Disney Vacation Account vs. other savings accounts question.

[caryrae]

I just opened up a Disney vacation account a month ago to save money for a trip in 2 years. Is the Disney vacation account a good option or is there better savings accounts out there. I know you can get $20 for every $1000 you spend using the account but maybe other savings accounts are a better option where you can get interest?

 

[Marionnette]

I just opened up a Disney vacation account a month ago to save money for a trip in 2 years. Is the Disney vacation account a good option or is there better savings accounts out there. I know you can get $20 for every $1000 you spend using the account but maybe other savings accounts are a better option where you can get interest?

The value of it depends on several factors.

• You only get a $20 Disney GC for every $1000 that you SPEND on qualifying purchases. Compare that to a savings account which might offer you a 0.75% APR on what you DO NOT SPEND. It may not sound like a lot but when you compound the interest on $1K over 24 months, it yields about $15.
• A DVA will tie your money up with Disney. A savings account will be accessible if you need fast cash.
• People have had problems with the DVA (they were down for more than a week this past spring) and their customer service has not been good.
• There's no reason that you couldn't do both - Open a DVA with $10 and just let it sit there (your account needs to be open at least 120 days to be eligible for the bonus) then save your money in a regular savings account until just before your trip balance is due. Transfer $990 (or $1990, or $2990, etc) to the DVA and use it to pay for your vacation. Keep the rest in the savings account. And voila! you get the small interest from a savings account and the bonus GC from the DVA for your spending.

 

[davper]

There's no reason that you couldn't do both - Open a DVA with $10 and just let it sit there (your account needs to be open at least 120 days to be eligible for the bonus) then save your money in a regular savings account until just before your trip balance is due. Transfer $990 (or $1990, or $2990, etc) to the DVA and use it to pay for your vacation. Keep the rest in the savings account. And voila! you get the small interest from a savings account and the bonus GC from the DVA for your spending.

What he/she said.

 

[caryrae]

That's a really good idea. I have $125 in the DVA so I'll leave that in there and find a regular savings account with interest and continue saving there. Thanks

 

[perchy]

The value of it depends on several factors.

• You only get a $20 Disney GC for every $1000 that you SPEND on qualifying purchases. Compare that to a savings account which might offer you a 0.75% APR on what you DO NOT SPEND. It may not sound like a lot but when you compound the interest on $1K over 24 months, it yields about $15.
• A DVA will tie your money up with Disney. A savings account will be accessible if you need fast cash.
• People have had problems with the DVA (they were down for more than a week this past spring) and their customer service has not been good.
• There's no reason that you couldn't do both - Open a DVA with $10 and just let it sit there (your account needs to be open at least 120 days to be eligible for the bonus) then save your money in a regular savings account until just before your trip balance is due. Transfer $990 (or $1990, or $2990, etc) to the DVA and use it to pay for your vacation. Keep the rest in the savings account. And voila! you get the small interest from a savings account and the bonus GC from the DVA for your spending.

Brilliant. Exactly what I wanted to know.