Could you please give me a description on the Christmas Club Savings Account? How much every month should I deposit in that special account?
2006-09-08 07:25:35 · 3 answers · asked by aaron_esq 3 in Business & Finance ➔ Personal Finance
A Holiday/Christmas account is a designated account that is separate from your master savings or checking account. You designate a certain amount of money to be transferred into this account and at the end of the year, usually around the beginning of November, they will send you a check or deposit the amount back into your master account. I have used this for years, to ensure that I have Christmas money for gifts. I usually have them take $50 a month out of my master account. This gives me $550 to spend on my loved ones. The dollar amount you deposit depends on the amount you would like to receive at the end of the year.
2006-09-08 08:18:02 · answer #1 · answered by L.A.Blues 2 · 0⤊ 0⤋
My credit union offers this account which begins in January of each year and runs through October. Each banking institute will have thier own preset amount you can deposit monthy. Such as: $100 a month. It is simply a saving account for you to add to monthly which will make your christmas shopping easier to handle financially come Oct. / Nov. when you should have your shopping started.
ALWAYS do the MAX $$$ they will allow. I do not use this account for christmas shopping. I use it only because it offers a higher interest rate than the other accounts & I like having cash in an account easy to get to in case something arrises that requires this cash. Plus I have my shopping done usually by June / July each year for I watch for the BIG sales ALL YEAR and then buy at that time and save even bigger. Generally I go christmas shopping in January for the next christmas. Thats when the big sales are on! Merry Christmas !! : )
2006-09-08 08:14:49 · answer #2 · answered by Kitty 6 · 0⤊ 0⤋
Most financial institutions have what is simply referred to as a Club Account - it is basically a higher interest yeilding savings account that many people use to save for special events like vacations or Christmas. Actually it may earn the same as your savings - but you can deposit however much money into it as you choose. Just think of it as a second savings account.
2006-09-08 08:04:09 · answer #3 · answered by wjoz13 1 · 0⤊ 0⤋