Here we have offset accounts against our home loans – that’s where my emergency fund is – it doesn’t pay interest but offsets against my homeloan. eg if you have a loan of $100,000 and your offset is at $40,000 you only pay interest on the remaining $60,000 (but payments are based on the $100K so you pay off quicker). The $40K can be accessed at any time.
I am also trying to understand bank transfers in the US. Here it is super easy – all you need is what we call the BSB number (bank number) and account number and you can transfer to anyone within 24 hours. Updates on balances in your account are instant – is it not like that in the US?