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Best vacation savings accounts

Explore your options for funding your dream trip.

Promoted

EQ Bank Savings Plus Account

EQ Bank Savings Plus Account logo
  • Earn 1.65% interest
  • Free transactions
  • Zero everyday banking fees
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Everyone needs a break from time to time. But since even short vacations can get expensive, it’s essential to have a savings plan in place. Here are some of the best accounts to help you save for an upcoming vacation.

Tangerine Savings Account


Click here to read our full review of the Tangerine Savings Account.

Pros
  • Great introductory interest rate.
  • $0 monthly fee.
  • All everyday transactions are free and unlimited.
  • Supports an Automatic Savings Program for making recurring deposits into your account.
  • 24/7 customer service phone line.
Cons
  • Regular interest rate may not be as competitive as other savings account rates on this list.
  • No physical branches for in-person service.

EQ Bank Savings Plus Account


Annual interest rate: 1.65%

EQ Bank offers an easy, streamlined, no-hidden-fees alternative to big banks. With the EQ Bank Savings Plus Account, you can enjoy a very competitive interest rate and low costs. EQ Bank is entirely online, so you can manage your money conveniently from home. While you can’t perform cash transactions, you can easily send money to and from linked accounts at outside institutions for free. This high interest savings account is great if you’re just starting to save or are trying to build up an existing, modest-sized fund.

Check out our full review of the EQ Bank Savings Plus Account for more information.

Pros
  • Great interest rate.
  • $0 monthly fee.
  • Hidden fees: $0.
  • Can move money easily between accounts.
  • Interac e-Transfers are unlimited.
Cons
  • Some standard banking features not available such as overdraft protection, use of ATMs and the option to have paper statements.
  • No physical branches for in-person service.
  • Savings limited to $200,000 per customer.

Scotiabank MomentumPLUS Savings Account


Annual interest rate: 1.35% (increases based on how long you save)

If you need a little help staying motivated to save, then Scotiabank MomentumPLUS Savings Account might be just what you need. Earn a regular interest rate of 1.35% right away, and enjoy a bonus of up to if you consistently contribute to your account over a certain amount of time without withdrawing from it. You can also opt in now for a promotional interest rate of 4.25% until .

Pros
  • $0 monthly fee.
  • $0 minimum balance requirement.
  • In-person service available at Scotiabank branches (note that there may be fees for certain types of teller-assisted services).
Cons
  • It takes some time to earn a higher interest rate.
  • You may be a charged a fee for Interac e-Transfers.

How we picked the best vacation savings accounts

To narrow down the savings accounts that would be best for funding a vacation, we considered key factors like how quickly it would grow your savings, whether or not a bonus was available to jumpstart your savings, ease of access and what fees were involved.

How to compare vacation savings accounts

While searching for the best savings account for your vacation, consider a few factors that can help you compare your options:

Compare savings accounts

1 - 4 of 4
Name Product Interest Rate Promotional Interest Rate Min. Bal / Min. Deposit Account Fee
Simplii High Interest Savings Account
0.40%
3.00%
$0 / $0
$0
Earn 3.00% interest on your savings. Open an account and get a special interest rate for deposits up to $1,000,000. Conditions apply. Valid until October 31, 2022.
KOHO Earn Interest
1.20%
N/A
$0 / $0
$0
Use promo code FINDERCODE and get a $20 cash bonus when you make your first purchase within 30 days. Opt into earning interest for free and earn 1.20% on your balance, plus an additional 0.50% in cash back on every purchase you make.
Neo Money Account
2.25%
N/A
$0 / $0
$0
Get a competitive interest rate and unlimited free transactions with no monthly fees or minimum balances.
EQ Bank Savings Plus Account
1.65%
N/A
$0 / $0
$0
Enjoy zero everyday banking fees, free transactions and no minimum balance.
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Compare up to 4 providers

Best way to save for a vacation

To save for your vacation, consider things like how long you’ll be saving, the length of your trip and whether you’ll need access to your money. Once you’ve homed in on the details of your trip, here are some of the best ways to save:

Compare products

If you plan ahead and have a long time to save, you might want to open a GIC. You’ll get a higher interest rate in exchange for locking up your money for a period of time.

Consider investing apps

Round up and investing apps like Mint and Moka can help you reach your goals sooner by investing your spare change or working with your partner.

Set up recurring deposits

Consistency is key, so consider setting up automatic deposits into your savings account.

Budgeting

Break down your monthly income to find out how much you can put toward your vacation each month.

Organize your savings

Set up a separate account for your vacation fund. Or set up multiple accounts for different aspects of your trip.

Little contributions add up

Even spare change from everyday purchases or small decisions like packing a lunch can snowball, helping you fund your trip sooner.

Track your progress

Visit a branch, log in online or use mobile banking to track your progress and motivate yourself to keep going.

Look for incentives

Look for an account that offers a rewards program, travel points or a signup bonus.

What about vacation savings clubs?

Savings clubs work just like savings accounts, but they’re structured to help you save toward individual goals. Instead of a general savings account that you pay into occasionally, you’ll make routine contributions into an account with a specific purpose, like a vacation. There are usually set dates when you can open and withdraw from the account and you’ll be penalized if you withdraw early. Plus, some vacation savings clubs offer higher interest rates as an incentive for you to save.

Bottom line

Vacations are always something to get excited and plan for but they’re not worth going into debt. Plan ahead to figure out how much your trip is going to cost and how you’re going to pay for it. Then, compare savings accounts to find an option that works for your financial strategy.

Frequently asked questions

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