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Build your emergency fund
Be ready for life’s surprises with an emergency fund.
Why build an emergency fund?
Life can throw the unexpected your way. An emergency fund – sometimes called a safety net or rainy-day fund – is money set aside for those moments, like fixing a broken boiler, car repairs or covering a gap in income. Having this buffer means you’re prepared and less likely to borrow when things get tough.
Unlike saving for a specific goal, an emergency fund is there for life’s twists and turns.
An emergency fund could help with:
- Home repairs – from a leaky roof to a broken appliance.
- Car costs – servicing or unexpected fixes.
- Family needs – travelling for an emergency or supporting loved ones.
- Pet care – vet bills and treatments.
Start small and keep going. Even a little set aside can make a big difference when you need it most.
Where to keep your emergency fund
Choose a savings account that works for you. Easy access accounts let you dip in when you need to. Prefer a better interest rate? Fixed accounts can help your savings grow – just remember, you won’t be able to withdraw without charges.
We’ve got a range of savings accounts, starting from just £1, with options for easy access when you need it.
How much should you set aside?
Choosing how much to save each month for your emergency fund depends on your income, expenses and what feels manageable for you. Regular saving is a good habit, but your emergency fund should ease stress – not add to it. Start with what you can comfortably put aside and build from there.
A good guide is to aim to save about three months of your take home pay. This is the amount you normally earn after tax over three months.
Savings reminders
You can set your own reminders - for example, on your phone or calendar - for times when saving may be more achievable. This could be when you have money left before payday, you’re due a refund, or a loan is coming to an end. These reminders can help prompt you to move money into your emergency fund when it suits you.
Smarter ways to save with your account
Renaming your account
Giving your savings account a clear name, such as ‘Emergency Fund’ or ‘Emergencies’, can help remind you what it’s for. This may make you less likely to use it for everyday spending.
Spending insights
Review your spending insights to understand where your money is going and spot areas where you may be able to reduce costs. You can also use the subscription manager to find subscriptions you no longer need. Any savings could then be added to your emergency fund.
Spend notifications
Turning on spend notifications can help you keep track of your spending and stay aware of how much you’re using day to day.
Saving and budgeting tips
Try the 50/30/20 rule
Split your income into needs, wants and savings for a simple structure.
Use our savings calculator
See how much you’ll need to save each month to reach a goal that feels right.
Stay flexible
Save as regularly as you can, but don’t worry if it varies – higher spend months, like the start of the school term or holidays, are normal.
Topping up your savings
Even small amounts can make a big difference over time – and we’ve got plenty of easy ways to help you grow your savings.
Save little and often
Replace your morning coffee by saving the amount instead – £3 a day can add up to £270 in 3 months.
Round up as you spend
With Save the Change®, every time you use your debit card, we’ll round up your purchase to the nearest pound and move the difference into your savings.
Automate your saving
A standing order just after payday means your savings leave your account like any other bill – simple and stress-free.
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