24 replies to this topic

[Gloey]

I would like to start stashing some cash away for next year but I can't find a Christmas Club like there used to be. I have a Bank of America in my building but do you believe there is a service charge for savings account unless you maintain a certain balance, put money in every month. Can you believe a bank charging to use your money! Sheesh!

[Gloey]

Whats a christmas club? My fil was talking about joining one...

Its like a mini savings account I guess, for the sole purpose of saving up for Christmas.

[sheli]

Christmas club = put money in account at bank/cu all year; weekly or biweekly. Then just before x-mas you can take it out to do your shopping with $ you saved all year and not have to scramble to get the cash during the holiday. My cu does one, i have never participated but I konw you can only take the $ out at a certain time...forces you to keep it until x-mas time.

[gisellerol]

i am thinking about joining one do you think all banks charge you to have one?

[Gloey]

i am thinking about joining one do you think all banks charge you to have one?

I couldn't find a bank in my area that has one, I was talking about a regular savings account. There shouldn't be a charge for a Christmas Club. Hope yu find one.

[kranky]

Check the smaller local banks. The big banks got rid of Christmas Club accounts because they make no money on them and they decided they're not all that interested in the small accounts any more. In the past the theory was that if you got set up at a bank with a small account, over time the bank would benefit as your accounts and banking needs grew. Now they realize people change banks at the drop of a hat so they don't chase the smaller accounts like they used to.

[mrn8]

I used to do it, but the interest rate is typically very low. I just put an extra $50 per month into my ING account and mark it as Christmas gift money.

[freesia39]

there's always ING direct - you just have to link it up with your existing checking/savings account.

[rabx5]

I would be lost without mine. I put in $20 a week and that adds up to $1000. This year the bank is making the final payment which is much nicer than the $3.00 I earned in interest last year. The good thing about a Christmas Club acct. is that you can't access the money until the bank issues the check usually in late October early November.

[queenofshopping]

our bank (valley national) has them for as low as $10 per payment...my dad does a $10 one & my mom does a $20 one

[laffnatu]

I just went on my bank's website and found that they have one. You can open it for $50. They charge you $10 if you close it before Nov. I think I will check into this for next year. It sounds like a great way to save money for Christmas.

[ebony0421]

I grew up loving these. My mom had them for us when we were young. Part of the money went to us and the other part she used to shop with. It's a good thing for kids. They can save up some of their allowance and then use some of it to shop for family members.

[shanni]

I have 3 of them, one for myself, and each of my kids have one.

[Gloey]

I have 3 of them, one for myself, and each of my kids have one.

Can I ask what banks you guys/gals use?

[Kandy]

I have one at the credit union I bank at. Love it. They only charge a fee for early withdrawal.

[shanni]

Can I ask what banks you guys/gals use?

I use my local credit union, but my kids account are in regular savings accounts at ING.

[Gloey]

I would just put it into a paypal account and then transfer back to your checking or savings at the time of your shopping spree

I'm trying to keep this secret from hubby who takes care of the finances.

[CG480]

I remember many years ago when I was just a kid the bank had one set up for kids a dollar a week was all you had to put in it. Heck I had 52 at the end of it that was whe I could buy my parents and a sister gifts with that kind of money....

[stacebabe]

My credit union does one. I put in $125/mo that's auto deducted from my paycheck (I'm paid monthly). In October, usually the 2nd week or so, they cut me a check. I usually do all of the "big" presents with that right off the top, so that when Christmas comes, I only have little stocking stuffers etc... to buy.

[stacebabe]

I have one at the credit union I bank at. Love it. They only charge a fee for early withdrawal.

I think that's what I like the most about it. I won't even TRY to take money out of my Christmas Club because I don't want to pay a fee. Plus the actual branch is nowhere near where I live so it works out great.

[jasmom87]

National City has them and is advertising them. There's is a checking account. If you don't have one by you check them out online also.

[starshine]

There would be no Christmas in this house without my Christmas club. I have 10 a week taken out at it is 520 by October. It's just enough to buy all the big stuff that I need on Black Friday.