Another way to use savings accounts is to save money for something specific, such as a dream vacation, home, or wedding. Opening a dedicated savings account makes it easy to plan how to reach your goal and track your progress. For example, if you need to save $25,000 to buy a house, opening a savings account dedicated to that goal will allow you to see your progress as you make deposits. The savings account will also generate some interest income, enabling you to increase your savings and reach your goal quicker.