While it may feel like you aren’t saving for anything in particular, many financial advisers say a rainy day fund is the most important thing to save for.
Saving for a rainy day is also a great way of starting a savings habit, a habit that can help with your future plans and goals.
Saving 3 months’ salary is a good starting goal to help cover life’s unexpected expenses.
So start saving today.
Financial advisers usually recommend an emergency fund that will cover 3 to 6 months’ expenses. However this is just a simple rule of thumb. If you fall into the following categories, you may need to set aside a larger amount.
Self-Employed. Your income can fluctuate or your business might decline. And if it goes belly-up, you’re unlikely to get a redundancy package.
Sole Breadwinner. If yours is the only income, what happens if you lose your job?
Health Issues. Not only could you face unexpected health expenses, your health might affect your ability to work.
Get in the savings habit and start a savings plan with us today.
We’ve a range of flexible options to help you save for an unexpected rainy day.
Not sure which account is right for you? Let us help you with that.
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The above calculation is based on a set of assumptions (see below) and is intended to provide you with a guide as to the potential gross interest return that may be applicable. The actual return that you receive may vary from this calculation where your account does not operate as per these assumptions.
* Annual Equivalent Rate (AER) illustrates what the interest would be if interest was paid and compounded each year. Our AER calculation assumes that the account is held for a year and that the interest rate remains constant.
** Gross Return Interest is calculated daily and payable at the end of the term for a fixed term deposit account or annually at the relevant interest payment date for a demand/ notice variable rate account. The interest payable assumes that the lump sum is invested for the full fixed term period or a full year (365 days), as appropriate to the account type.