Yes,
mainly 2 types of Christmas accounts are there.
Christmas club- It is a savings program which was introduced in the U.S.
by banks at the time of the great depression. It is a simple way of
saving money into a special savings account to meet holiday expenses.
The Christmas club was very popular in the 1970s. At present, some banks
still offer Christmas club.
A Christmas Savings Account- Many banks are offering a Christmas savings
account to their customers. The money will be automatically transferred
from your checking account every month into the Christmas Savings
Account.
The total savings amount will be mailed or deposited back into your
account just before the festive season. Thus, you can meet holiday
expenses without facing a credit crunch.
Yes, I
agree with Patricia. But you must also keep in mind about the drawbacks
of christmas club accounts. These accounts usually have low interest
rates and a high number of restrictions. You may be restricted to make
withdrawals untill the account fees are paid or may encounter penalties
if you withdraw the money early.
Christmas club- It is a savings program which was introduced in the U.S. by banks at the time of the great depression. It is a simple way of saving money into a special savings account to meet holiday expenses. The Christmas club was very popular in the 1970s. At present, some banks still offer Christmas club.
A Christmas Savings Account- Many banks are offering a Christmas savings account to their customers. The money will be automatically transferred from your checking account every month into the Christmas Savings Account.
The total savings amount will be mailed or deposited back into your account just before the festive season. Thus, you can meet holiday expenses without facing a credit crunch.
Sub: #1 posted on Tue, 12/06/2016 - 04:57
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Sub: #2 posted on Sun, 12/11/2016 - 21:57
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