Christmas Club

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Dictionary Says

Definition of 'Christmas Club'

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 pay depositors monthly interest on their account balances and often punish early withdrawals by retracting interest earned if money is taken out before a given date.
Investopedia Says

Investopedia explains 'Christmas Club'

Because of the tremendous pressure put on people to save money for Christmas spending and the debt loads that consumers incur just before the holidays, many financial institutions offer their customers Christmas club accounts. Usually, Christmas club accounts offer systematic savings through automatic withdrawal upon deposit of paychecks to a checking account.

Related Definitions

Search results for

'Christmas Club'

  • Why should I bother creating a budget?

    http://www.investopedia.com/ask/answers/07/make-budget.asp
    ... For instance, creating a regularly-funded "Christmas Club" could keep the credit
    card bills from spiking come December because there would be available cash on ...

  • What is the best way to budget for holiday and special event ...

    http://www.investopedia.com/ask/answers/07/holiday-spending.asp
    ... Many people choose to set up a Christmas club account at their local banking
    institution; this program allows you to set aside small amounts of money on a ...

  • How To Reduce Holiday Debt

    http://www.investopedia.com/articles/pf/07/snowball.asp
    ... This is never a good thing. A savings program requires discipline and forethought,
    but there are even Christmas club accounts designed for this purpose. ...

  • Investopedia

    http://www.investopedia.com/ask/ViewFAQPrintable.aspx?url=%2fask%2fanswers%2f07%2fholiday-spending.asp
    ... Many people choose to set up a Christmas club account at their local banking
    institution; this program allows you to set aside small amounts of money on a ...

  • Tips For Avoiding A Holiday Spending Hangover

    http://www.investopedia.com/articles/pf/07/holiday-budget.asp
    ... If you don't want to get a big bill come Christmas, make sure to check out the
    availability of a Christmas club at your local financial institution. ...

  • 9 Ways To Use A Tax Refund Slideshow | Investopedia

    http://www.investopedia.com/slide-show/ways-to-use-tax-refund
    ... Christmas splurge. You can store the refund in a money market fund or a
    Christmas club account to lessen your spending hangover. (See ...

  • 9 Ways To Use A Tax Refund Slideshow | Investopedia

    http://www.investopedia.com/slide-show/ways-to-use-tax-refund/destroy-depts.aspx
    ... Christmas splurge. You can store the refund in a money market fund or a
    Christmas club account to lessen your spending hangover. (See ...

  • 9 Ways To Use A Tax Refund Slideshow | Investopedia

    http://www.investopedia.com/slide-show/ways-to-use-tax-refund/emergency-fund.aspx
    ... Christmas splurge. You can store the refund in a money market fund or a
    Christmas club account to lessen your spending hangover. (See ...

  • 9 Ways To Use A Tax Refund Slideshow | Investopedia

    http://www.investopedia.com/slide-show/ways-to-use-tax-refund/retirement-fund.aspx
    ... Christmas splurge. You can store the refund in a money market fund or a
    Christmas club account to lessen your spending hangover. (See ...

  • 9 Ways To Use A Tax Refund Slideshow | Investopedia

    http://www.investopedia.com/slide-show/ways-to-use-tax-refund/short-term-investment.aspx
    ... Christmas splurge. You can store the refund in a money market fund or a
    Christmas club account to lessen your spending hangover. (See ...

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