Christmas Club bank accounts?

[clarabelle]

Does anyone offer these anymore?
Do they pay the same kind of interest as regular savings accounts do?
Thanks!

 

[Hermosa11]

I have a Christmas Account at my bank. I have NO ideal what the interest is if any. I don't know what I would do without it.

 

[TLinden16]

My bank was bought by another bank last year, and they aren't doing Christmas clubs anymore. I'm bummed about that. They didn't pay very much interest. I put $1000 in and I think I got $1001.62 or something like that.

 

[clarabelle]

Thanks for your replies. It sounds like maybe I should just use my regular savings. I liked the idea of getting a nice check at Christmas to spend guilt free.

 

[mickeyboat]

I think my bank still offers them, and the interest rates are pretty low. I haven't used one in several years.

Denae

 

[christinadei]

I'm going to sort of set up my own Christmas Club account on ingdirect. They pay something like 3.75%. I'll just transfer it to my bank account a week or so before thanksgiving and probably withdraw it.

 

[clarabelle]

I thought about doing somethinglike that as well. I already have an ING savings account -and I really like the ease of use.