I am a 50 year old male who has an emergency fund in an online savings account. I have over six months expenses in this account. I was going to add to this account and was wondering if I should consider placing additional funds into a Roth mutual fund. I currently have accounts with T Rowe Price. If you agree this would be a good idea please recommend a fund. If not, please make another suggestion.
As Paul said, it wouldn't be reasonable for anyone to suggest specific funds, or even whether a Roth IRA may or may not be a suitable addition to your emergency funds. We simply don't know enough about your situation.
However, it's a good question and worth understanding what limits you have on accessing the money you've got in a Roth IRA. In general, any direct contributions you make to your Roth IRA may be removed without taxes or penalty. The downside of removing the money from your Roth is that you are losing all that potential future tax-free growth and you have a limited amount of money you're allowed to put into a Roth. Pulling it back out is a lost opportunity. Nevertheless the ability to pull that money out without taxes or penalties does make it somewhat more liquid/accessible than money tied up in a traditional IRA or an employer's 401(k).
Note that money in a Roth IRA which is the result of converting from a traditional IRA, rather than direct contributions, has different restrictions (mainly a delay before you may access the money without penalty).
And further, note that the growth from the contributions is not available penalty- or tax-free (until you've reached retirement age, etc). So if you put, say, $5000 into your Roth IRA and it grew to $6000, you may pull the $5000 back out, but the additional $1000 must remain else be hit with taxes and penalties. There is a list of "ordering" rules regarding what money coming out of a Roth IRA is considered to be (regular contributions, conversion, earnings).
See IRS Pub 590, Ch. 2 for more details. Here's a link: http://www.irs.gov/publications/p590/ch02.html
The questions you're asking seem simple on the surface. Yet, the answers require a closer look at your situation. You probably wouldn't expect your doctor to prescribe a treatment without an examination. Same principles apply here. I suggest you contact a CFP professional near you. If you're concerned about cost, contact the local chapter of the Financial Planning Association and ask about their pro bono and other public programs.
Thomas - Paul is correct: without more information about your financial circumstances, your question cannot be answered definitively. Some of the issues you will want to consider:
(1) have you had your ROTH account for at least five years? If not, then you would need to be prepared to live with some limitation on withdrawals. While in most cases you can withdraw any amounts contributed to a ROTH (some exceptions apply), you cannot access any of your earnings without penalties unless you have had the account for five years.
(2) do you have an idea about the level of risk you are prepared to take on your new contributions? If these additional contributions are intended to be additional emergency funds, as the title of your question suggests, you will want low risk investments that are not expected to fluctuate too much. If the contributions are for long-term savings, then you may be willing to assume more risk, which will affect your choice of funds.
The type of investments (equities, fixed income, cash) is probably more important than the specific funds, and you will want to ensure that the risk you take is in line with your needs and goals.