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Best Vacation Savings Accounts 2024

Unveiling the finest savings accounts tailored to efficiently save and budget for your much-awaited vacations and thrilling travel experiences

Written by
Grace Lemire
Last Update on Jan 10, 2024

Planning for your dream vacations starts with choosing the best vacation savings account. Whether you’re looking for the best travel savings account or a dedicated vacation fund bank, we’ve got you covered. We present a carefully curated selection of the best savings accounts designed to help you save, budget, and make those travel dreams a reality. From competitive interest rates to travel-specific features and convenient access, these accounts are your gateway to building a travel fund with ease.

Savings AccountRatingBest For…APYMinimum DepositMonthly Fees
Affirm Savings4.6Large savings goals4.15%$0None
Chime High-Yield Savings Account4Small savings goals2.00%$0None
Consumers Credit Union Smart Saver3.5In-person banking0.25% to 2.00%$5None
Sallie Mae SmartyPig Account4.4Automatic savings3.75%$0None
Varo Savings Account4.2Linked checking and savings3.00% to 5.00%$0None
BEST FOR LARGE SAVINGS GOALS

Affirm Savings

4.6
★★★★★ ★★★★★ ★★★★★
Unique Features
Easy-to-use mobile app
Minimum Deposit
$0
APY
4.15%
Monthly Fee
None
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Affirm is known for their Buy Now, Pay Later service, but they also offer a high yield savings account. The account is complete with a highly competitive APY, no fees, and an easy-to-use mobile app, making it ideal for large vacation savings.

Process to Open an Account: To open an account, complete the application online or through the Affirm mobile app.

Withdrawal Options: Funds can be withdrawn through an ACH transaction to a linked bank account.

Pros:

  • Competitive APY
  • No maintenance fees
  • Highly rated mobile app

Cons:

  • No checking account options
  • No joint savings
  • No particularly unique features
Additional Details

Affirm’s APY applies to all balances, regardless of the amount. There are no minimum deposit or balance requirements. Interest compounds daily and deposits on the last day of each month.

BEST FOR SMALL SAVINGS GOALS

Chime High-Yield Savings Account

4.0
★★★★★ ★★★★★ ★★★★★
Unique Features
Round Ups; automatic savings
Minimum Deposit
$0
APY
2.00%
Monthly Fee
None
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Chime’s High-Yield Savings account has no minimum deposit or maintenance fees, but offers a lower APY than some competitors.

Process to Open an Account: To open a Chime High-Yield Savings account, you’ll need to open a Chime Checking Account first. You’ll need standard information like your Social Security Number, name, and address.

Withdrawal Options: Withdrawing funds is simple — just initiate a transfer from your Chime Savings Account to your Chime Checking Account.

Pros:

  • No minimum deposit
  • No monthly maintenance fees
  • Autosave features

Cons:

  • Lower APY than some competitors
  • Chime checking account required
Additional Details

Chime offers two savings features — Round Ups and Save When I Get Paid. Round Ups automatically round up transactions to the nearest dollar and transfer the spare charge into your Savings Account. Save When I Get Paid transfers 10% of direct deposits over $500 into your Savings Account.

BEST FOR IN-PERSON BANKING

Consumers Credit Union Smart Saver

3.4
★★★★★ ★★★★★ ★★★★★
Unique Features
In-person branches
Minimum Deposit
$5
APY
0.25% to 2.00%
Monthly Fee
None
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The Consumers Credit Union (CCU) Smart Saver savings account has a lower maximum APY than most competitors, but their in-person banking options make them stand out. They offer ATMs and physical locations in Michigan and New York.

Process to Open an Account: CCU members can complete the Smart Saver application online. Those that aren’t members will need to apply for a checking account, then complete the savings account application.

The time it takes to hear back about your application varies depending on your membership status. That said, membership at CCU is accessible — you won’t have to meet a long list of criteria like you would with most credit unions.

Withdrawal Options: CCU customers can make unlimited transfers from their Smart Saver savings account into their CCU checking account. If you’d prefer to withdraw funds in person at an ATM, you’ll need to transfer the funds to a checking account first.

Pros:

  • In-person banking options
  • Optional linked checking account offered
  • Customer service offered 6 days/week
  • No fees

Cons:

  • Lower APY than competitors
  • Contributions capped at $1,000 per month
Additional Details

To receive the full 2.00% APY, you must:

  • Have a CCU checking account
  • Have direct or mobile deposit of at least $500 per month within the checking account
  • Deposit at least $50 per month into the Smart Saver savings account
  • Enroll in eDocuments
BEST FOR AUTOMATIC SAVINGS

Sallie Mae SmartyPig Account

4.4
★★★★★ ★★★★★ ★★★★★
Unique Features
Automatic savings
Minimum Deposit
$0
APY
3.75%
Monthly Fee
None
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Sallie Mae’s SmartyPig Savings Account has a competitive APY, no monthly maintenance fees, and a user-friendly mobile app. Designed to function like a virtual piggy bank, users can set savings goals complete with automatic transfers to help them stay on track.

Process to Open an Account: Complete the short form on the Sallie Mae website. You must be at least 18 years old and have an existing checking or savings account. You must also be either a U.S. citizen, permanent resident alien with a green card and Social Security Number, or a resident with a Social Security Number.

Withdrawal Options: The only withdrawal option is electronic transfer via an ACH transaction to the linked account.

Pros:

  • Competitive APY
  • No fees
  • $10 referral bonus
  • Strong customer support 5 days/week

Cons:

  • No ATMs or physical branch locations
  • No connected checking account offered
Additional Details

The SmartyPig account’s APY is structured in tiers. Currently, the rates are the same across all tiers, although they may change over time:

  • 3.75% APY for balances of $0.01 to $2,500
  • 3.75% APY for balances of $2,500.01 to $10,000
  • 3.75% APY for balances of $10,000.01 to $50,000
BEST FOR LINKED CHECKING AND SAVINGS

Varo Savings Account

4.2
★★★★★ ★★★★★ ★★★★★
Unique Features
Automatic savings
Minimum Deposit
$0
APY
3.00% to 5.00%
Monthly Fee
None
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Varo’s high-yield savings account offers a competitive APY and no fees. It’s complete with two features perfect for vacation savings — automatic round-ups and Save Your Pay, an automatic savings feature.

Process to Open an Account: To open a Varo Savings Account, download the Varo app, answer the short questionnaire, then receive your application decision. If approved, you’ll be able to set up a deposit to transfer funds into your account.

According to Varo’s website, the process takes less than two minutes from start to finish, and no credit check is required.

Withdrawal Options: With a Varo Savings Account, you can transfer up to $10,000 to external accounts per month, or $5,000 per transaction. Wire transfers are unavailable, but you will have an unlimited number of transfers and withdrawals.

Pros:

  • Competitive APY
  • No minimum balance
  • Offers automatic savings and round-ups
  • Strong customer support
  • Optional connected checking account

Cons:

  • No ATMs or physical branch locations
  • Balances over $5,000 receive a lower APY
  • Low withdrawal and transfer limit, which isn’t ideal for more costly vacations
Additional Details

To receive the full 5.00% APY, you’ll need to meet a list of criteria, including:

  • Receive at least $1,000 via qualifying direct deposit
  • Balance must be positive at the end of the cycle

When it comes to setting aside money for your next trip, having a dedicated travel savings account or vacation account can make a significant difference. Not only does it help you manage and track your vacation funds, but it also offers features tailored for travellers.

With the rise of digital banking, several vacation savings apps and vacation fund apps have emerged. These apps make it easier to save for vacation, offering features like automated transfers, goal tracking, and more. Whether you’re looking for a vacation saving account with high interest rates or a vacation fund app that helps you save systematically, our list caters to all your travel saving needs.

Frequently Asked Questions (FAQs)

Why Should I Open A Vacation Savings Account?

Having a dedicated account helps separate your vacation funds from your regular savings or checking accounts, making it easier to manage and track your vacation budget without dipping into money reserved for other expenses.

Can I Set Up Automatic Transfers To A Vacation Savings Account?

Yes, most banks allow you to set up automatic transfers, making it easy to consistently save for your vacation.

Are Online Savings Accounts Good For Vacation Savings?

Online savings accounts often offer higher interest rates and lower fees than traditional brick-and-mortar banks, making them a potentially good choice for your vacation savings.

What If I Need To Withdraw Money From My Vacation Savings Account?

While the idea is to use this account for vacation-related expenses only, you can usually withdraw money when needed. However, frequent withdrawals might defeat the purpose of saving specifically for vacations.

Can I Open A Joint Vacation Savings Account?

Yes, many banks offer the option of opening a joint savings account, which could be useful for couples or families planning a vacation together.

Why Should I Open A Dedicated Vacation Savings Account Or Travel Savings Account?

Having a dedicated account helps separate your vacation funds from your regular savings or checking accounts, making it easier to manage and track your vacation budget without dipping into money reserved for other expenses.

What Are The Benefits Of Using A Vacation Savings App Or Vacation Fund App?

Vacation savings apps offer a convenient way to set, track, and achieve your travel goals. With features like automated savings, reminders, and goal visualization, these apps can enhance your saving experience.

Grace Lemire is a full-time content writer and part-time social media creator with a passion for helping people navigate life's toughest financial decisions – from moving out of your parents' house to buying a home.