why it’s important

An emergency savings fund is a separate account you can use to cover expenses during an unforeseen event, like an illness, losing a job, or even a major car repair. Having money at your fingertips can take some of the financial sting out of dealing with unforeseen events – and could also help you avoid taking on extra debt.

A good goal is to put away at least 3 – 6 months’ worth of living expenses. That might seem like a big amount at first, but the idea is to put a small amount away each week or two to build up to that goal. 

Placing your emergency fund in an FDIC-insured interest-earning bank account — such as a money market or interest-earning savings account — can give you easy access without taxes or penalties.

One Little ThingSM you can do: Wells Fargo Daily ChangeSM

The Wells Fargo Daily Change app is designed to help you grow your savings balance. Whether you’re a beginner saver, or looking for better tools to achieve your savings goals, Daily Change is a fun, simple, and secure way to help you save more, stay motivated, and develop healthy spending and saving habits.

Because of its unique functionality, you need both a Wells Fargo checking account and a Wells Fargo savings account to use Daily Change. Simply download the free app from your device’s app store, sign on with your Wells Fargo Online® username and password, set your goals, and start saving today.

  Tip  

Emergency savings should be placed in relatively stable accounts that can be accessed easily without taxes or penalties.
Check out all 8 Rules of Thumb to Financial Health. See more

What is emergency savings?

Learn about emergency savings, how to set a goal, and how to get started.

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