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What is a Christmas Club account? How does it work and what does it do?

Find out as we “Make Cents” of your finances.

The holiday season comes with a whole host of expenses. Whether it’s travel, food, or gifts, families can see themselves spending hundreds, and sometimes thousands, of dollars.

Having a Christmas Club account is one way you can leverage your finances throughout the year instead of running credit card balances that you pay for month after month.

A Christmas Club account acts as a second savings account, but more than that, it acts as a virtual piggy bank. You can transfer funds into the account throughout the year, but the balance remains locked away until the arrival of the holiday season when your credit union automatically cracks it open for your use.

Having a Christmas Club account is an easy and stress-free way for you to save for the holiday season all year long.