Though, emergency fund is very significant in an unexpected situations, you can put all the funds not in a time deposit bank account but you can rather put it all for an investment of cryptocurrency. Afterall, when the time comes that you really need the money, then you can withdraw your funds from your soft-wallet. At least, the profits you earned from your investment in cryptocurrency will grow faster and higher than putting all your money in time deposit.
To tell you honestly, I considered my online wallet as my emergency funds for example, unexpected expenses, sickness and other situations.
One thing to be considered wisely in terms of savings is that you have to double your savings through investments. Crypto currency is one of the best example on this because you can have the value of your money higher .