Disney Vacation Account

[caryrae]

Maybe this had been posted already but could find anything, I noticed the Disney site had a Disney vacation account which is like a savings account for a Disney vacation but it doesn't look like you get any interest like other savings accounts. https://disneyvacationaccount.disney.go.com

You can save a little at a time then you can use that account to pay for your trip. Sounds like a fun way to save money.

[ibelieveindisneymagic]

It does look fun, but I haven't been hearing too many good things about it.

It could just be because it is new, but aside from the "fun" factor of having a Disney savings account, I bet you'd make out better at a regular bank, in terms of being able to get more interest, and easier access to your money.

Still, for some, it will be motivation to save for a Disney vacation.

[vicster]

Sounds fun - I wouldn't worry about any interest because interest on a savings account these days is a joke.

[dnickels]

So someone would be loaning Disney their money up front for a vacation in the future and getting zero interest?

I get that interest rates on savings accounts are low, but as the previous poster mentioned, at least at your own bank you can get some interest, and have easier access to that money.

I guess the target audience for this is basically Disney nuts who are really bad with money and can't do basic math?

[vicster]

I get that interest rates on savings accounts are low, but as the previous poster mentioned, at least at your own bank you can get some interest, and have easier access to that money.

I guess the target audience for this is basically Disney nuts who are really bad with money and can't do basic math?

You're right about easier access to your money at your own bank. I'm assuming if your trip plans change you can get your money back???

[caryrae]

It does say you can get your money back anytime in the form of what you used to deposit the money. It also says you get $20 gift card for every $1000 you spend on a qualified purchase using the account.

[ibelieveindisneymagic]

I've heard some reports of a delay in getting money back ... it could just be because it is new, but I think it is really designed to be spent on a Disney trip.

[natedog24]

Interesting concept... This should definitely help those that have trouble saving on their own and ease the burden of an expensive trip that must be paid for upfront. Personally, I wouldn't use it, but I can see its purpose and would guess this becomes popular.

I liken this to the Disney Visa Card. Other than the picture of a Mouse on the front, and minor Disney "perks" that most people don't use, there isn't a benefit to getting the card over a standard cash back reward credit card and putting the cash back away yourself in an interest bearing account. Most times you can get far better rewards from a different credit card. Still, many people LOVE the Disney Visa because it helps them save for a trip without thinking about it.

[Aurora]

It does say you can get your money back anytime in the form of what you used to deposit the money. It also says you get $20 gift card for every $1000 you spend on a qualified purchase using the account.

If true, this is much better than the interest on any current bank savings account, unless you want to tie up your money in a CD for five years.

[caryrae]

If true, this is much better than the interest on any current bank savings account, unless you want to tie up your money in a CD for five years.

It is true, there are a couple little things,

A Disney Vacation Account makes it easy to save for your Disney vacation a little bit at a time. You'll enjoy your vacation knowing that you've saved in advance.

You'll be eligible for a $20 Disney Gift Card for every $1000 you spend on qualified vacation purchases with your Disney Vacation Account prior to December 31, 2015 (date subject to extension), up to a total $500 in Disney Gift Card(s) per household. Your Disney Vacation Account must be active for a minimum of 120 days at the time of spending in order to receive this bonus. Request your Disney Gift Card(s) 4-6 weeks in advance of your vacation date to allow time for delivery to your mailing address. See FAQs for complete details.

[Aurora]

Yep, 2 percent is better than any bank savings account. And a family of four on a four-day trip will spend over $1,000 on park tickets alone.

[disneynarula]

So someone would be loaning Disney their money up front for a vacation in the future and getting zero interest?

I get that interest rates on savings accounts are low, but as the previous poster mentioned, at least at your own bank you can get some interest, and have easier access to that money.

I guess the target audience for this is basically Disney nuts who are really bad with money and can't do basic math?

Yep. There are other ways to save money besides a basic savings account. It seems silly to me. We have an high yield investor account with Scwab and we get a better return than 2%.

It's just another way for Disney to guarantee it's the only place you will go on vacation, just like DVC.

Not to put all the Disney nuts in the same category but I have a friend who has credit card debt in the 15 thousand dollar range to support her Disney habit. She also took a second mortgage out on her house to pay for DVC. This Disney savings account would be right up her alley.

Why would you want to "guarantee" a vacation to any destination? What good are Disney credits when you want to pay for college tuition for your kids? Or save for retirement?

We do have a Disney Visa that we use for everything and then pay it all off at the end of the month. However, I think we are going to switch to a Hilton card after this trip we have planned for Disney in October.

[Aurora]

Yep. There are other ways to save money besides a basic savings account. It seems silly to me. We have an high yield investor account with Scwab and we get a better return than 2%.

It's just another way for Disney to guarantee it's the only place you will go on vacation, just like DVC.

Not to put all the Disney nuts in the same category but I have a friend who has credit card debt in the 15 thousand dollar range to support her Disney habit. She also took a second mortgage out on her house to pay for DVC. This Disney savings account would be right up her alley.

Why would you want to "guarantee" a vacation to any destination? What good are Disney credits when you want to pay for college tuition for your kids? Or save for retirement?

We do have a Disney Visa that we use for everything and then pay it all off at the end of the month. However, I think we are going to switch to a Hilton card after this trip we have planned for Disney in October.

This is just another way to pay for a vacation -- nothing more. It's not a loan, and I don't think anyone implied they should use this account instead of paying for college tuition. If you already have an investor account that pays more than 2%, that's great. I'm assuming you're also paying fees on that account and that it's financially riskier than a savings account.

The information states that you can withdraw your money in full at any time with no fees, so you're not locked into going on vacation. And the rewards amount to either a discount or money on your dollar, whichever way you want to look at it. It seems pretty benign to me -- I don't think there's any need to lump everyone who considers it into the "indebted Disney nut" category.

[caryrae]

Yep. There are other ways to save money besides a basic savings account. It seems silly to me. We have an high yield investor account with Scwab and we get a better return than 2%.

It's just another way for Disney to guarantee it's the only place you will go on vacation, just like DVC.

Not to put all the Disney nuts in the same category but I have a friend who has credit card debt in the 15 thousand dollar range to support her Disney habit. She also took a second mortgage out on her house to pay for DVC. This Disney savings account would be right up her alley.

Why would you want to "guarantee" a vacation to any destination? What good are Disney credits when you want to pay for college tuition for your kids? Or save for retirement?

We do have a Disney Visa that we use for everything and then pay it all off at the end of the month. However, I think we are going to switch to a Hilton card after this trip we have planned for Disney in October.

People who use this savings account I would think would be mostly people who are planning a Disney trip ahead of time. Like if I planning a trip in a year or 2 I could use the account to start setting money aside once a week or once a month. Like said in post above you aren't locked into anything, you can take out some of the money or all of it any time.

With the DVC can't you use it to stay other places and not just Disney resorts if you choose to?

[MargaretMessler]

The information states that you can withdraw your money in full at any time with no fees, so you're not locked into going on vacation. And the rewards amount to either a discount or money on your dollar, whichever way you want to look at it. It seems pretty benign to me -- I don't think there's any need to lump everyone who considers it into the "indebted Disney nut" category.

Well said! I considered the Disney account, just for the convenience of setting aside my "play money" savings separate from my "rainy day" savings, but just went with a prepaid debit card which I can contribute to direct deposit from my paycheck every week. Same idea, different avenue.

Whatever works for you, go with it I say! And everyone enjoy your next trip to the House of Mouse!

[LVT]

I get some discounts using Disney visa for WDW tours/cirque tickets. That helps too.