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Written by
Brian McKay Brian McKay
Brian McKay

Brian McKay

Founder & Data Architect
Expertise
  • Automated Online Rate Data Aggregation
  • Location-Based Rate Tables
  • Bank & Credit Union Health Safety Ratings
  • Bank & Credit Union Star Ratings
  • Finance Calculators
Brian is the Founder of MonitorBankRates.com. For over 18 years, he has utilized his background in enterprise infrastructure to engineer proprietary systems that track rates from over 8,000 financial institutions.
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| iEditorial Disclosure
Editorial Disclosure The rates and data displayed are actual, verified figures sourced directly from financial institutions. Our editorial content is independent of any advertiser relationships.
| ✓Fact Checked | Published: May 11, 2008 | Updated: June 28, 2015

Christmas Club Accounts

Way back when I was growing up, my family used Christmas Club Savings Accounts to save for Christmas. I remember at the time, my parents would send a payment voucher along with a check, usually $10 per week. It was and still is a great way to save for the holidays.

These days, with direct deposit and online banking, it is a lot easier to setup a Christmas club account with very little effort. You earn interest on your account throughout the year, plus the accounts are FDIC insured. Payments are usually mailed to you in October or November just before the holidays, but there are also early withdrawal penalties and fees for closing your account before the end of the term.

Just think, by using a Christmas Club Savings Account you will have saved for the holidays and  earned interest on your savings instead of paying interest on your credit cards.

Here are a few Banks and Credit Unions that offer Christmas Club Accounts.  

Farmers Bank & Trust

Home Bank

The Cooperative Bank

Shell Federal Credit Union