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Your Safety Net

With an emergency savings account, you can cover costs you didn't expect to have. Pay for medical bills, home repairs, car maintenance and other expenses without unnecessary debt.

The Basics

The money in your emergency savings account can help you cover costs that go beyond your monthly budget. It can also help if your income changes. Since you can’t predict the emergencies you’ll face, it can be hard to know how much money you’ll need to have. We can help you get started:

 

Video Transcriptfor Set Up An Emergency Fund

Set up an emergency fund. A rainy-day fund is one of the best ways to be ready for the unexpected.

To get started, you'll need a plan. Pick an account that earns dividends. Set a goal to save a small amount and build from there. Get a refund or unexpected money? Add it to your fund. Congratulations. You're on your way to building a nice cushion and being financially prepared.

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  • Set a goal. Aim for a general amount. Consider working toward $500, which should cover the average cost of car repairs.Footnote 1 Another good option is to strive to have the same amount as one paycheck saved.
  • Start Contributing. Set up a designated emergency fund—your Navy Federal Basic Savings account is a great option—and make regular contributions. Add what you're able, even small amounts add up quickly. 
  • Keep saving. Work toward saving 3-6 months of living expenses. As your balance grows, switch to a Money Market Savings Account (MMSA) to increase your dividends. Calculate what it will take to get there.

Learn More about Starting an Emergency Savings Fund

Explore Accounts

When choosing an account for your emergency savings, opt for either of these that offer easy access to your money any time. This way, when an emergency happens you have the money you need. 

Basic Savings Account 

This account comes with your Navy Federal membership and is a great account to use for emergency savings. 

If you already use this as your primary savings account, you can open another Basic Savings Account for your emergency savings. This way, you’re not tempted to pull from your primary account to cover the unexpected. You can also set up automatic transfers into this account to help strengthen your savings habit.

Features

  • Earns 0.25% APYFootnote 2 
  • Requires only a $5 minimum balance to earn dividends
  • Can name multiple accounts to tell them apart
  • Allows access to your money at any time

Open Now to get a Basic Savings Account

Money Market Savings Account 

Once you're able to consistently maintain a balance of $2,500 in your emergency fund, consider upgrading to an MMSA to earn higher dividends. 

With an MMSA, you can still access your money anytime—through checks, ATMs and digital banking—all while building your reserves more quickly through higher dividends.  


Features

  • Earns APY as high as 1.500%Footnote 2
  • Requires a $2,500 minimum balance to earn dividends
  • Has no term limits
  • Allows access to your money at any time

Open Now to get an MMSA

Want More Information About Saving?

Visit our Savings Learning Center for tips, tools and other resources.

Learn More at the Savings Learning Center

Savings Resources

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Disclosures

1

According to the 2020 Vehicle Health Index from CarMD.

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2

Rates on variable accounts (e.g., Share Savings, Checking, MMSA) may change after the account is open. This APY is accurate as of 06/23/2025. Fees may reduce earnings.

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This calculator is for general education purposes only and is not an illustration of current Navy Federal products and offers.