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What Should you Look for in a Travel Savings Account?

Chris Gottschalk

Chris Gottschalk About The Author

Oct 18, 2022 4:45:00 AM

If you’re saving up for a trip, whether it be for summer vacation or winter holidays, you might have heard about travel savings account or a vacation savings account. Financial institutions that offer these accounts say they have features that are beneficial for travelers.

In reality, a travel savings account is just a garden variety savings account or club savings account with the word “travel” added to it. Still, there are some features you’ll want a savings account to have while you’re setting aside funds for your trip.

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Low Fees

If you’re putting away money to go on a trip, you don’t need fees draining your savings account and leaving you with less money than you thought you had. When looking for a savings account you can use for travel, make sure the one you choose has low fees. Stay away from any savings account that charges a monthly fee or maintenance fee and look for an account that doesn’t have a minimum amount requirement, especially when you’re just starting to save for a trip.

Online Accessibility

Man with laptop and moneySome travel experts say that you’ll want to have a vacation savings account at a bank with physical branches where you’ll be headed. These days, though, more people manage their account through online banking platforms, and a reliable online banking platform is arguably even more important than access to a physical branch.

Any online banking platform should at least let you see what accounts you have open with a bank or credit union, as well as their amounts. If you’re going to use an account for travel, you should also make sure your online bank account will let you:

  • Transfer money between internal accounts
  • Transfer money to an external account
  • Pay bills online

You’ll also want an online bank account that you can access with a mobile app, so you can manage your funds anywhere you can get a cell signal. You might also want to see if the mobile app will also let you deposit checks into your account.

Large ATM Network

Dimly lit ATMWhile most places these day take credit cards, there will still be times where you’ll need cash. This is where a large ATM network comes in. the more ATMs you can access, the easier you’ll be able to get cash, and hopefully the less service fees you’ll have to pay.

It’s worth pointing out that credit unions like First Alliance might not have branches in multiple states, but they are usually part of an immense network of ATMs, such as MoneyPass. This network lets you find an ATM that won’t charge you to use it (although your bank or credit union might still charge a fee).

Low Initial Deposit

Some travel savings account purport to have a higher interest rate than other savings accounts. The catch? You have to make an initial deposit of a few hundred or even a few thousand dollars.

If you’re just getting started saving for your trip, select a travel savings account that doesn’t require a huge deposit. Look for a travel savings account that only requires you to put down $20 or $10. You could also open an account at First Alliance Credit Union for only $5.

If you know you'll be able to save for your trip regularly, you can also open up a WINcentive savings account. As long as you make regular contributions to your WINcentive account, you'll be eligible to win monthly, quarterly and annual cash prizes, which you can use to further fund your trip. 

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Save for Your Trip With First Alliance Credit Union

If you want a good travel savings account, you don’t have to open up a savings account with the word “travel” in it. Instead, just look for a savings account that doesn’t require a lot of money to open, has a decent ATM network and doesn’t charge a lot of fees.

If you’re looking for a good savings account to fund your next trip, become a member of First Alliance Credit Union today. We offer several different types of savings accounts, from traditional savings accounts to club accounts that will only let you access the money you’ve put in them at a certain date.

We do our best to provide helpful information but we cannot guarantee the accuracy or completeness of the information presented in the article, under no circumstance does the information provided constitute legal advice. You are responsible for independently verifying the information if you intend to use it in any way. Additionally, the content is not intended to be reflective of First Alliance Credit Union’s products or services, for accurate and complete details about our product and service information you must speak to an advisor at First Alliance Credit Union.