Keep in your savings account the maximum amount you can afford to blow, because of it's quick liquidity.
Anything over and above that allocated "mad money" would wisely be invested in steps, keeping in mind your age and future long and short-term financial goals. The Emigrant account is good, but you can access funds transfers within 48 hours, so it's merely a savings account at a higher rate.
Check with your bank or investment professional. It's difficult to advise someone without knowing all the circumstances.
