WDW Savings Account

[W.E.D.]

Posting here because of the strategy involved (for many of us anyway) in saving for a trip.

Did anyone else see on Facebook yesterday that WDW is supposedly offering accounts where you can deposit $$$ to plan for upcoming trips? I haven't had the chance to research this yet, but if it's true, and they can offer me security for my money, I think this is a service we would use. Anyone else?

 

[Princess Disney Mom]

I saw it. The thing I didn't like was you have to make your purchases through Disney. Sometimes I buy my tickets through UT or use a travel agent. You can get your money back but that seemed like a hassle. If you deposited using a gift card it will be refunded back to the gift card. It just seemed to me like one more thing to keep track of. They offered a $20 gift card for each $1000 spent but that is still not worth keeping track of one more account.

It could be a way for some to save money if they are sure they will purchase their package from Disney.

 

[W.E.D.]

Thanks for the input. I hadn't been able to really look at it yet.

 

[GenevieveRaqs]

This post was the first I'd heard of this, so I went to check it out. And it appears this is indeed true...

Personally, I don't see the point. I can save money in my own savings account. I can add money to a gift card. I can book a vacation plan and make payments on it. Heck, I can stick money under my mattress if it came right down to it. I don't know why I would ever fork over my money to a business to hold for me--for no interest--until I want to buy their product. I see they're offering a $20 gift card for every $1,000 you give them, but it still seems like a bad deal. Nope, I'll hang on to my own money, thanks.

 

[erionm]

Posting here because of the strategy involved (for many of us anyway) in saving for a trip.

Did anyone else see on Facebook yesterday that WDW is supposedly offering accounts where you can deposit $$$ to plan for upcoming trips? I haven't had the chance to research this yet, but if it's true, and they can offer me security for my money, I think this is a service we would use. Anyone else?

DisneyVacationAccount.com

 

[JillianLeigh]

This post was the first I'd heard of this, so I went to check it out. And it appears this is indeed true...

Personally, I don't see the point. I can save money in my own savings account. I can add money to a gift card. I can book a vacation plan and make payments on it. Heck, I can stick money under my mattress if it came right down to it. I don't know why I would ever fork over my money to a business to hold for me--for no interest--until I want to buy their product. I see they're offering a $20 gift card for every $1,000 you give them, but it still seems like a bad deal. Nope, I'll hang on to my own money, thanks.

My thoughts exactly.

 

[bumbershoot]

I don't know why I would ever fork over my money to a business to hold for me--for no interest--until I want to buy their product. I see they're offering a $20 gift card for every $1,000 you give them, but it still seems like a bad deal. Nope, I'll hang on to my own money, thanks.

A free $20 for each 1K is not "no interest". That 2% is more than I'd earn in interest in my savings/checking accounts (credit union gives me interest on both).

My own personal roadblock is that I RARELY book anything directly through disney (apart from using DVC points but that's not cash), so it doesn't really help me. But if I did routinely book directly through them I would see this as a darned good deal.


Also good to note that you have to keep the money in the account for a certain minimum period of time before using it.

 

[GenevieveRaqs]

A free $20 for each 1K is not "no interest". That 2% is more than I'd earn in interest in my savings/checking accounts (credit union gives me interest on both).

I read the details, and I'd still consider this no interest. The bank provides you with interest regardless of how or when you decide to spend your money. Disney, however, will only give you this $20 gift card if/when you spend the money with them. You said you rarely book anything through Disney--I imagine this is because you can get a better deal elsewhere. By booking elsewhere, it is probable that you are able to save MORE than what Disney is offering you to let them hold onto your money for you. What's more, if you decide not to go to Disney/book through Disney after all, you get nothing for letting Disney hold onto (and make money off of) your money.

Aside from that, I don't let the clerk at the mall hold my purse. I don't let Target link their in-store card directly to my bank account. And I won't let Disney hold my money. A conditional promise of $60 in gift cards won't change my mind about any of those actions, either. I doubt what I think about this scheme is going to persuade anyone one way or another, and that's fine. But I believe in being much more careful about how and with whom I share my financials.

 

[kristie64063]

Why wouldn't you just open an exclusive savings account for "Disney" money only? I wouldn't be giving any money to Disney to hold onto for me ... That's like paying too much in taxes to the government. They get to use YOUR money for free / no interest.

Plus, if something came up, what's your guarantees you'd get it back. No way!