What banks have a Christmas Club?

[Tink-n-MrIncredible]

The bank I deal with does not have a Christmas Club. I would like to do this for next year. What are the names of some banks that have Christmas Clubs? TIA

 

[Karenj2]

ING doesn't have a "Christmas Club" per se, but you can create a savings account that you call the "Christmas Account" or whatever, then put money in it that you can then withdraw from when you start buying Christmas stuff...

I've been putting ~$120 a month away, and I'll just use my credit cards as usual (paying them off in full), and move most of the money back to our general savings account (or our checking account) after Christmas so I can pay the CC bill.

 

[3boymthr]

Not sure if they are in your area but TD Bank has a Christmas Club. They started for next year two weeks ago.

 

[Keira1387]

I would suggest smarty pig. You can create an account and label it whatever you would like. You can setup money to go in automatically or you can do it yourself. HTH.

 

[minnie1928]

I agree with the others, open an online account for the purpose of a xmas club. You'll get more interest and it's just as convenient, maybe even more convenient.

 

[ENSOCK]

Open a regular Savings account. Then set up auto payments into it. My bank has a Christmas Club but we are a small local bank only. Some of the bigger banks set an amount you must put in.

 

[Tink-n-MrIncredible]

Open a regular Savings account. Then set up auto payments into it. My bank has a Christmas Club but we are a small local bank only. Some of the bigger banks set an amount you must put in.

What bank in South Louisiana has a Christmas Club?

 

[Speed Weasel]

For years, we have just had an additional checking account at our bank. Every payday a dollar amount is direct deposited into it, so that come Novemeber we have a full budget to spend from. The account has its own separate debit card that is only for Christmas gifts (not Birthday gifts). Makes the holidays much less stressful.

Not sure what additional 'benefits' would come from a "Christmas" account (over one that you just build for yourself).

 

[DisneyBeagle]

I've heard people use the term "Christmas Club" before, but I thought they were just talking about a savings account that was Christmas purchases only. What is the difference between a Christmas Club and a savings account?

 

[lyncecelia]

I've heard people use the term "Christmas Club" before, but I thought they were just talking about a savings account that was Christmas purchases only. What is the difference between a Christmas Club and a savings account?

According to my mom, old-fashioned Christmas Clubs couldn't be touched til a week before Thanksgiving. It HAD to stay in the bank or you were charged a penalty, forcing you to save for the holidays. I'm guessing that extra "barrier" made them easier?

 

[CC12005]

Smarty Pig would be the closest to a traditional Christmas Club account. The last time I checked you set a goal amount for your savings & can't touch it without closing the account until you reach that amount.

 

[herdtoDisney]

I've heard people use the term "Christmas Club" before, but I thought they were just talking about a savings account that was Christmas purchases only. What is the difference between a Christmas Club and a savings account?

At my credit union, there is no actual difference-it's called the Holiday Club, and you can actually add to and withdraw from it at any time with no penalty. They way mine works is, each paycheck it auto-deposits a set amount into the account, and it is automatically dispersed to your checking or savings account the last week of October.

So, it's more phsycological than anything else, since you can actually use the money anytime if you want to. You get the same interest you do on other savings accounts. I use it and like it, since it's a painless way to budget for Christmas

 

[minnie1928]

According to my mom, old-fashioned Christmas Clubs couldn't be touched til a week before Thanksgiving. It HAD to stay in the bank or you were charged a penalty, forcing you to save for the holidays. I'm guessing that extra "barrier" made them easier?

They tend to also pay much lower interest when compared to a savings account. Holiday clubs are very expensive accounts for a bank to offer and one way to lower the cost is to lower the rate.

 

[robinb]

OP. I don't understand why you just don't open a regular savings account at your current bank . It would seem to be a big PITB to either (1) have one account at one bank and all the rest at another or (2) change banks for everything.

 

[Kim♥DISNEY]

We have a Christmas Club (and a savings account) through my credit union. We have been using it for years and has saved A LOT of fights between hubby and me!

The money comes right out of my paycheck at work. I just got my check at the end of October. I like dealing with my credit union because I don't have to do anything once the account is set up.

 

[Keira1387]

Smarty Pig would be the closest to a traditional Christmas Club account. The last time I checked you set a goal amount for your savings & can't touch it without closing the account until you reach that amount.

Just an FYI, you can close the account early and get your money if you needed to.