Community Chat

[Financialgrl]

Never used Christmas club accounts - in the past I put money aside in a savings account on my own. I can't imagine these accounts surviving these days since interest earned on any accounts is slim to none.

Almost all my money is in a credit union - a military one - probably one of the largest if not the largest one. I have a small account locally at a national bank for emergencies but they can't anywhere near match some of the perks of the credit union (and they'll tell you as much).

[151949]

On 11/1/2014 BeanCounter17 said:

Never used Christmas club accounts - in the past I put money aside in a savings account on my own. I can't imagine these accounts surviving these days since interest earned on any accounts is slim to none.

Almost all my money is in a credit union - a military one - probably one of the largest if not the largest one. I have a small account locally at a national bank for emergencies but they can't anywhere near match some of the perks of the credit union (and they'll tell you as much).

I don't think it is the interest rate that attracts folks to Christmas savings accounts but the ease of having a small amount taken directly from your paycheck and saved for you until time to holiday shop.The interest rates are so low right now you may as well put the money in your mattress like folks did during the depression.

[marmot24]

Hi H.H. Here in Pittsburgh my bank, Allegheny Valley still has them. They don't mail your check anymore, but deposit it right into your account. Got mine last week already.

[Qwackertoo]

Our credit union has Christmas Club account but I actually just use another "you name" it account . . . and call it Family Christmas Savings . . . that way I can transfer it to our checking account when the need arises depending on purchases dates and bill cycle of the credit cards . . . but usually in January so it has the full 12 months of deposits.

I should have done this a long time ago. Great time to start, last year, when the kids are almost grown. Oh well. Better late than never!

And yep, none of them earn that much money . . . although all my other cash accounts once they get over a certain level I convert them to money market accounts . . . I don't feel like committing them to CD's which aren't much better either.

[Marianne1]

On 10/31/2014 Peaches McPhee said:

I put cash away all year long into a drawer. This year I have almost $600 cash for Christmas shopping. $20 here, $20 there adds up.

You are very disciplined, I would be hitting that cash stash all the time if I had it in a drawer!

[Burnsite]

My sister has always used one. It's easy for her, as the bank is right next to where she works. She is a Mainer, and I imagine they are still popular there.

[Dell1]

There are many Credit Unions in my area. With my Credit Union I can have the basic savings accounts and then three other savings accounts. I get paid every other week and have the Credit Union put so much in what I call my Christmas account and so much in my basic savings. I have access to the money all year. When my children were younger as I saw things throughout the year I thought they might like, I would purchase it using the money from that Christmas. It was never about the interest on the account but about tucking the money away.

[Qwackertoo]

On 11/1/2014 Complicated said:

On 10/31/2014 Peaches McPhee said:

I put cash away all year long into a drawer. This year I have almost $600 cash for Christmas shopping. $20 here, $20 there adds up.

You are very disciplined, I would be hitting that cash stash all the time if I had it in a drawer!

My husband bought a book one year for me for Christmas . . . and when I opened it . . . I already owned that book . . . it was about the life and times of the man who is one of my favorite success stories . . . Walt Disney . . . BUT there was a twist . . . he had cut a nice square out of the middle of the pages, large/deep enough to hold a small jewelry box that contained some beautiful tanzanite earrings . . . now we stash a tidy little sum of money for EMERGENCIES . . . like IF the entire area was to be without power again for many days . . . as the cash registers don't work!

[Marianne1]

On 11/1/2014 Qwackertoo said:

On 11/1/2014 Complicated said:

On 10/31/2014 Peaches McPhee said:

I put cash away all year long into a drawer. This year I have almost $600 cash for Christmas shopping. $20 here, $20 there adds up.

You are very disciplined, I would be hitting that cash stash all the time if I had it in a drawer!

My husband bought a book one year for me for Christmas . . . and when I opened it . . . I already owned that book . . . it was about the life and times of the man who is one of my favorite success stories . . . Walt Disney . . . BUT there was a twist . . . he had cut a nice square out of the middle of the pages, large/deep enough to hold a small jewelry box that contained some beautiful tanzanite earrings . . . now we stash a tidy little sum of money for EMERGENCIES . . . like IF the entire area was to be without power again for many days . . . as the cash registers don't work!

and I would hit that money too. LOL. Bad Marianne.

[cotton4me]

I remember Christmas Club accounts. I don't know about them now but I belong to two credit unions and could have joined a third.

Quackertoo - we also keep extra money stashed at home in case of emergencies, natural disasters, etc, where the banks, power, might be closed down.