In 2024, Americans reported spending an average of $902 on gifts and holiday items for the season. With the holidays fast approaching, narrow down the best savings accounts to stash away your holiday savings.
7 best holiday savings accounts
We narrowed down these top bank accounts to save up for the holidays based on monthly fees, APYs, features and accessibility.
Savings account
APY
Monthly fee
Why it’s great for holiday savings
Learn more
BCU Powerplus Checking
Up to 8% APY
$0
One of the highest rates in the market
Nationwide membership availability
As a checking account, you can spend saved funds easily
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.
Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Enroll in SoFi Plus between 9/18/25 and 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/sofi-plus SoFi Bank, N.A. Member FDIC.
Revolut is not a bank. Fees may apply. Banking services are provided by Lead Bank, Member FDIC. The Revolut USA Prepaid Visa and Prepaid Mastercard are issued by Lead Bank pursuant to licensing by Visa® U.S.A. Inc. and Mastercard International for Mastercard cards. Your funds are FDIC insured up to $250,000 through Lead Bank, Member FDIC, in the event Lead Bank fails. See revolut.com/en-US/ for more details.
The Annual Percentage Yield (APY) is a variable rate and may change at any time. APYs are accurate as of 29 September 2025. APYs vary by plan and account type. The rates are as follows: Standard Plan: 4.00% APY for balances in a High Yield Account; 3.25% APY for balances in other Savings Accounts. Premium Plan: 4.50% APY for balances in a High Yield Account; 3.35% APY for balances in other Savings Accounts. Metal Plan: 5.50% APY for balances in a High Yield Account; 3.75% APY for balances in other Savings Accounts. Plan fees and cancellation fees apply for Premium and Metal plans. T&Cs apply. No min balance to open; $0.01 min. to earn APY. Only 1 High Yield Account is permitted and is limited to $10,000 USD in user initiated deposits. The max combined balance of all Savings Accounts is $250,000 per user. Savings Account services provided by Cross River Bank, Member FDIC, insured up to $250,000.
Methodology: How we chose the best holiday savings accounts
Finder’s banking experts compare hundreds of savings accounts (and some interest-bearing checking accounts) to narrow down the best options for holiday and Christmas savings goals.
To be selected, the account must offer at least a 3% APY and provide at least one plan option with no monthly fees. We prioritized choosing savings accounts with specific savings tools to make it easier to sort your holiday savings from regular savings. To be considered on our best list, accounts need to meet the following minimum criteria:
Americans reported spending an average of $900 on the 2024 holiday season. However, that’s just an average reported amount.
How much you should save for the holidays depends on your budget, how much you can actually afford to spend and how many events and people you have to buy for.
Example budget for gift giving
Let’s say you have to buy presents for your spouse, your two parents, your mother-in-law, two young nieces, your grandfather, your brother, three friends and one secret Santa gift for a work Christmas party. That’s 12 people to shop for.
Example budget:
Spouse: $100
Parents: $50 each
Mother-in-law: $50
Two nieces: $25 each
Grandfather: $50
Brother: $50
Three friends: $25 each
Secret Santa: $25
This plan adds up to $500. Limiting yourself based on how much to spend per person, instead of counting the number of gifts, can help keep your budget in check and everything as fair and affordable as possible, within reason.
What do people on Reddit say?
On r/Parenting, many parents ask how much they should spend on gifts for relatives and children. Answers vary widely, often based on their kids’ age. For example, one user said their child was six months old, and they spent $40. For older kids, many parents report spending between $100 and $200 per child, focusing on the amount spent versus the number of presents to open.
Many Redditors report spending around $25 to $50 each for other loved ones, such as aunts, uncles, their kids’ teachers, cousins, friends and so on.
There were, of course, some users reporting spending thousands of dollars on the holidays, but for the most part, most reported a budget around $400 to $1,000, depending on how many people they needed to shop for, their kids’ ages, family size and planned events.
How to make a savings plan for the holidays
If you plan on needing to save around $900 for the holiday season, here are some ways to break up that savings goal:
How to save $900 in two months:
$450 per month
$225 biweekly
$112.50 per week
$15 per day
How to save $900 in three months:
$300 per month
$150 biweekly
$75 per week
$10 per day
Setting up recurring transfers
If your bank lets you set up recurring transfers, you can usually choose a percentage of your paycheck or deposits to be sent automatically to a savings account.
Here are different percentages that save $900 in two months if you’re paid biweekly, based on your wage:
Of course, not everyone needs to save $900 for the holidays. For a more conservative holiday savings goal, you could aim for $300 in three months.
To turn that into a simple, actionable plan, save $50 per biweekly paycheck for three months. That’s a good chunk of cash you can use to buy presents, get some new Christmas lights and even buy a turkey.
Bottom line
I doubt your loved ones want you to go into debt to buy presents or afford holiday decor this year. And on top of that, 53% of Americans expected to receive at least one unwanted gift in 2024 — which adds up to about $10.1 billion on unwanted presents.
Don’t break your budget to buy tons of unnecessary gifts or decor that’s only out for a month or two. Choose an amount that fits nicely within your budget, and find a goal that is attainable within your time frame.
Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto.
Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt.
Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others.
Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine.
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Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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