Vacation Savings: Savings Account with Payment Plan

Traditionally, money is saved, for example, in a savings account or a fixed-term deposit account. In addition, Aurinkomatkat-Suntours has holiday savings offered by E-money, the purpose of which is ultimately to buy, as the name implies, the long-awaited vacation. Saving begins by setting a target amount for saving.

Savings can be rewarded with a discount on the trip, up to a maximum of 5% of the savings target. Savings can last from 6 to 24 months, from half a year to two years.

A marketing trick or just the right savings?

A marketing trick or just the right savings?

It could be a marketing push to present the Installment as a Savings Account. Normally, once the installment agreement is made, you will have access to the product or service immediately. Usually interest is also charged on installment payments. In this case, payment will begin before the service or product is available. In addition, there is no interest on the payment, but in fact it is paid! Maybe this is savings anyway. To someone else’s account. And stopping it costs.

Win-win-win

bank

On the face of it, this seems like a win-win-win situation. E-money wins, Aurinkomatkat wins and the customer wins. Aurinkomatkat-Suntours does not issue travel tickets until it has received money from E-money, E-money will not pay until it has received money from the customer, and the customer will not pay interest but will receive benefits if you pay E-money the agreed amount per month (at least EUR 40). Failure to comply with the payment plan will result in termination of the contract and refund of the savings. However, this amount is deducted from the € 10 office costs, which is a relatively small risk for the consumer compared to installment and flex loans.

Vacation Saving reminds you of ASP accounts because the money saved is used to purchase a specific product or service. In vacation savings, it is an overseas trip from Aurinkomatkat-Suntours and in ASP savings, your first home is your goal. In the first one, however, you do not need to borrow at the end, but you cannot choose from whom to buy the trip. The difference with savings accounts is that you cannot use the funds you want.

A holiday savings agreement is worthwhile, especially for Aurinkomatkat-Suntours

A holiday savings agreement is worthwhile, especially for Aurinkomatkat-Suntours

A holiday savings contract is a profitable activity for Aurinkomatkat-Suntours because it commits the consumer to purchase a trip from a particular provider even before they even have the money. With a variety of financing and payment options, agents selling products and services will gain customers, even if their prices are slightly higher. Man is a comforting being, and paying must be easy.

Once the savings target has been reached and the trip is starting to gleam in the field of vision, the 5% savings reward can be used to purchase the trip. However, this bonus cannot be used for other discounts. Therefore, it is worth investigating whether the discounts are better than the benefit of the savings bonus. You can stop saving even when the target amount is already reached, but it costs € 10 to terminate the contract.

If the trip already booked is canceled, the remaining costs will be paid out of the savings. The savings bonus and the savings can be transferred to a family member or to a person specifically named. However, at the customer’s request, a saving of € 20 will be charged.

Vacation savings can be a good thing if:

  • Know that with your money you buy a trip from the sun
  • Systematic saving is difficult
  • You can get a discount on your trip at times when there are usually no discounts eg ski holidays

Other means may be better if:

  • Maybe after all, he wants to look at the cheapest prices again
    • For example, a savings account pays a little interest on money, which just keeps the value of the assets roughly the same as inflation devours it
  • Systematic saving succeeds
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