Few savings accounts offer the kind of immediate fun and respite that a typically vacation savings account does. This unique type of savings account is setup to do exactly what its name implies: Create a fund that can be used by the account holder to go on vacation at some point in the future.
Since most people begin an account like this with an “end game” in mind, the account is structured in such a way that it maximizes the potential earnings through interest rates, bonuses, benchmarks, and a comprehensive plan that helps savers meet their goal on time or even early. This is done in a few different ways, depending where the account is offered.
A Vacation Savings Account Offers Excellent Benefits
Most people think of a vacation as a real getaway that involves driving, flying, or even cruising long distances. Vacation can be expensive, so a robust savings account is in order. Most banks offer a vacation savings account as a fixed-period account, which means bank customers establish the date when they’d like to have enough money to take a vacation, and the bank works with them to create a monthly or weekly contribution that will help them get to that amount of savings on schedule.
Thanks to the account’s origin at a major bank, it accrues interest that can help vacationers have even a little bit of extra money as they depart for a break from work and other obligations. Many will even offer a matching bonus if banking customers make a certain level of contributions over several months or a year.
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Vacation Resorts: A Savings Account Directly Linked to Certain Packages
While many banks have gotten into the game in terms of offering a vacation savings account, they’re not the only ones who offer this compelling option to today’s consumers. In fact, many of the most popular and expensive vacation destinations around the country have begun offering similar savings accounts that are directly linked to certain hotels and other features.
Disney, for instance, allows its prospective vacationers to link their bank account to its own vacation savings option. They can establish recurring transfers of money between their bank account and Disney, linked to the total amount it will cost them to stay at a Disney hotel, gain admission to the park, and visit nearby attractions.
The account sets a final date for savings, and often allows consumers to lock in a Disney rate so that they know exactly when they’ve made enough money to go on the vacation. Similar programs are offered by Universal Studios in Florida, as well as several beach resorts along the Gulf Coast and even in the Caribbean. By using these options, vacationers know exactly what the trip will cost, what they need to save, and how long it will take them to earn enough to depart on the trip.
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A Great Way to Plan and Pay for a Big Vacation
According to Independent Traveler, going on a vacation often means lots of planning, plenty of spending, and a great deal of fun upon arrival. To make the process of planning and affording the vacation as easy as possible, a savings account might be in order for many people. The benefits of a vacation savings account make it a great way to save quickly, pay off an upcoming trip, and ensure that there’s even a little money left over for dinner, a fun night out on the town, and any other excursions that might take place.