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Bank Savings

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 - Certificates of Deposit  (Time
    Deposits)

 - Holiday Savings Clubs

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Holiday Savings Clubs

A holiday savings club is a disciplined, systematic approach to savings for the peak spending periods around the year-end holiday season. It’s a nice way to avoid the buildup of high interest credit card debt during the holidays. 

Clubs are normally started in January, but the start dates are usually flexible. The monthly payments are small, $5 to $100, and there is no minimum balance requirement. On a monthly basis, the bank transfers the predetermined amount from your checking account to the club’s savings account. The club normally runs from January to October. Usually on the first of November, the club’s balance is automatically transferred to your savings account.  

The interest rate earned is usually nominal, but competitive. The compounding of interest varies by bank. If the funds are withdrawn prior to November, accrued interest is normally forfeited. However, there are usually no monthly maintenance fees, and the record keeping is very convenient.

 

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