Jamo

Not as far as I know.

Backups are saved in the Excel default file location.

You could create a macro that will save the file at the default location and a
copy to the folder of your choice.

The macro could be run manually or in beforesave code in ThisWorkbook.

Sub BUandSave2()
'Private Sub Workbook_BeforeSave(ByVal SaveAsUI As Boolean, Cancel As Boolean)
'Saves the current file to a backup folder and the default folder
'Note that any backup is overwritten
   Application.DisplayAlerts = False
   ActiveWorkbook.SaveCopyAs FileName:="E:\GordStuff\Backup\" & _
           ActiveWorkbook.Name
   ActiveWorkbook.Save
   Application.DisplayAlerts = True
End Sub

Gord Dibben Excel MVP