CW Financial’s Emergency Fund is an easy, no-fee account that helps you set aside money to cover any surprise expenses.
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Why do I need an emergency fund?
Unexpected expenses happen to everyone. Credit cards or payday loans can help in the moment but can set you financially off-course.
With an emergency fund, you’ll have the cash set aside to cover the unexpected and won’t have to rely on costly alternatives.
Think of your emergency fund as preparation for two types of events:
Starter Savings covers you for Unexpected Expenses. Expenses like a car repair or a dentist visit happen all of the time. Typically, $500 - $1,000 is a good savings goal to be prepared for these expenses. Use these funds when you need them and then rebuild the savings.
The full Emergency Fund covers you for Prolonged Income Loss. It’s important to be prepared for a prolonged period of reduced income. Most experts recommend saving enough money to cover 3-6 months' of expenses.
Building up an emergency fund that can cover unexpected expenses and reductions in income will prepare you for any financial surprises, large or small. With that financial stability, you can focus on saving for retirement.
How does CW Financial’s Emergency Fund work?
Remembering to set money aside can be a challenge. We want to make saving easy.
Each pay period, we will automatically transfer a small amount of money from your paycheck into your Emergency Fund. Those funds will then be available to use whenever you need them. Plus, you can always pause or change your savings amount.
After you set up your Emergency Fund account, we will mail you an Emergency Fund Card that’s linked to your account. With this card, you can access funds instantly to cover your next emergency expense.
Set your savings amount.
Funds are transferred automatically each pay period.
Feel secure in growing your savings.
And don’t worry. There are no withdrawal fees, minimum balances, nothing. Just a safe place to start saving and feeling prepared.