What do you do when that unexpected emergency comes up out of nowhere? What if your car breaks down, or your washing machine gives out on you? Will you have the money in the bank to fix it or will you have to run up more debt to take care of the problem? What if you suddenly got laid off from your job?
Having an emergency fund can eliminate the need for using credit cards and loans to take care of those unexpected things.
Having an emergency fund does not mean having money to pay for that HDTV large flat screen TV that you have been wanting, or to pay for that great pair of shoes you saw in the mall. It means having the money for things that you really need, and not things that you want. This can be a true test of your will power, but can end up saving your money and grief in your time of need.
Try not to make the money easily accessible, maybe put a hold on the account until you make a call to have it unfrozen.