I've recently put away a fair bit of money in a high interest savings account. I consider this to be my emergency fund. One of my big fears though is that I will forget about this money.

This may sound silly, but consider the following. I've put this money away and I'm not planning to add more. I have no reason to check in on this account because there will be no activity. I will likely not need this money for a long time. So say in 10 years something terrible happens and I need my emergency fund. Well... I haven't thought about it in 10 years. My fear is that I wont remember where this account is.

What is the best way to avoid forgetting my accounts?

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    The bank should provide you with a regular statement, either electronically or in paper form. This should serve as a reminder. There will be regular activity on the account in the form of interest postings. – user41790 Jul 29 '16 at 4:08
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    I'm voting to close this question as off-topic because its not about personal finance – Dheer Jul 29 '16 at 15:12
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    @Dheer How is this not about personal finance? It my personal money in my personal bank account that I am trying to manage. – David says Reinstate Monica Jul 29 '16 at 15:25
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    I hear ya man. Use some software like Mint.com to keep track of your accounts, you'll see a consolidated figure of what you are worth. – edocetirwi Jul 29 '16 at 21:59
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    I disagree with closing as there are solid personal finance answers: engage in financial planning as a process. Identifying a quantity of money aa a cash emergency fund is an asset allocation decision. DIY financial guides have different rules of thumb for how often to review AA and rebalance, but if you do it say once a year, you won't go 10 years without thinking about the account. – user662852 Aug 3 '16 at 23:52

Keep a list of your accounts, banks, life insurance policies, location of your will, etc, and make sure two people you trust know where you keep that list. Review and update the list at least once a year.

This way if something happens to you, your next of kin will have an easier time locating your financial details and final wishes. And having a list also means you won't forget about any of your accounts.

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You will get periodic statements from the bank telling you about interest paid and your current balance. You should be fine unless you plan on becoming lost yourself.

If you're worried about losing your mind, back it up somewhere.

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  • I get periodic emails from the bank, but again, since nothing is really happening there (just interest accrual) I never look at these emails and they don't show up on my daily feed. – David says Reinstate Monica Jul 29 '16 at 4:11
  • So ask them to send hardcopy. Or look at them when you need to know the bank. – keshlam Jul 29 '16 at 4:13
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    Seriously: write it down and file it someplace safe. Or write it down and have a friend hold onto it for you. Or accept that this is s vanishingly rare hypothetical case and is really not worth worrying about. – keshlam Jul 29 '16 at 4:15
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    @DavidGrinberg "I never look at these emails" Bad move! Banks occasionally make mistakes, and criminals sometimes fraudulently access accounts. The sooner you spot these the easier they are to fix or redress. If an account contains an amount of money that you care about, you should review the statements every month! Even if you have several accounts it shouldn't take you more than a few minutes a month. You should also save your own copy of the statements so that you have evidence if you every have a dispute with the bank. – Charles E. Grant Jul 29 '16 at 17:05

If you live in a country that taxes interest, and if this is a significant amount of money in a high interest account then the tax forms will serve as a reminder.

Even though the advice is to forget about the money, so that you don't dip into it for trivial things; you do need to look at it every so often to make sure it is still in a high interest account.

The info about the account also needs to be kept in a place where somebody else can track it down if a spouse or dependent has to use the money in the emergency.

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