Best Vacation Savings Accounts 2023

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Withdrawal Options: Funds can be withdrawn through an ACH transaction to a linked bank account.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

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.

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

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.

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

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

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

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

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

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