‘We rely solely on his income to support our family and we have eight kids, so I have aimed high for our emergency fund’ Dear Quentin, My husband and I currently have $200,000 in an emergency fund, and I have it in a high-yield savings account at our credit union. I like this very much because I have a personal relationship with our bank staff, which is helpful when we have a unique need. 

I like how easy it is for me to transfer funds from our other accounts into our HYSA. The downside is that the APY is 3.75%, which seems a little bit lower than other accounts I see advertised, though those seem to mostly be available through online banks. 

I am very new to learning more about financial management. My husband does all our finances beyond the discretionary-spending account and our emergency fund. My husband and I have eight kids, and rely solely on his income to support our family.

As you can see, I have aimed high for our emergency fund. If something were to happen to my husband or his job, we could access money pretty quickly. For that reason I am leery about doing something that would lock up those funds or come with restrictions.

Where is the best place to put our emergency fund so it keeps up with inflation but is readily available if we need to access it? 

Wife, Mother & Saver

Related: ‘He’s an egomaniac’: My husband said he’ll flush his $1.5 million IRA ‘down the toilet’ rather than split it with me in our divorce. What can I do?

Dear Wife, Mother & Saver, You’re beating inflation by the skin of your teeth.

Given that you are raising eight children, you are more than qualified and entitled to be part of your household’s saving and investment decisions. That should be a 50/50 proposition between you and your husband. You may need to express your own joys or concerns about your finances. Never discount the contribution you have to offer. 

I agree with you on two counts: First, it’s great to have a personal relationship with your local bank or credit union, and second, your interest rate is relatively low compared with the average annual percentage yield on high-yield savings accounts. You could, if you looked around, get as much as 5.30%.