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.
- Set a goal. Aim for a general amount. Consider working toward $500, which should cover the average cost of car repairs.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.
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.
Explore and compare dividend rates of all Navy Federal savings products.Learn More about Savings Rates
Maximize your savings with a Navy Federal certificate. Explore and compare all dividend rates.Learn More about Certificate Rates
Cash Out or Roll Over?
Need help deciding what to do when your certificate matures? Read about your certificate maturity options.Learn More about Cash Out or Roll Over?