The “Christmas Club” that is! Credit unions have been offering this simple way of saving for decades, but the idea has never been more relevant.
A Christmas Club is a short-term savings account that usually pays out the full account balance to its account holders once each year, right before Christmas. Christmas Club accounts also typically pay depositors monthly interest.
It is a simple, stress free way to save for the holidays, and make the most of your yuletide budget. However, remember that opening the account doesn’t mean you are immune to overspending. Before opening account, decide how much you want to spend on each gift recipient, and set a clear budget. Additionally, when opening a club account, be sure to read all of the information given so you are aware of the details on how Christmas Club money can be disbursed.
Many Maine Credit Unions offer Christmas Club Accounts. Find the one that’s right for you!
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