If you’re someone who loves to travel, opening high-yield savings accounts can help you reach your vacation goals faster. By putting money aside on a regular basis for 18 months, you can well over $1,000 (enough to pay for your next tropical getaway or European adventure without having to dip into your regular income).
The accounts below are all high-yield savings accounts, meaning they offer above-average APYs (i.e. interest rates) compared to traditional savings accounts, which give you nearly nothing for keeping your money there.
Let’s take a look at some of the best savings account offers available and how they can help you pay for your next vacation.
2. American Express personal savings account
The American Express personal savings account is a great choice for travelers who want a hassle-free savings account with a high-interest rate.
Putting your cash into this account could earn you enough to cover two roundtrip flights to New York and a two-night hotel stay.
3. Marcus by Goldman Sachs online savings account
The Marcus by Goldman Sachs online savings account has no fees and no minimum deposit requirements. You can easily transfer money in and out of your account using the online platform. If you’re looking for a high-yield savings account that is easy to use and offers competitive interest rates, the Marcus by Goldman Sachs Online savings account is a great choice.
4. Ally Bank online savings account
The free Ally online savings account is another great option for travelers looking to save for their next trip. You could easily save over $1,000 in 18 months to cover a roundtrip flight and a three-night stay in New York, leaving you with plenty of money to explore the city’s attractions and food scene.
If you’re looking for a reliable and user-friendly online savings account, Ally Bank is a great choice. With easy online account management and a mobile app, it’s a convenient way to save for your next trip.
5. Discover online savings account
The free Discover online savings account is another great option for travelers looking to earn for their next vacation.
You can easily deposit and withdraw money online, and there are no minimum balance requirements.
Plan to put away a couple hundred bucks per month for 18 months, and that roundtrip flight and a multi-night stay are yours for free.
6. Barclays online savings account
The Barclays online savings account is a great high-yield savings accounts choice for travelers who want a high rate of return without the hassle of minimum balance requirements or monthly maintenance fees.
You can easily transfer money in and out of your account, and you can set up automatic contributions to make saving even easier. And if you need to withdraw money, you can do so without penalty.
Several great high-yield savings accounts are available, each with its unique set of benefits. Whether you’re looking for a high APY, no fees, or convenient account management, there’s an account out there that can help your money grow faster than a traditional savings account that offers almost no interest.
If we haven’t convinced you that one of the accounts above is the right choice, you can always check out some additional options with Bankrate’s savings comparison tool. Finally, ensure you check out our list of the best travel credit cards which can help you earn rewards toward free flights and hotels.