Christmas Club Account (2024)

FAQs

Are Christmas Club accounts worth it? ›

A Christmas Club can help you save for expenses you may face during the holiday season, which can help you avoid going into credit card debt. Whether a Christmas Club is right for you will depend on your personal financial circ*mstances and goals.

A Christmas Club is a savings account to help you save for Christmas. You can set up automatic transfers to help meet your savings goals. On November 1^st the funds will be transferred to your savings or checking. A $10 fee may be applied if you withdraw funds before October 31^st.

Christmas Club Savings accounts earn interest (up to a maximum balance of $5,000) just like any other savings account. In other words, you get paid to save your money for the holidays, increasing your total balance by November 1st.

Your account matures in 50 weeks.

Effect of Closing the Account: Accounts should not be closed before the third week of October. At management discretion, an account may be closed early in case of an emergency. If you close your account before interest is credited, you will not receive the accrued interest.

However, the real benefit of the Christmas Savings Program comes from the double-boost, which comes from tax and interest. Payments into the savings program are deducted pre-tax. At the same time, the cash returned to the employee at the end of the year has interest added, typically paid at competitive market rates.

Each fall, typically by the end of October, you receive a check for your total Christmas Club balance. This provides a lump sum for your holiday shopping on gifts, food, and decorations. Although holiday-themed in name, some people use Christmas Club accounts to save for vacation or major purchases.

You can redeem funds you have added to your account in-store at any time throughout the year; however, bonus amounts earned are only redeemable during the months of December and January. The PIN printed on the back of your Christmas Club card must be changed by you upon registration.

Do Christmas club accounts still exist? Yes, these accounts do still exist. They are not as popular as they were decades ago, but you can still use them to fund your holiday goals. Opening an account like this is a great way to save and can also make your other short term savings goals easier.

Earn interest when no withdrawals are made between January and October and access your savings in November and December to pay for Christmas.

How do holiday Club accounts work? ›

In this case, a bank customer or credit union member will make regular contributions throughout the year and withdraw the money saved before the December holidays. Of course, the member may save money all year long and choose to use it for a different purpose. Most savings clubs are offered by credit unions.

Club accounts should show opening balance, income, expenditure and closing balance. These accounts should be prepared by the Club Treasurer and presented at the Club's Annual General Meeting as part of a Financial Report which should be accepted and agreed by the Club members.

When can I withdraw funds from my Christmas Club Savings account? Withdrawals are free between November 1 and December 31 each year. If you withdraw funds from your Christmas Club Savings account at other times, there will be a service charge.

You can top up your Christmas Club account through online banking. Simply log onto your bank account. In the payments section, search for 'Woolworths Christmas Club' as the payee.

Have a Christmas that will make everyone merry and bright! Start saving today with a Citizens Bank Christmas Club Savings account. Open Your Account Today!

Do Christmas club accounts still exist? Yes, these accounts do still exist. They are not as popular as they were decades ago, but you can still use them to fund your holiday goals. Opening an account like this is a great way to save and can also make your other short term savings goals easier.

Savings club accounts may offer slightly higher interest than typical savings accounts. However, savings club accounts also often involve penalties for withdrawing funds prematurely and may require automatic contributions.