Due to an all-associate event, our locations will be closed on Wednesday, April 1. As a reminder, digital banking tools are available 24/7.Save Smart: When to Use Goal Savings vs. Vacation Club
Minute Read
We all have things we’re saving for, but not all savings goals are the same. Choosing the right savings tool can make reaching them easier and more rewarding. Let’s break down two great options at Members 1st: Goal Savings and Vacation Club.
What’s the Difference?
Goal Savings
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Multiple Accounts: Open up to five accounts, each with a customizable goal.
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Flexible: Perfect for multiple or changing goals (anything from holiday gifts to a new car).
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Accessible anytime: Your money is ready when you need it, with no early withdrawal fees.
Vacation Club
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Travel-focused: Designed specifically for vacations and trips.
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Encourages discipline: Helps keep your vacation fund separate from everyday spending.
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Payout once per year: Funds automatically transfer to your regular savings account on April 1, making it ideal for planning a specific trip in advance.
Takeaway:
If you want flexibility and access for many types of goals, Goal Savings is the winner. If your focus is travel and you like having a dedicated fund, Vacation Club keeps you on track. Many of our members use both!
Goal Savings: Your Flexible Savings Powerhouse
What it is:
A versatile savings tool designed to help you organize and grow money for any goal—from a home project to holiday gifts to a future car to simply building peace of mind.
Instead of mixing your savings in one general account, Goal Savings allows you to clearly define what you’re working toward and track your progress along the way.
Why members choose it:
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Earn as you grow: Earn dividends when you maintain an average daily balance of $50, with no minimum opening deposit required to get started.
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No surprise fees: There are no fees or penalties for early withdrawals.
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Save on your schedule: Set up automatic transfers or add funds anytime through digital banking.
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Built-in protection: You can designate your Goal Savings account as an overdraft protection source, adding an extra financial cushion.
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Simple and straightforward: It appears as a standard savings product on your statements and is available for consumer (not business) accounts.
A quick note: While the account doesn’t include ATM access, you can easily transfer money to a different account whenever you need it.
Best for you if:
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You are working toward multiple goals.
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You want access to your money whenever you need it.
Our Goal Savings account gives you both direction and freedom so that your money works around your life, not the other way around.
Vacation Club: A Travel-First Savings Boost
What it is:
A special savings club dedicated to building up money for your next adventure. It’s designed to help you stay focused on travel without dipping into savings for everyday needs.
Why members love it:
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Skip the credit card stress: Build up your travel fund over time so you can cover flights, hotels or activities without going into debt.
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Easy transfers anytime: Move money from your other accounts with just a few clicks through digital banking.
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Set it and forget it: Schedule automatic transfers so your vacation savings grow consistently without having to think about it.
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Earn a little extra: Vacation Club accounts earn dividends, helping your travel fund grow while you save.
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No minimum balance: Start saving with any amount and keep as much or as little in your account as you’d like.
Best for you if:
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You have a specific trip planned.
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You want a structured, hands-off way to build your travel fund.
Want more tips on using a Vacation Club account to maximize your savings? Check out this detailed guide on how to use a Vacation Club account to save money and travel smarter.
How to Pick the Right One
If you want broad flexibility for multiple goals, the Goal Savings account gives you access and control. If you are focused on travel and prefer a dedicated fund that grows steadily throughout the year, the Vacation Club keeps you disciplined.
Many members choose to use both—one for everyday savings goals and one for their next getaway. No matter which path you choose, the important part is starting and making progress at your pace.
Questions? Our team loves helping members find the right fit, so reach out anytime!
