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What emergencies could justify a highly liquid emergency fund?
I tend to agree that the need for liquidity is overplayed in this day and age.  We live in a world of electronic transfers that take only a couple days at most.  With my brokerage account I can go from stock to gas in my tank via debit card in about 3 days. We're a long way away from the days when it took weeks, phone calls, and physical checks in the mail to go from stock to cash in your hand.  We've also moved a long way away from limited credit/debit card acceptance.  It was not long ago that my mechanic didn't accept credit cards.  Locksmiths didn't carry a square reader on their iPhone 10 years ago.   However, don't expect debt to always be available.  Many many many people with strong income and stellar credit histories had their credit/HELOC limits slashed from 2008-2010 while banks pared back risk.  A cash position of a size that makes sense gives you a high level of short term control; you aren't reliant on someone else's money. Liquidity isn't the main issue with emergency funds.  The main issue is psychological.  Build a foundation rather than overly optimistically chasing yield.