You've planned your vacation for months, tirelessly looking for the perfect hotel, the cheapest airfare and the coolest stuff to do. Your vacation is important to you, so it's essential that you make sure you're going to have vacation savings to make it worth the time. That can be done with a prudent vacation savings plan, using bank accounts like the Ally Bank Online Savings Account or even one of our certificates of deposit (CDs).

But after all the effort you put toward staying on track with your vacation savings plan, the last thing you want to do is sabotage things by making an impulse purchase you'll regret later. Why not use a short-term certificate of deposit (CD) to build a safety net in advance and reward your discipline at the same time?

Let's look at how that might work. Let's say you've been saving up money in your online savings account, and you're planning to start making your vacation purchases (airfare, hotel reservations, etc.) in about 8 months. You've already got a great start on building your vacation savings fund, and now that the finish line is in sight, you want to make sure you don't stumble. So, maybe you move the money from your savings to a 6-month CD.

Why is this a smart move? Leaving it in your savings account could mean you're tempted to spend the money, and your rate of return will fluctuate as the bank changes its rates. On the other hand, it's more difficult to access money in a CD account because if you withdraw it early, you could end up paying an early withdrawal penalty. More importantly, opening a CD rewards your discipline by securing a specific interest rate on your savings for the term of the CD.

As an online bank, Ally Bank doesn’t have the overhead expenses of traditional banks, so we can pass the savings onto you in the form of great interest rates. Even better, your interest will compound daily, so you can get a daily reward for your patience as you watch your balance grow faster. In fact, we're so confident you'll appreciate our rates, we'll even show you the rates of other major banks for comparison right on our site.

Help your vacation fund take off by tapping into the convenience and competitive interest rates available at Ally Bank. Learn more at or call live, 24/7 customer care at 877-247-ALLY (2559) today.

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