4 Reasons To Open a Vacation Account
Save now to have a worry free getaway
A vacation or travel account is an account with special rates or terms that encourage members to save for a large expenditure
Many financial institutions offer special rates or perks for vacation accounts. The interest rate may be better, and many only cash out once a year or when your savings goal is met. This encourages you to #save as much as you can, while at the same time making these funds something you think about less. If you forget it's there, you won't spend it.
2. Opening an account for a vacation allows you to clearly see your progress toward your goal. If you set up automatic deposits, you can see your balance grow as you get closer to your vacation, and can be a big motivator to throw additional funds into it whenever available.
3. Keeping vacation funds in a different "pot" than regular or emergency ones will stop you from accidentally spending earmarked funds, or even worse, it will discourage you from dipping into your emergency funds for vacation.
4. You can easily avoid vacation debt. Many people will put entire vacations on a credit card, then spend the rest of the year paying it off, with interest. When building a vacation fund, you can say goodbye to those interest payments, and hello to a less stressful vacation. Have a credit card with #travel rewards? Maximize your benefits and use it! With your saved vacation fund you are then able to pay it off right away, before any interest accrues. Best of both worlds!
Vacations are supposed to be relaxing. Plan ahead so you can enjoy it, without breaking the bank. Stop into any #SuperiorCreditUnion branch today to open up your Dream Vacation account, and enjoy .50% interest on the first $15,000 saved!
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