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How Do I Start a Christmas Club Savings Account?

By G. Wiesen
Updated May 17, 2024
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To start a Christmas club savings account, start by contacting your own bank or credit union to see if they offer such an account. If they do not, then you should look for institutions in your area that do have these accounts available and compare their terms and rates to find the best one. Consider what the minimum deposit for a Christmas club savings account is before you open one, and other terms such as minimum ongoing deposits and interest rates. There may also be penalties charged for making an early withdrawal from many of these accounts and look at the way in which your money is available at the end of the account term.

A Christmas club savings account is a special type of account into which you can deposit money that becomes available around October. The purpose of these programs is to allow you to make regular deposits throughout the year, which is fairly inaccessible until you are ready for Christmas shopping. It is basically a form of encouraged or enforced savings, allowing many people to more easily save than when money is available throughout the year.

To open a Christmas club savings account, begin by finding out if your bank or credit union offers one. This can often be quite simple and may make your new account easier for you to manage and deposit into. If this is not a viable option, however, then look at other banks and groups in your area that might offer a Christmas club savings account and compare them. Opening an account usually involves filling out some paperwork and making an initial deposit.

As you compare different programs, there are a few criteria that are important. Many of banks that offer a Christmas club savings account require a minimum deposit when you open it, though this is often quite low. Some programs may also require ongoing minimum deposits on a weekly or monthly basis, which can have an impact on your total at the end of the year and on how well you can support the account. The interest rate of a Christmas club savings account is also important, since this determines how much additional revenue it builds for you.

Be aware of any penalty charges that may be associated with a Christmas club savings account, such as early withdrawal fees. Some programs may allow you to make direct deposits from your income each week, or to transfer funds quickly and easily from an account you already have. Different programs may end at varying dates, so look at when your money will become available. There are also a range of payment options these programs can use, such as mailing you a check or depositing your money directly into an account for you.

WiseGeek is dedicated to providing accurate and trustworthy information. We carefully select reputable sources and employ a rigorous fact-checking process to maintain the highest standards. To learn more about our commitment to accuracy, read our editorial process.

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