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Money market account for emergency savings
Most emergencies are less than 1,000 in nature.  As such I would keep at least that amount in a checking/savings account at the bank from which you pay your bills or can get cash from.  This amount may increase so you can avoid low balance fees, or because of the nature of your life style and income. Beyond that, you can search for yield.  I personally like online savings accounts like Amex Personal Savings, Ally or others.   Money market accounts will work equally well.  There you can keep the bulk of your emergency savings and large purchase savings.  Keep in mind you still won't earn much.  A 40K emergency fund will only earn you $38/month at Ally.