Christmas Club Accounts

Consider opening a Christmas Club account. Some banks still offer them but they may not advertise them. You can deposit money weekly or as often as you'd like; however, the funds are NOT accessible for withdrawal. Around the first of November or mid-November, you should receive your Christmas Club check.

I've used my Christmas Club account for several years and getting that lump sum check prevents me from charging purchases on credit and thus, overspending at Christmas. You can open one after Christmas as it is a good time to motivate yourself to save while you are paying off those credit card purchases you can avoid next year as you'll have your Christmas money in hand.

You can be proud of yourself, knowing you won't be in the same predicament ever again as long as you make regular deposits to your Christmas Club account. Even if you have to start with small deposits, you will be ahead of the game and eventually, be able to increase the amounts you can deposit.

By Magnolliatn

Answers:

Christmas Club Accounts

It's been three years since I had a Christmas Club account, but this year I decided that I really need to open an account. Even if I only save $10 a week, in 52 weeks I will have $520 saved. I like the account because I cannot take the money out and I have to wait until next October for the bank to mail me my check, I really lack discipline so this will help me from dipping into my savings. If you have never tried a Christmas Club account give it a try this year! (11/06/2006)

By Paula

Christmas Club Accounts

Credit unions offer these accounts more frequently than banks, and they offer other kinds of "installment savings" plans, too. Mine offers a vacation club. All are free. (10/18/2007)

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