In 2024, Americans reported spending an average of $902 on gifts and holiday items for the season. At the time of writing, we’ve got a few months, so let’s get cracking!
7 best accounts to save for the 2025 holiday season
We narrowed down these top bank accounts to save up for the holidays based on monthly fees, APYs, features and accessibility.
| BCU Powerplus Checking | Up to 8% APY | $0 |
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| Varo High-Yield Savings Account | Up to 5% APY | $0 |
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| SoFi Checking & Savings | Up to 3.8% on Savings | $0 |
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| Wealthfront | Up to 3.75% | $0 |
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| Revolut | 3.25% to 5.5% APY, depending on plan | $0 to $16.99 |
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| Current | Up to 4% on each pod | $0 |
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| Ally Savings | Up to 3.4% APY | $0 |
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Methodology: How we chose the best savings accounts for the holidays
Finder’s banking experts compare hundreds of savings accounts (and some interest-bearing checking accounts) to narrow down the best options for holiday and Christmas savings goals.
To be selected, the account must offer at least a 3% APY and provide at least one plan option with no monthly fees. We prioritized choosing savings accounts with specific savings tools to make it easier to sort your holiday savings from regular savings. To be considered on our best list, accounts need to meet the following minimum criteria:
- Competitive APYs, above 3%
- $0 monthly fee plan option available
- Deposit insurance
- Nationwide availability
- Optional, but preferred:
- Subaccount creation
- Recurring transfers available
- Savings goal creation
- Savings round-ups
How much should I save for the holidays?
Americans reported spending an average of $900 on the 2024 holiday season. However, that’s just an average reported amount.
How much you should save for the holidays depends on your budget, how much you can actually afford to spend and how many events and people you have to buy for.
Example budget for gift giving
Let’s say you have to buy presents for your spouse, your two parents, your mother-in-law, two young nieces, your grandfather, your brother, three friends and one secret Santa gift for a work Christmas party. That’s 12 people to shop for.
Example budget:
- Spouse: $100
- Parents: $50 each
- Mother-in-law: $50
- Two nieces: $25 each
- Grandfather: $50
- Brother: $50
- Three friends: $25 each
- Secret Santa: $25
This plan adds up to $500. Limiting yourself based on how much to spend per person, instead of counting the number of gifts, can help keep your budget in check and everything as fair and affordable as possible, within reason.
What do people on Reddit say?
On r/Parenting, many parents ask how much they should spend on gifts for relatives and children. Answers vary widely, often based on their kids’ age. For example, one user said their child was six months old, and they spent $40. For older kids, many parents report spending between $100 and $200 per child, focusing on the amount spent versus the number of presents to open.
Many Redditors report spending around $25 to $50 each for other loved ones, such as aunts, uncles, their kids’ teachers, cousins, friends and so on.
There were, of course, some users reporting spending thousands of dollars on the holidays, but for the most part, most reported a budget around $400 to $1,000, depending on how many people they needed to shop for, their kids’ ages, family size and planned events.
How to make a savings plan for the holidays
If you plan on needing to save around $900 for the holiday season, here are some ways to break up that savings goal:
How to save $900 in two months:
- $450 per month
- $225 biweekly
- $112.50 per week
- $15 per day
How to save $900 in three months:
- $300 per month
- $150 biweekly
- $75 per week
- $10 per day
Setting up recurring transfers
If your bank lets you set up recurring transfers, you can usually choose a percentage of your paycheck or deposits to be sent automatically to a savings account.
Here are different percentages that save $900 in two months if you’re paid biweekly, based on your wage:
- $800 biweekly: 28.1%
- $1,000 biweekly: 22.5%
- $1,500 biweekly: 15.0%
- $3,000 biweekly: 7.5%
Conservative holiday savings goal
Of course, not everyone needs to save $900 for the holidays. For a more conservative holiday savings goal, you could aim for $300 in three months.
To turn that into a simple, actionable plan, save $50 per biweekly paycheck for three months. That’s a good chunk of cash you can use to buy presents, get some new Christmas lights and even buy a turkey.
Bottom line
I doubt your loved ones want you to go into debt to buy presents or afford holiday decor. And on top of that, 53% of Americans expected to receive at least one unwanted gift in 2024 — which adds up to about $10.1 billion on unwanted presents.
Don’t break your budget to buy tons of unnecessary gifts or decor that’s only out for a month or two. Choose an amount that fits nicely within your budget, and find a goal that is attainable within your time frame.
For more savings options, compare the best overall savings accounts in the market.
