10 Reasons Why You Need an Emergency Fund
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Are you one who tends not to have any extra cash on hand? Many people experience this, but with the current economic climate, rising prices are putting a dent in their pockets. When you have an emergency fund, you have a safety net for unexpected times, making it crucial for several reasons.
Before we dig into why you need an emergency fund, it’s important to know where to keep it.
Do NOT keep it in your checking account or a traditional savings account. You want to keep it in an online-based bank to earn the most on your money.
Best place to keep your savings to earn interest👇
🏦 If you have UNDER $5,000 in savings, switch to CIT Bank’s Savings Connect Account with 3.65% APY
🏦 If you have OVER $5,000 in savings, switch to CIT Bank’s Platinum Savings Account with 3.75% APY
Disclosures:
For complete list of account details and fees, see their Personal Account disclosures: https://cit-fcb-t.cit.com/cit-bank/resources/forms
Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. *APYs — Annual Percentage Yields are accurate as of November 20, 2025: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of December 15, 2025
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APY — Annual Percentage Yield is accurate as of November 20, 2025. Interest Rates for the Savings Connect Account are variable and may change at any time without notice. The minimum to open a Savings Connect account is $100. Fees could reduce earnings on the account.
2Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of Deccember 15, 2025.
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Some of the links in this article are "affiliate links", a link with a special tracking code. This means if you click on an affiliate link and purchase the item, we will receive an affiliate commission. The price of the item is the same whether it is an affiliate link or not. Regardless, we only recommend products or services we believe will add value to our readers. By using the affiliate links, you are helping support our Website, and we genuinely appreciate your support.
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