5 Benefits of a Christmas Club Account

How Can a Christmas Club Savings Account Benefit You?

5 Benefits of a Christmas Club Account


Holiday spending is expected to grow between 3%-5% this year.  The big question is how much of that spending will come in the form of debt. Every year, Americans rack up about $1,500 in debt during the holidays. And if you only make minimum payments on that debt, it could take years to pay off. It’s time to break the cycle of overspending during the holidays by planning and saving in advance. If you’ve been wondering are Christmas club accounts worth it, this article will break down the benefits of a Christmas club account.

Build your holiday savings throughout the year.

When people go into debt during the holidays, it’s usually because they are already living paycheck to paycheck. Instead of setting a little aside from each paycheck over the course of 10 or 11 months, they are scrambling to find extra cash in their budget a month before Christmas. When there’s not enough extra cash to be found, you put holiday purchases on your credit card and hope for the best.

Wondering what is a Christmas Club account and how it can help you? A major benefit of a Christmas Club account is that it helps you save throughout the year. A Christmas Club Account is an interest-earning savings account with no minimum deposit to open. Look at what you spent on the holidays last year and set a target goal. Break that down by month or pay period and automate your savings throughout the year. In November, you’ll receive a check for your account balance plus interest. Instead of scrambling after Thanksgiving, you already have your holiday fund saved up. This provides peace of mind and helps you avoid debt. Go into the new year in a stronger financial position than you did last year!


Monitor your progress with online and mobile banking.

Your Community State Bank Christmas Club Account comes with free access to NetTeller, our online banking system where you can check your account balance 24/7 to monitor your progress and stay motivated to keep saving. And, with our mobile app, you can view your recent transactions and account balance. Once enrolled in our mobile deposit service, you can deposit checks directly from your smartphone or other mobile device right into your holiday account.  Receive a check you weren’t expecting? Put this “extra” money right into your Christmas Club account!


Perfect timing.

When you save in a Christmas Club savings account, you’ll automatically get a check for the total balance plus interest. This arrives at the beginning of November, giving you a head start on your holiday shopping. With the huge online shopping presence that exists, retailers urge shoppers to order gifts as early as possible. Plus, you have a separate lump sum to spend on gifts, decorations, entertaining, and travel. This is one of the best benefits of a Christmas Club account. No need to adjust your regular budget or try to find extra money to spend on the holidays.

Earn interest on your holiday savings.

Christmas Club Savings accounts earn interest. In other words, you get paid to save your money for the holidays! The interest rate on your Christmas Club account may even be higher than with a traditional savings account.

No service charges.

Community State Bank’s Christmas Club accounts are free savings accounts, meaning there is no monthly service charge to maintain the account. However, it’s important to note that there are restrictions on withdrawing funds aside from the annual withdraw for the holiday shopping season. Early withdrawal/closing of the account with result in forfeiture of any interest accrued. If you are looking for a regular savings account that you can take money out of for emergencies or other goals, explore our complete list of savings account options or contact a bank representative for advice. 




Open a Christmas Club Account!

It’s never too early to start saving for next year’s holiday season. Find out why the Christmas Club is a longtime customer favorite. To learn more, fill out our online contact form or visit one of our convenient locations in Southeast Oklahoma to start enjoying the benefits of a Christmas Club account today.