Whether you’re a serial holiday-maker or someone who’s saving for the trip of a lifetime, having a holiday savings account with interest or built-in tracking goals can help you visualise your progress and stay motivated to save.
We’ve selected the best accounts designed to help you save for your next holiday.
Savings accounts you can use to save for your holiday
Monzo’s Savings Pots are cleverly designed so that you stay focused on your savings goal. They sit next to your current account, so you can see your savings progress whenever you log into the app. Alongside that, you can use Monzo’s Roundups feature, where anything you spend over £1 is rounded up to the nearest point and added to your pot, as well as set up automated savings, so money is automatically saved into your Pot each month. If it helps you to visualise your goal, you can even add a picture to your Pot and name it. With Monzo, you can set up an Instant Access Savings Pot, which pays a competitive interest rate and lets you withdraw your money instantly.
Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 39% EAR variable.
Pros
Easy to set up
Good for budgeting and categorising spending
Automatic saving feature
Fee-free spending abroad
Slick app with face login
Overdrafts and loans available
Cons
Free ATM withdrawals outside the EEA limited to £200,
£1 fee for depositing cash at PayPoints,
Maximum cash deposit of £1,000 every 6 months
No rewards program
Minimum opening balance
£0
Switch service guarantee
Yes
Account fees
£0
Overseas card transactions
0%
Overseas cash withdrawals
0% conversion fee plus cash fee of 0% on up to £400 per 30 days (3% thereafter)
Get a £20 welcome bonus when you spend your first £20 (T&Cs apply).
Revolut’s savings accounts are easy to set up within the app and have features to help you build towards your holiday savings goal. You can add money at any time, so if you’re feeling flush one month, you can easily transfer a little extra into your savings. Alternatively, you can set up a recurring transfer to ensure that your account is topped up without fail each month and opt to turn on round-ups to boost your balance further. The accounts pay interest on your savings, and depending on which Revolut plan you have, you can earn interest on Euros or US Dollars. The accounts are powered by ClearBank, meaning that all eligible deposits are FSCS protected.
Pros
Low overseas fees
Quick sign-up
Earn cashback on spending
Set budgets for financial goals
Virtual cards for online purchases
Easy to transfer money internationally
Linked Revolut <18 account available for one child
Cons
1% currency conversion charge on weekend spending abroad
Free cash withdrawals in the UK and abroad both limited to £200 per month
Cannot deposit cash or cheques into the account
Charged a fee to receive your bank card
Minimum opening balance
£0
Account fees
£0
Overseas card transactions
0% Mon-Fri (max. £1,000 per month)
Overseas cash withdrawals
0% Mon-Fri (max. £1,000 per month) conversion fee plus cash fee of £0 up to £200 per month
Switch for up to £310 by switching your bank account to TSB.
TSB is one of the few high street banks which also offer Savings Pots that pay interest. If you have a Spend & Save or a Spend & Save Plus account, you can open up to 5 Savings Pots. These can be named anything you like to help you keep focused on saving for your trip. Much like the digital banks, TSB also has features designed to boost your savings, like its Save the Pennies feature, which is a round-up tool. Its Savings Pots are instant access and are FSCS protected.
Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 39.9% EAR variable.
Pros
Earn cashback as you spend
Competitive monthly saver
Save the Pennies feature
Cons
Cashback on Save and Spend account expires after six months
Interest charged on overdrafts
Minimum opening balance
£0
Minimum operating balance
£0
Switch service guarantee
Yes
Account fees
£0
Overseas card transactions
Europe: 2.99% Elsewhere: 2.99% plus flat fee of £1
How should you choose a savings account for your holiday?
When you’re saving for a particular goal like a holiday, there are certain features that you’ll want in your savings account.
Interest rate. You’ll want to make your money work for you, so make sure to compare interest rates to see which one will help your savings grow faster.
Minimum deposits. Look for an account which allows you to start from as little as £1 to get your holiday savings journey started.
Account features. Try to find accounts which have features that will help you save towards your goal: automatic savings, round-ups, personalisation etc.
Bottom line
Having a clear savings goal is the first step, but choosing an account that will support you in your goal is just as important. Opting for a savings account which has features designed to help you stay on track will help you towards your ultimate holiday savings target. Remember to also compare interest rates to see which one will help you to achieve your goal faster.
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Kate Steere is an editor at Finder, specialising in fintech, banking and cryptocurrency. She has previously written for The Motley Fool UK and Fitch Solutions, where she covered a wide range of personal finance topics and kept a close eye on market trends. Kate has a Bachelor of Arts in Modern History from the University of East Anglia. When not working, she can usually be found curled up with a good book or heading out for a run. See full bio
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