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Each holiday season many consumers spend hundreds if not thousands of dollars on gifts for family and friends, only to be buried by those bills in January.
Why not consider a different way to manage your holiday spending? Many local banks and credit unions offer Christmas or Holiday ?clubs? to consumers. These accounts take a weekly (or monthly) deduction each pay period, and safeguard that money in an interest-bearing account until the last quarter of the calendar year. Typically, in October, November, or December ? a check is issued to you for the total balance of the Christmas Club Account. Bankrate.com offers the following tips to keep in mind when choosing your Christmas Club: -Some club accounts pay higher interest than regular accounts; but some pay less. -Some club accounts pay no interest at all. -Some club accounts allow you access to the funds earlier in the year if you need to use them. -Some club accounts will not release the money until the assigned date unless you close the account entirely While many people choose to prepare for the holidays through savings or money market accounts, you might as well earn interest on the money you save during the year. A Christmas Club account can help you earn interest instead of paying interest to your creditors all winter long. |
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