Ask Terry Questions HELOC vs savings account

HELOC vs savings account

By Terry Savage on April 29, 2024 | Chicken Money

Hi Terry, I have $30 in a high interest savings account. It’s my emergency fund. With the good rates on treasury bonds, etc should I invest that 30K and take out a HELOC? I would only use that money if an emergency arose? Thank you

Terry Says

There is absolutely no reason to take out a home equity line of credit and pay fees.  And if you don’t want to lose any of your money, don’t start “investing” it.  A high interest savings account is the perfect place for your emergency funds.

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