diff --git a/apps/api/src/app/portfolio/portfolio.service.ts b/apps/api/src/app/portfolio/portfolio.service.ts
index 80a46b39a..b665b635a 100644
--- a/apps/api/src/app/portfolio/portfolio.service.ts
+++ b/apps/api/src/app/portfolio/portfolio.service.ts
@@ -1136,17 +1136,22 @@ export class PortfolioService {
         withSummary: true
       });
 
-    const { balanceInBaseCurrency: cashBalanceInBaseCurrency } =
-      await this.accountService.getCashDetails({
-        userId,
-        currency: this.getUserCurrency()
-      });
+    // The cash balance of the summary is split into the emergency fund and
+    // the remainder, both denominated in the base currency of the user
+    const cashBalanceInBaseCurrency = new Big(summary.cash)
+      .plus(summary.emergencyFund.cash)
+      .toNumber();
 
     const emergencyFundInBaseCurrency = userSettings.emergencyFund ?? 0;
 
     const emergencyFundHoldingsValueInBaseCurrency =
       this.getEmergencyFundHoldingsValueInBaseCurrency({ holdings });
 
+    const totalEmergencyFundInBaseCurrency = this.getTotalEmergencyFund({
+      emergencyFundHoldingsValueInBaseCurrency,
+      userSettings
+    }).toNumber();
+
     const hasOpenHoldings = Object.keys(holdings).length > 0;
 
     const marketsAdvancedTotalInBaseCurrency = getSum(
@@ -1192,14 +1197,11 @@ export class PortfolioService {
               this.exchangeRateDataService,
               this.i18nService,
               userSettings.language,
-              this.getTotalEmergencyFund({
-                emergencyFundHoldingsValueInBaseCurrency,
-                userSettings
-              }).toNumber()
+              totalEmergencyFundInBaseCurrency
             ),
-            // The coverage is only meaningful once a target has been set,
-            // otherwise the set up rule already reports the missing setup
-            ...(emergencyFundInBaseCurrency > 0
+            // The coverage is only meaningful once an emergency fund has been
+            // set up, either by an amount or by the tagged holdings
+            ...(totalEmergencyFundInBaseCurrency > 0
               ? [
                   new EmergencyFundCoverage(
                     this.exchangeRateDataService,
diff --git a/apps/api/src/models/rules/emergency-fund/emergency-fund-coverage.ts b/apps/api/src/models/rules/emergency-fund/emergency-fund-coverage.ts
index 479781acc..7f9bbba09 100644
--- a/apps/api/src/models/rules/emergency-fund/emergency-fund-coverage.ts
+++ b/apps/api/src/models/rules/emergency-fund/emergency-fund-coverage.ts
@@ -4,67 +4,68 @@ import { I18nService } from '@ghostfolio/api/services/i18n/i18n.service';
 import { DEFAULT_CURRENCY, DEFAULT_LOCALE } from '@ghostfolio/common/config';
 import { RuleSettings, UserSettings } from '@ghostfolio/common/interfaces';
 
-export class EmergencyFundCoverage extends Rule<Settings> {
-  private cashBalanceInBaseCurrency: number;
-  private emergencyFundHoldingsValueInBaseCurrency: number;
-  private emergencyFundInBaseCurrency: number;
+import { Big } from 'big.js';
 
+export class EmergencyFundCoverage extends Rule<Settings> {
   public constructor(
     exchangeRateDataService: ExchangeRateDataService,
     private i18nService: I18nService,
     languageCode: string,
-    emergencyFundInBaseCurrency: number,
-    emergencyFundHoldingsValueInBaseCurrency: number,
-    cashBalanceInBaseCurrency: number
+    private emergencyFundInBaseCurrency: number,
+    private emergencyFundHoldingsValueInBaseCurrency: number,
+    private cashBalanceInBaseCurrency: number
   ) {
     super(exchangeRateDataService, {
       languageCode,
       key: EmergencyFundCoverage.name
     });
-
-    this.cashBalanceInBaseCurrency = cashBalanceInBaseCurrency;
-    this.emergencyFundHoldingsValueInBaseCurrency =
-      emergencyFundHoldingsValueInBaseCurrency;
-    this.emergencyFundInBaseCurrency = emergencyFundInBaseCurrency;
   }
 
   public evaluate(ruleSettings: Settings) {
+    if (!this.emergencyFundInBaseCurrency) {
+      return {
+        evaluation: this.i18nService.getTranslation({
+          id: 'rule.emergencyFundCoverage.false.unset',
+          languageCode: this.getLanguageCode()
+        }),
+        value: false
+      };
+    }
+
+    const placeholders = {
+      baseCurrency: ruleSettings.baseCurrency,
+      emergencyFund: this.emergencyFundInBaseCurrency.toLocaleString(
+        ruleSettings.locale
+      )
+    };
+
     // Only the holdings tagged as emergency fund are an explicit commitment,
     // the cash balance covers the remainder
     if (
-      this.emergencyFundHoldingsValueInBaseCurrency >
-      this.emergencyFundInBaseCurrency
+      new Big(this.emergencyFundHoldingsValueInBaseCurrency).gt(
+        this.emergencyFundInBaseCurrency
+      )
     ) {
       return {
         evaluation: this.i18nService.getTranslation({
+          placeholders,
           id: 'rule.emergencyFundCoverage.false.over',
-          languageCode: this.getLanguageCode(),
-          placeholders: {
-            baseCurrency: ruleSettings.baseCurrency,
-            emergencyFund: this.emergencyFundInBaseCurrency.toLocaleString(
-              ruleSettings.locale
-            )
-          }
+          languageCode: this.getLanguageCode()
         }),
         value: false
       };
     }
 
-    const coverageInBaseCurrency =
-      this.emergencyFundHoldingsValueInBaseCurrency +
-      this.cashBalanceInBaseCurrency;
+    const coverageInBaseCurrency = new Big(
+      this.emergencyFundHoldingsValueInBaseCurrency
+    ).plus(this.cashBalanceInBaseCurrency);
 
-    if (coverageInBaseCurrency < this.emergencyFundInBaseCurrency) {
+    if (coverageInBaseCurrency.lt(this.emergencyFundInBaseCurrency)) {
       return {
         evaluation: this.i18nService.getTranslation({
+          placeholders,
           id: 'rule.emergencyFundCoverage.false.under',
-          languageCode: this.getLanguageCode(),
-          placeholders: {
-            baseCurrency: ruleSettings.baseCurrency,
-            emergencyFund: this.emergencyFundInBaseCurrency.toLocaleString(
-              ruleSettings.locale
-            )
-          }
+          languageCode: this.getLanguageCode()
         }),
         value: false
       };
@@ -72,14 +73,9 @@ export class EmergencyFundCoverage extends Rule<Settings> {
 
     return {
       evaluation: this.i18nService.getTranslation({
+        placeholders,
         id: 'rule.emergencyFundCoverage.true',
-        languageCode: this.getLanguageCode(),
-        placeholders: {
-          baseCurrency: ruleSettings.baseCurrency,
-          emergencyFund: this.emergencyFundInBaseCurrency.toLocaleString(
-            ruleSettings.locale
-          )
-        }
+        languageCode: this.getLanguageCode()
       }),
       value: true
     };
diff --git a/apps/client/src/app/pages/i18n/i18n-page.html b/apps/client/src/app/pages/i18n/i18n-page.html
index 4ac05acf4..a685074ee 100644
--- a/apps/client/src/app/pages/i18n/i18n-page.html
+++ b/apps/client/src/app/pages/i18n/i18n-page.html
@@ -151,6 +151,9 @@
         Your emergency fund of $&#123;emergencyFund&#125;
         $&#123;baseCurrency&#125; is not covered
       </li>
+      <li i18n="@@rule.emergencyFundCoverage.false.unset">
+        No emergency fund amount has been set to determine the coverage
+      </li>
       <li i18n="@@rule.emergencyFundCoverage.true">
         Your emergency fund of $&#123;emergencyFund&#125;
         $&#123;baseCurrency&#125; is covered