The holiday season is a time for celebration. And with most celebrations, you usually find yourself opening your wallet again and again. Did that happen to you this year? Added holiday expenses can put a strain on your budget and put a damper on feeling festive. With the presents, parties and decorations that go along with this time of year, you might find yourself short on cash if you haven’t planned ahead. But luckily, there’s a way to save! A Christmas Club Savings Account from Farmers Savings Bank helps you stash away money for seasonal celebrations.
What is a Christmas Club Account?
A Christmas Club Account is simply a savings account that you contribute to as often as you wish but are unable to withdraw funds from. We will mail you a check for your balance once per year in mid-October. The goal of a Christmas Club Account is to allow you to save for all of your holiday expenses throughout the year. The best part – our Christmas Club Account earns higher interest than our regular savings account!
Why Open a Christmas Club Account?
Even the most careful budgets can get strained by holiday expenses. If you’d like to keep a portion of your savings earmarked for gifts, travel, parties and decorations, a Christmas Club Account might be a good choice. With auto-deposit or auto-transfer, you set aside money without having to think about it. When it’s time to start spending, you’ll have built a nice pot of fun money with minimal effort. Automation can be your best friend in this instance!
Visit with a Farmers Savings Bank representative to open an account and set up a weekly or biweekly auto-transfer from your checking account. Perhaps you want to save $500 for holiday spending. If you start saving in January this amounts to about $50 a month or about $12 per week, as we mail you a check for your Christmas Club Account balance mid October, just in time for holiday expenses! Setting aside $12 per week is pretty easy compared to coming up with $500 all at once for holiday spending.