What is a Christmas Club Savings Account?
One of the biggest financial fears many of us have is trudging to the mailbox in January to recover bills from Christmas shopping sprees. Many people promise themselves they’ll be better prepared next year, only to find themselves in the same dilemma each new year. A Christmas club savings account is one way to avoid the financial strain and make the month of January a joy. A Christmas club savings account is a special savings account that customers set up at their local bank or credit union. While not all banks or credit unions offer participation in a Christmas club savings account, many do. The concept is simple and with a minimal commitment, you can be well prepared for the next holiday shopping season. These types of accounts are essentially short-term savings accounts. You open a Christmas club savings account in January. While there may be some institutions that require a minimum deposit to start, most have no minimum. The account is left open through the end of October, at whic
