Having an emergency fund protects your investments, retirement savings and other assets when you need money in a pinch. Last year, 68% of working Americans had one, a five-year high.
That's according to a report from the financial benefits firm Betterment at Work, which attributed the increase to growing interest in building short-term safety nets.
Budgets have been stretched thin in 2026, with the cost of food, energy and other essentials increasing. The consumer price index rose 3.3% in March from a year earlier, according to the Bureau of Labor Statistics data.
But even with inflation eating away at discretionary income, establishing a financial safety net isn't impossible. Here are some creative ways to build your emergency fund.
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Earmark your tax refund for your emergency fund
While many people think of April as tax season, most people can file much sooner — and get their refund earlier, too. If you're expecting a tax refund, commit to saving that money when it arrives.
The average tax refund for 2025 was $3,397, a healthy start or addition to any emergency fund.
Prepare for any refund you may receive by choosing a tax professional or tax-filing software. After all, you can do this before employers send out tax documents.
CNBC likes Intuit's TurboTax, which has a variety of service levels, audit support and step-by-step guidance throughout the filing process. If you feel stuck, there are plans with on-demand help and final reviews by tax experts.
TurboTax
Free version
If you have a simple Form 1040 return only (no forms or schedules except as needed to claim the Earned Income Tax Credit, Child Tax Credit, student loan interest, and Schedule 1-A), you can file for free yourself with TurboTax Free Edition, or you can file with TurboTax Expert Assist Basic at the listed price. Roughly 37% of taxpayers are eligible.
Guarantee
Guarantees 100% accuracy and maximum refund
Live support
Expert Assist plan includes unlimited assistance and final review. Expert Full Service includes a dedicated expert to complete and file your return.
Tax refund advance loan
Yes
Read our review of TurboTax tax software.
For those who want to file for free, CNBC Select recommends Cash App Taxes (formerly Credit Karma Tax). While it's only available in 40 states, it's completely free and offers a maximum refund guarantee and audit defense protection.
Cash App Taxes
Free version
Yes
Guarantee
Guarantees 100% accuracy and maximum refund
Live support
No
Tax refund advance loan
No
Read our review of Cash App Taxes
Save up credit card rewards
Yes, a rewards credit card can help you build your rainy day fund. Cash-back credit cards reward you for the spending you're already doing, from shopping for groceries to filling your gas tank. Some of the best flat-rate cash-back cards earn 2% cash back on all purchases.
To save even more, choose a card that doesn't have an annual fee, like the Citi Double Cash® Card. It offers unlimited 1% back on purchases and an additional 1% back when you pay your bill.
The Citi Double Cash® Card is one of the best no-annual-fee cash-back cards thanks to its straightforward rewards structure.
- Balance transfers get a long intro APR
- Generous flat-rate cash-back rewards structure
- No annual fee
- Travelers face a foreign transaction fee
- Intro APR only applies to balance tranfer
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
- Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, earn 5% total cash back on hotel, car rentals and attractions booked with Citi Travel.
- Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 17.49% - 27.49%, based on your creditworthiness.
- Balance Transfers do not earn cash back. Intro APR does not apply to purchases.
- If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
- There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
Balance transfer fee
There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. A balance transfer fee of 5% of each transfer ($5 minimum) applies if completed after 4 months of account opening.
Foreign transaction fee
3%
The Chase Freedom Unlimited® card is another great option (see rates and fees). This card has several benefits beyond its cash-back rewards and $0 annual fee. Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening and a 0% APR intro period on purchases for the first 15 months (then a 18.24% - 27.74% variable APR).
The Chase Freedom Unlimited® is a no-annual-fee card that earns generous cash-back on everyday purchases and a lucrative welcome bonus.
- Users get a high rewards rate and strong welcome bonus
- Purchases and balance transfers get long intro APR
- No annual fee
- Travelers face a foreign transaction fee
- Few rewarding ongoing benefits
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening
- Enjoy 5% cash back on travel purchased through Chase TravelSM, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases.
- No minimum to redeem for cash back. You can use points to redeem for cash through an account statement credit or an electronic deposit into an eligible Chase account located in the United States!
- Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 18.24% - 27.74%.
- No annual fee – You won't have to pay an annual fee for all the great features that come with your Freedom Unlimited® card
- Keep tabs on your credit health, Chase Credit Journey helps you monitor your credit with free access to your latest score, alerts, and more.
- Member FDIC
Balance transfer fee
Intro fee of either $5 or 3% of the amount of each transfer, whichever is greater, in the first 60 days. After that, either $5 or 5% of the amount of each transfer, whichever is greater.
Foreign transaction fee
3% of each transaction in U.S. dollars
Cash-back rewards can be redeemed in several ways: As a paper check or direct deposit into your bank account, a statement credit toward your account balance or as a gift card. If you receive the rewards by check or direct deposit, consider putting the funds in a high-yield savings account.
Take advantage of bank account welcome bonuses
If you're on the hunt for a new checking or savings account, choose one with a welcome bonus to kickstart your emergency fund.
Savings account welcome bonuses can vary based on how much you deposit, but typically range from $60 to $400. There are also checking account bonuses, which typically start at $100.
Depending on any direct deposits you set up, a SoFi Checking and Savings account comes with a cash bonus.
- Impressive welcome bonus
- Strong APY with direct deposit
- No minimum balance or deposit needed
- No monthly fees
- Comes with checking account and ATM access
- Receive your paycheck in your account up to 2 days early automatically when you set up direct deposit
- Save change automatically with Roundups and set savings goals with Vaults
- No foreign transaction fees
- FDIC insurance up to $3 million additional through the SoFi Insured Deposit Program*
- Non-direct deposit APYs are low compared to other high-yield savings accounts
- No reimbursement for out-of-network ATM fees
- No physical branches
Store your fund in a high-yield savings account
Lastly, put what you've saved in a high-yield savings account, which offers a higher interest rate than a traditional savings account, allowing your money to grow faster. Like traditional savings accounts, HYSAs often allow you to access cash when you need it, sometimes with a free ATM card.
CNBC Select likes EverBank Performance Savings because of its high APY. Unlike other top-rated accounts, EverBank doesn't require a minimum balance or direct deposit to earn its full return. It also doesn't charge monthly fees.
EverBank Performance℠ Savings
Annual Percentage Yield (APY)
3.90% APY
Minimum balance
None
Monthly fee
None
Maximum transactions
You may conduct up to 20 external transfers per day, subject to a maximum of 10 transfers that pull deposit funds from a linked external account into your accounts at EverBank and a maximum of 10 transfers that send deposit funds from your accounts at EverBank to a linked external account, and up to 50 total external transfers per month.
Excessive transactions fee
None
Overdraft fees
N/A
Offer checking account?
Yes
Offer ATM card?
Yes
Terms apply.
Pros
- Strong APY
- No minimum balance required
- No monthly fees
- Free ATM card and no ATM fees
Cons
- Limited physical branch locations
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