Banks Used Christmas Clubs to Help Save Money for Holidays
December 14th, 2009
When I was a little girl I remember my mother saving money in a Christmas Club. The bank offered these accounts to their customers who decided on the amount of money to be deposited in these saving accounts each month. In October the customers received a check for the amount that they had saved during the year. They could use this as holiday money to do their Christmas shopping, or deposit it in another bank account. Mom would usually open two or three Christmas Clubs and deposit the unused funds in her savings account. I don’t know if banks still offer this service or not, but it was a great way to save money for Christmas.
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