Most people won't be able to fund their Emergency account in one go. Instead they work out a plan to fund it over 1 -3 years. For example, if your fund needs a minimum of £3,000 why not pay £150 a month for 20 months.

The trick is to get organised and set up an automatic monthly payment from your current account to your new savings account. Internet banking makes this simple. See also - Simple steps to safer internet banking. Also secret number 4 - The internet - 4 reasons why it's your financial friend which is one of this site's 10 Secrets to Good Personal Finance

The best savings accounts are normally the ones with the best interest rate and the most flexibility, where flexibility relates to how easy it is to access your money. For example, there's no point earning the best interest rate available if the account is a Notice one, where 6 or 12 months notice is needed to access your money.

So you must choose an instant access account, or at least an account that has a maximum of 1 month's notice for withdrawals. The chances are that the best account won't be offered by your present bank so you'll need to open a separate account.

For example, I bank with Natwest and right now the best interest rate they offer on a savings account is 1.75% whereas a competitor bank is offering 3%.

Another idea is to use a Cash ISA account. Up to £3,600 can be deposited in a tax-year and all the interest is tax-free. More details on Cash ISAs here.

• Top 3 Savings Accounts Savings - Updated every Monday

An emergency Fund is a classic example of good personal finance because -

1. It makes sense, and
2. It's simple to understand and set up

It is unlikely that most people will not be able to fully fund their account immediately but with commitment and careful planning such an emergency fund could be set up within a year.

If you like the idea of an Emergency Fund you also might like this site's 10 Secrets to Good Personal Finance.