Disney Vacation Account.

[JoWiJo]

aside from the gift card perk, i don't understand why disney thinks someone would want this as opposed to, i don't know, saving in their own bank?

i just wonder where this idea came from.

There are some people out there who will hear of this program but yet aren't smart enough to create a second bank account just for such things. Plus, some will think how cool it is to have an account set aside for Disney vacations that is actually branded with the Disney name. This program is perfect for them.

Since you can deposit $2,500 per day toward the account, why not just save your money wherever you want (in a bank account, in a safe, beneath that loose board under the carpet, etc.) and create the account just before you book the trip and then turn around and claim the gift cards? [giving yourself 6 weeks to get the card by mail]

 

[Magic Fanatic]

There are some people out there who will hear of this program but yet aren't smart enough to create a second bank account just for such things. Plus, some will think how cool it is to have an account set aside for Disney vacations that is actually branded with the Disney name. This program is perfect for them. Since you can deposit $2,500 per day toward the account, why not just save your money wherever you want (in a bank account, in a safe, beneath that loose board under the carpet, etc.) and create the account just before you book the trip and then turn around and claim the gift cards? [giving yourself 6 weeks to get the card by mail]

Could the argument not be made that Disney's $20 gift card for every $1000 spent (or 2%) is much better than most savings accounts (.01% APY)? At this particular time Disney's offer is much better than starting a savings account and the monthly fees associated with them. That's not to say if interest rates rise (which there is no reason to think the will any time soon) a savings account may be more appropriate in the future.

 

[larry_poppins]

My understanding is that you can still buy Disney gift cards at Target. If you use a target credit card it saves you 5%. You then deposit the gift cards into your Disney Vacation Account and receive your Disney gift card when you hit 1,000 in spending.

You win both ways and you don't have to carry all those Target cards to WDW!

Larry

 

[Laketravis]

As a banker......Now, if rates were to rise it would make more sense to keep the money in your own account.

When rates rise, Mr. Banker....When rates rise.....

(Hoping)

 

[Magic Fanatic]

When rates rise, Mr. Banker....When rates rise..... (Hoping)[/QUOTE

That is something we are all hoping for!

 

[JoWiJo]

Could the argument not be made that Disney's $20 gift card for every $1000 spent ( or 2%) is much better than most savings accounts (.01% APY)? At this particular time Disney's offer is much better than starting a savings account and the monthly fees associated with them. That's not to say if interest rates rise (which there is no reason to think the will any time soon) a savings account may be more appropriate in the future.

Is that 1% or 1/100%?

To be fair, I should admit that 2% is higher than what I had last heard the going bank rate was. Still, I was picturing someone putting money into a bank account, drawing interest, then placing it into this kind of account two months pre-trip for the additional 2%.

 

[Magic Fanatic]

Is that 1% or 1/100%? To be fair, I should admit that 2% is higher than what I had last heard the going bank rate was. Still, I was picturing someone putting money into a bank account, drawing interest, then placing it into this kind of account two months pre-trip for the additional 2%.

My mistake I meant to say 0.1% APY (yes I meant 1 tenth of 1 percent). There are better rates out there but most require large minimum deposits to qualify for the rate. The difference here is Disney is giving you $20 for every $1000 spent. If you compare that with putting that same $1000 in a savings account at a flat 1.0% APY (if you could find that rate) for 1 year, it would only earn $10. That is not taking into account the monthly fee on the savings account. In the end this small account would cost you the very money you are trying to save.