Christmas Club Accounts - Citizens Bank & Trust Company (2024)

With a Christmas Club Account, you can put money towards shopping for the holiday season next year by paying in increments of your choice for 49 weeks; the bank will take care of the payment the 50th week for you.

Please speak with an account representative, or continue reading to find more information about our Christmas Club Accounts below.

Every year, Christmas Club registration opens in November and closes on February 1st.

*If you have an account with us already, you can have the total amount automatically deposited into your checking account or made available to you in the form of a cashier's check in November, otherwise.

Christmas Club Accounts - Citizens Bank & Trust Company (2024)

FAQs

Does Citizens Bank have a Christmas Club account? ›

Have a Christmas that will make everyone merry and bright! Start saving today with a Citizens Bank Christmas Club Savings account. Open Your Account Today!

Do Christmas Club accounts still exist? ›

Are Christmas Clubs Still popular? These accounts were popular in the 1960s and 1970s, but have become less common in recent years. Today, they are more commonly offered through smaller local credit unions and community banks. The first one was offered in 1909 by the Carlisle Trust Company in Pennsylvania.

Can you withdraw money from a Christmas Club account? ›

Early Withdrawal Penalty- We may impose a penalty if you withdraw any or all of the principal before the maturity date. The penalty imposed will be the greater of $5.00 or 7 days simple interest on the amount withdrawn. This account will automatically renew at maturity.

How do Christmas Club accounts work? ›

Christmas Club Savings accounts earn interest (up to a maximum balance of $5,000) just like any other savings account. In other words, you get paid to save your money for the holidays, increasing your total balance by November 1st.

When can I access my Christmas Club account? ›

The Christmas Club Account has a number of features:
  1. No account keeping fees.
  2. No minimum balance to get your savings started.
  3. Competitive interest rate.
  4. Interest calculated monthly and paid annually on 31 October.
  5. Withdrawals available between 1 November and 31 January each year.
  6. Over the counter access.

How many weeks is a Christmas Club account? ›

Your account matures in 50 weeks.

When can I use my Christmas Club? ›

You can redeem funds you have added to your account in-store at any time throughout the year; however, bonus amounts earned are only redeemable during the months of December and January. The PIN printed on the back of your Christmas Club card must be changed by you upon registration.

Is a club account a savings account? ›

Club accounts are separate savings accounts designed to help you organize and save your finances with ease. Much like other savings accounts, club account holders earn interest on their account balances. With a club account, many members decide to set up a set amount for an automatic deposit periodically.

Which Christmas saving company went bust? ›

In 2006, Christmas savings club Farepak went under, leaving 100,000 customers who'd saved an average of £400 out of pocket. They only got about half of their cash back, and it took them six years.

How does a Christmas bank account work? ›

A Christmas Club is a type of savings account. It works a little differently from the typical personal savings account, though. With a Christmas Club, you earn interest on the deposits you make throughout the year. Each fall, typically by the end of October, you receive a check for your total Christmas Club balance.

How much interest does a Christmas Club pay? ›

The annual percentage yield will range from 0.05% to 5.00%, depending on the balance in the account. Community Bank checking account with draft to Christmas Club Account. Limit two accounts per customer.

How do club accounts work? ›

Club accounts should show opening balance, income, expenditure and closing balance. These accounts should be prepared by the Club Treasurer and presented at the Club's Annual General Meeting as part of a Financial Report which should be accepted and agreed by the Club members.

What is Christmas Club card? ›

With the Woolworths Christmas Club, you can save throughout the year and get an extra Christmas bonus to spend in December and January. Top up your account as often as you choose throughout the year, and on 1 December we will add a 5% bonus to the amount you saved, just in time to redeem for your Christmas goodies!

Does Citizens Bank have a vacation club? ›

Pack Later. By saving regularly in a Vacation Club Account you will know that the money for next year's summer getaway will be there.

What types of accounts are offered at Citizens Bank? ›

Choose your account
  • One Deposit Savings from Citizens™ A simple solution for everyday banking. ...
  • Citizens Quest® Savings. A relationship account with extra features, without extra fees. ...
  • Citizens Private Client™ Savings. Higher savings rates, fewer fees, and a personalized plan to help you work toward your financial goals.

Does Citizens Bank have a high yield savings account? ›

Citizens Bank's online-only division, Citizens Access, offers a high-yield savings account with a 4.50% annual percentage yield (APY). While this isn't the highest APY on the market, it's still well above the national average rate of 0.50% APY.

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