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Are Christmas club accounts still a good idea?

9/10/2018

17 Comments

 
Authored by Michele Miller, 23 years with ECU Credit Union.  “Alone we can do so little, together we can do so much.” – Helen Keller   Working as a team with our members, we assist them to achieve financial health.  This is why I enjoy working at ECU Credit Union
Do you look for ways to stash away money for the holiday season and safeguard that money from yourself?   Then yes, a Christmas Club is still a good idea.

Christmas club accounts were established at the time of the Great Depression as a tool to save for the holidays.   It is a short-term savings account with a restriction.  If you withdraw the funds before the payout date, you pay a penalty.  The payout date at ECU Credit Union is September 30th.  Members are able to withdraw from their ECU Christmas Club account from October 1 through January 31 with no penalty.

Perhaps you want to save $500 by December 1? If you start saving in September, you could put aside about $42 a week to reach that goal.

With auto-deposit, you set aside money without having to think about it. When it’s time to start spending, you’ll have built a nice pot of fun money with minimal effort.  Ready to shop for decorations, gifts, party supplies or plan that holiday travel.
If time and funds are short, ECU also offers Holiday Loans and Visa Credit Cards.  Apply now to plan for that Black Friday shopping.
​
How would you spend your Christmas Club payout?
17 Comments
Tiffany Rodgers
9/15/2018 03:11:16 pm

Yes! I feel christmas accounts are a good idea because you can save for the upcoming holidays without touching your money that you recieve for bills and other activies.

Reply
Dean Michalske
12/1/2018 02:41:26 am

Love them, having kids earn and save money to utilize in a way that brings a smile to their face and warms your heart.

Reply
Sandra stroehman
9/15/2018 04:43:09 pm

Keeping a separate account for holiday shopping , makes it less likely to spend that money on other items.

Reply
Tanya Doherty
9/15/2018 04:58:53 pm

Christmas club acct is the best thing I ever did.

Reply
Maria Simmons
9/16/2018 09:15:27 am

Christmas club accounts are great to have. It’s a short-term savings account. Especially if it’s auto draft. You can’t touch the money. At the end of the term you have money saved for Christmas or a vacation.

Reply
Felicia Miles
10/1/2018 06:34:15 pm

This was my first year participating with the Christmas Club, and I must say......it was a great investment. I can't wait to start it again with more funds being deposited. The savings I was unable to touch or actually miss from my check were truly a blessing.

Reply
Yvonne was link
10/22/2018 09:53:37 am

I think Christmas club accounts are a very idea.

Reply
Jacqueline Tibbitts
10/29/2018 04:11:06 pm

When does the next sign up for Christmas Club start?

Reply
Susan Langley
10/29/2018 05:11:13 pm

They start immediately after the CLUB funds are paid out (October 1, 2018) but can be opened anytime through out the year.

Reply
Rebecca Arnett
10/29/2018 04:18:44 pm

I've never done a Christmas account, but at the rate of neices and nephews go up, I should probably do so! When/where do I create a Christmas account?

Reply
Susan Langley
10/29/2018 05:13:05 pm

You can call our office 800-382-2400 or send us a private message through our secured online banking platform; we will forward you a signature card to get the process started.

Reply
MARIA Current
11/1/2018 04:12:54 pm

ECU christmas club has been a GREAT WAY to save for the holidays.... first for our children and now, including the grandkids !!!
It gives one that REASSURANCE that the resources needed WILL be there when needed !

Reply
Jeaneki Lee
11/16/2018 11:45:30 am

I have had a christmas club account for over 20 years and it has been the best thing any financial institution coule have ever came up with. It has helped me prepare for the holidays in more ways than EVER.

Reply
Connell Ignatius Olivacce
11/22/2018 08:39:22 am

My Christmas club account has always been a nice relief at this time of the year. I have always wondered if the automatic deposit can be increased.

Reply
Melody Royston
11/30/2018 04:24:49 pm

I love my Christmas club fund because it's money I don't realize I have until October comes and then I have a nice chunk of change to spend on my loved ones.

Reply
Velma link
12/28/2018 04:22:17 pm

Love having a Christmas club account it's my reward at the end of the yr.

Reply
Alice Garwood
12/28/2018 10:31:40 pm

Excited to hear about this. I would like to give it a try next year.

Reply



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    This Blog is written by various ECU Credit Union associates.  With 30+ years in the financial industry helping our members achieve financial health.

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