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Christmas Club Account
Holiday costs tend to catch even the most financially meticulous families off-guard. Presents, trips, ornaments, meals, and donations can add
up quickly. All of these expenses can accumulate rapidly, leading households to scramble each December to manage their money along with their holiday magic. First Western’s Christmas Club Account provides a systematic and worry-free method to get ready for the holiday season ahead of time.
By saving small amounts throughout the year, you can create a fund for those holiday expenses without depending on credit cards or using emergency reserves. It’s the money you’d spend anyway, so why not set it aside, let it gain a little interest, and withdraw it at the end of October just in time for presents and parties?
Start Saving For Christmas Today
What is a Christmas Club Account?
In contrast to a savings account, a Christmas Club Account from First Western makes it easy to save by automating deposits from another account at First Western on a scheduled basis, and restricting withdrawals until the payout date in October. Once the payout date comes, First Western transfers your balance plus interest back into the account your automatic withdrawals were from, providing you with a holiday fund that’s ready to spend!
A holiday savings account is a practical, responsible, and easy way to monitor your spending over the holidays as well as help you financially plan ahead. Giving yourself time to think about purchases will help you know if that toy is really a must-have for your kids or if it was just a passing fad. Don’t let Christmas shopping sneak up on you!
And it’s not always about the gifts. Need a new tree? A better light display? And don’t forget all the feasts you’ll attend amongst friends and family! Want to set aside funds for charitable giving? A Christmas Club Savings account can really make the difference and help you spread more cheer than last year.
How does a Christmas Club Account work?
The structure is simple:
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Open the account with a $25 minimum deposit
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Contribute regularly throughout the year via automatic withdrawal from another First Western account
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Allow your balance to accumulate interest over the course of the year
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Access your money at the designated payout time (the last business day in October)
Can you withdraw early from a Christmas Club Account?
Yes, you can withdraw early, but only if you fully close the account. Withdrawals on Christmas Club Accounts are limited to either current balance for account closing or automatic transfer on October 31 of each year. Accrued interest will not be paid if funds are withdrawn early.
Is a Christmas Club Account right for you?
Setting up yourself for a less stressful holiday is always the best option, but this type of account is especially helpful if you:
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Want a simple way to save for the holidays
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Favor financial planning tools that promote regularity
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Tend to overspend during the holiday season
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Want to avoid taking on holiday credit card debt
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Prefer to make gifts to charitable organizations at the end of the year
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Appreciate clear spending boundaries – we could all use some of that!
Families, young adults, retirees, and anyone looking to smooth out seasonal expenses can benefit from the predictable structure of a First Western Christmas Club Account.