Well in your case, if you want to move the funds over to the Citi Savings then that’s fine.
Keep in mind this must be a no risk storage area.
It’s for emergencies, not investing.
Remember that the first 1000 is your BEF, and anything on top is for sinking fund.
How to track it depends on how you track all your finances overall.
I’ve used Quicken (transitioning to Moneydance) on the computer and I have cash accounts set up for various sinking funds linked to the savings account.
So the BEF is $1000 then the sum above that in the savings account is the total of the various sinking funds.
I ‘transfer’ the funds within the accounts as needed so the numbers are right.
Chuck

I was wondering how you managed your BEF,
EF and sinking funds.
 Do you have all of these in separate accounts or are
they intermingled?  How do you maintain what dollars are for what account? Right now I have a savings account for my
funding account and a savings account for the emergency funds.
 The problem is
that these are all with a local credit union and are not earning any real
interest (1%).
 I just opened my Citibank savings account and it’s
earning 4.5% interest.   I’d like to earn as much as possible but also
keep track of everything without serious headache. 
Erika
 

I’ve simplied my life, but I also have business accounts.
  My Emergency fund sits at Emigrant Direct and I add funds there from my bank savings account which is my sinking fund account.  The money from my local bank savings account goes into my checking account when it comes time to pay for my car tag, taxes etc but not until the last possible minute to gain as much interest as possible.   Overages, things I can’t calculate or haven’t bothered to calculate such as  property tax, after I’ve paid the bill go to my Emigrant Account.  Interest from this savings account is transferred to Emigrant etc.
  Periodically I move money from Emigrant into my Roth and into CD’s.
  So that makes me have 3 personal accounts.
  Sharon H.
      I was wondering how you managed your BEF, EF and sinking funds.
 Do you have all of these in separate accounts or are they intermingled?  How do you maintain what dollars are for what account? Right now I have a savings account for my funding account and a savings account for the emergency funds.
 The problem is that these are all with a local credit union and are not earning any real interest (1%).
 I just opened my Citibank savings account and it’s earning 4.5% interest.   I’d like to earn as much as possible but also keep track of everything without serious headache.  Erika  

so you are debt free except for the house?     Chris Harrison I have a checking account and a savings account with my credit union.  I put all the money for my BEF and sinking funds in the savings account and it pays 5%.  I have an Excel spreadsheet that lists how the money in the savings account is allocated.  For example, currently I have $3137.31 in my savings account.  It is allocated this way:     BEF: 1175     property taxes sinking funds: 1400     Ally college tuition sinking fund: 362.31     flood insurance sinking fund: 200   Last week, I was paid $13 and change for interest so I moved that to the Ally college sinking fund.
  I keep the rest of my money in my checking account because usually it moves out of there so quick, it’s not worth it to move it!   I don’t want to open multiple accounts so this is a good way for me to keep track of what money should be used for what.
  JULIE

i have 2 mian checking accounts, one for paying the bills.
i have my check direct depoist spread out over 3 accounts, and i have enough in the bills account to cover all the bills.
and then i set up bank of america’s e-bailling service to automaticly pay my bills are the same amount each month.
and for the bills that change, i send that payment as son as i get the bill.
  the other account is for funding the envelopes.
i pull out pretty much all of that money to put in the envelopes, minus the money i transfer to paypal for medical and the money i transfer to the bef account for the car repiar, well right nt it is bilding back up teh bef, as i had to replace the turn signal switch in one of my cars, the turn signals went out, as well as the hazards!   ttyl   Chris Harrison I have 2 Emigrant accts, 1 ING acct (utilities surplus in prep for the larger winter bills), 2 checking accts (1 main acct and 1 for medical, dental, Rx and vet costs) and a savings acct at the local bank.  Each is nicknamed for easy identification.    I will eventually go to 2 Emigrant accounts and I have a spreadsheet that you can itemize what ,money is for what category.  I don’t do that now because the entire amount is going towards our new roof in the fall.  I will try and send an attachment with the spreadsheet.  I got it from a website that someone had mentioned.  It also has a debit section where if you take $20.00 from the car fund, it deducts the total and category appropriately.  I know this seems like a lot of work and confusion to have so many
accts but it makes things easier on me.

ok, i did not realise you were building up for auto repiar, that makes a difference!   ttyl   Chris Harrison Actually I have $1475 in my BEF because 1.
We make a ton of money so our emergencies tend to be larger and 2.
$1000 is just a guideline, not an absolute rule that cannot be customized and 3.
the transmission and starter in my car are about to go and I need to be able to pay for those repairs when they come up.  I’m just waiting to find some time to get the car to the shop.  Plus, my one credit card is not at 18%!  It’s at 9% and my savings are at 5%.  I just want to make sure that I don’t have to go into debt in case the car repairs are more than I estimate.  (I’ve gotten estimates already but it will all depend on just how bad the tranny is.)   JULIE