Christmas Club

Christmas Club is a program offered by numerous banks and credit unions and many are beginning in October.

Financial Tip Friday is brought to you in partnership with the 1st National Bank of Dennison.

Since the 1970’s Christmas Club savings accounts have been established and used frequently for people saving for the holiday season. It is the first day of October and the holiday season is only a few pay checks away!

First National Bank of Dennison offers Christmas Club! The majority of banks and credit unions run their Christmas Club from October to October- so now is the time to start planning for 2022. Be sure to check out what options exist around your area.

- Typically, accounts are open between October and January.
- A small portion is automatically deducted each month from a designated checking or savings account.
- Interest will help the money grow in the account.
- Tend to only be allowed to withdraw within their designated time (beginning October or November) without a fee for early withdraw charge.
- Some banking institutes will give a matching deposit if it meets certain criteria.

Creating a short-term savings with a Christmas Club account may help you balance your holiday spending and set money aside to avoid debt.
Planning ahead is an important and this financial tool may be a good option.
Don’t forget that layaway plans may be available for some larger ticket items.