No. of Recommendations: 1
Until recently I have never had ‘Emergency Funds’. I graduated from university in 2008, so savings account interest rates have been basically zero my entire working life. How could I justify parking my money in a bank account and earn practically nothing? That has been my thinking for the past 11 years. So instead I have just been fully invested in the stock market (minus what I need for normal monthly bills and whatnot, of course).

And thankfully I have been fortunate and never had an emergency that required immediate access to money. But I know that might not always be the case, so I finally took the steps to fix this flaw in my financial life.

I recently found Digital Federal Credit Union. Despite the name ‘Digital’ (that makes it seem like a FinTech startup or something), this credit union was formed in 1979. So it’s a long-established financial institution.

Digital Federal Credit Union has a product a ‘Primary Savings’ account. It offers (currently) a 6.14% APY interest rate up to the first $1000 (and 0.25% for any amount after that initial $1000).

A thousand dollars in a savings account earning 6.14% APY in this day and age? Yes, please!

I signed up in September and now I finally have my ‘Emergency Funds’.

As far as I can tell, this is the highest savings account APY you can get in America with no monthly account fees, no debit card spending minimums, additional products you don't want or any other account requirement shenanigans like that. (If there is an American bank/credit union with a higher APY and no other fees/requirements, please let me know.)

You just put a minimum of $5 in the account, earn 6.14% APY (up to the first $1000) and that’s it. If you are like the me of one month ago without ‘Emergency Funds’, I would highly recommend Digital Federal Credit Union.

There is also a $20 referral bonus ($20 for the person being referred, $10 for the person doing the referring). It would seem a little tacky for me to push referrals in this thread (as if that’s the reason for me making this thread), so I won’t be doing that. If you do a Google search for “Digital Federal Credit Union” and “referral bonus”, I’m sure you can find people wanting to refer you for the bonus. If you can’t find anyone else to send you a referral, send me a reply (use “E-Mail this Reply to the Author”) and I’ll help you out. Or just signup without the referral. But anyway:

Yeah, I’m so glad I finally have $1000 in ‘Emergency Funds’. And I'm equally as glad it's earning me 6.14%. I feel like such a mature, sensible, responsible adult now, haha. I hope I will never have to use my new ‘Emergency Funds’ account, but I feel so much better about myself now that I have such an account.

Digital Federal Credit Union: https://www.dcu.org/
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