If you grew up in the 1970s, you likely already know about Christmas Club savings accounts because your mother or grandmother talked about having one. A simple savings program popular with Massachusetts credit union members, Christmas Clubs are a great way to put money aside specifically for the holiday season. It just takes $1 to open an account at St Anne Credit Union in New Bedford, and there are no requirements as to how much or how frequently you need to make deposits. Some members deposit weekly, adding in extra change that they set aside after the work week, while others make deposits when they get their paycheck, putting away what’s left after bills are paid.
Are Christmas Club Accounts Popular Today?
While not as popular in modern times as they were in the 1970s or even the 1980s, people do still use these accounts in addition to their New Bedford Share Savings to save money for holiday shopping. The rules are simple: put in however much you want throughout the year, and the funds will be automatically transferred to your checking account during the first week in October so you can take advantage of all those holiday sales! At St Anne Credit Union in New Bedford, Christmas Club accounts are continuous, which means that you can keep using the same savings passbook each year within having to open a new account.
You can use your online access for our Massachusetts credit union to transfer funds even after normal credit union hours in New Bedford. This makes it even easier to save without having to come all the way to a local ATM or branch to do it. Transfer funds from your New Bedford Share Savings or Checking accounts to stow away extra money for Christmas shopping. There are many benefits to using this type of account at your local credit union in New Bedford. If you haven’t considered opening one before, make sure to ask a representative about the details so you can determine if this savings program is right for you.
Get a Christmas Club Account at a Credit Union
While there are some banks that offer Christmas Club savings accounts, you are still much more likely to find this option at a Massachusetts credit union. St Anne Credit Union in New Bedford offers a simple and easy-to-use Christmas Club account that you can use to help save for holiday shopping. Gifts for the kids, presents for friends and family, decorations so you can deck the halls or get a big-ticket item for yourself. End of year sales can be a great way to get a new television, computer, sound system, smartphone, or make other purchases that only come around once each year.
A Christmas Club account can be used in addition to your New Bedford Share Savings to avoid high-interest credit card use or increased debt during the holidays. While the interest earned is minimal, having separate savings for holiday shopping can be a big bonus to many credit union members. Setting aside a little bit of money each month throughout the year is the best way to shop during the holiday season. There’s no reason why families should start the new year with twelve months of debt to pay off. Shop smarter next holiday season when you open a Christmas club account at your credit union in New Bedford in January.
Why Christmas Club Accounts are Better Than Layaway
Another method that many shoppers use to secure the best deals during the holiday season is to take advantage of layaway programs at department stores. However, many of these so-called deals are fraught with loopholes that could end up costing you a lot of money. Many layaway programs attract shoppers with low-cost start-up deals that allow them to hold onto a popular gift item, secure the price, and make weekly payments until they pay for it in full. Make sure to read the rules carefully, as one late or missed payment could put your purchase in jeopardy, causing you to lose money and get your item put back on the shelf.
When you save in a Christmas Club account at your Massachusetts credit union, the funds are automatically transferred to your checking account in October. This is the month when most shoppers start using layaway programs so they will have time to pay it off by the middle of December. Instead of risking your purchase with a layaway program, use the money that you have saved throughout the year in your Christmas Club account to buy the items cash outright and bring them home right away. No more worrying about making payments on time or having to go out in the snow to the store during the busiest time of the year. Just wrap those gifts up and put them under the tree after Thanksgiving and you’re good to go!
Contact St Anne Credit Union in New Bedford
If you are interested in learning more about how to join our Christmas Club program, make sure to contact our team at St Anne Credit Union. You can read more about our savings programs online or stop by during credit union hours in New Bedford at our branch location on Union Street. You can also give us a call at 508-993-0011 and speak with one of our friendly customer service agents. Not a member of St Anne Credit Union in New Bedford? Contact us today to find out how you can join our long-standing and trusted Massachusetts credit union to take advantage of all these helpful opportunities.