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It’s not too late for a Christmas Club account this November
There’s a Nip in the Air – Do You Have Your Christmas Club Account Yet?

It’s not too late in the year to open – or make deposits into – a Christmas Club account at Members 1st Credit Union! In fact, for many it is the perfect time as the holidays and tax season quickly approach.

You might be wondering what exactly a “Christmas Club” is. Originally started in 1909 in Carlisle, Pennsylvania, it’s a short-term savings account which helps make the holidays a little less financially stressful. The idea behind it is to make deposits throughout the year and tap into the accumulated funds for special holiday shopping purchases at the end of the year, lessening the financial pressure all at one time.

Even though holiday purchases (and the companies marketing them!!) may already be kicking into high gear, you still have time to make deposits in November that could help you avoid using your credit cards in December. Once holiday spending is over, you might not have the ability to pay the balance in full, or decide to pay only the minimum and let your credit card balance roll well into 2020. That would make the holidays even more expensive, and you’d be starting off the new year with high interest rates accumulating … not exactly the best way to make a fresh financial start or new year!

Christmas Club accounts have several advantages:

  • You can open a Christmas Club account at any time, with no minimum balance.
  • You can transfer money from other Members 1st accounts into a Christmas Club account through Virtual Branch or Mobile Banking.
  • You earn interest on your deposits.
  • You earn interest on your deposits.
  • The fee for early withdrawals is only $5, so you can access those funds in emergencies.

And if you already have your holiday purchases covered, did you know you can use your Christmas Club account to save for year-end taxes or get a head start on saving for Christmas 2020? Financial preparedness is the gift that keeps giving all year long, and here at Members 1st, our number-one priority is our member/owners being rewarded.

Give us a call or stop by to talk about opening a Christmas Club account. If you’re not a member yet, we can sign you up!

Mattis office: (314) 487-5628
Festus office: (636) 931-7144
Toll-free: (877) 487-5628

Mattis office (314) 487-5628 | Festus office (636) 931-7144 | Toll-free (877) 487-5628

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