I have just started to use Treasury Direct as an alternative to a traditional savings account. Because I have to hold securities for a one year minimum, should I keep some money in the Zero Percent Certificate of Indebtedness for the first year, as an emergency fund, and then invest it when the first few securities become redeemable? Tom's response Your plan makes sense to me. An emergency fund is a reasonable way to use a Zero Percent Certificate of Indebtedness. Although you won't earn any interest on the C of I, your money is tucked away where you can't otherwise spend it. If you do need it, however, you can log on to your TreasuryDirect account and transfer money from your C of I to your bank account. During this first year, the combined interest you'll earn on the bonds and the C of I should at least match, if not beat, what you'd earn with a bank savings account.