Since I am new to the deposit side of things, I need some advice on this topic. I would appreciate any input anyone can give me on this. Thanks!
Is it possible to designate a certain "specialty" savings account for car loans, vacations, etc at a higher rate without having to pay the higher rate to existing savings customers??

Don't know how you would control/verify the ultimate use of the funds, but the answer to your question is "Yes". Don't forget to update your deposit compliance disclosures and "statement name" for the new account type.