It's Never Too Early for a Christmas Club Account

Only 327 days until Christmas! Wait, didn’t we just take down the tree and pack up all the decorations? We sure did, which means it’s already time to start saving for the 2019 Holiday season!

No, we are not crazy. Okay…maybe a little. But it is never too soon to start saving for Christmas, and with ēCO Credit Union’s Christmas Club Account, you can do just that.

Whether you decide to deposit a little at a time or a large sum, you will be ready to start making a list and checking it twice. By the time the holidays roll around,(because let’s be honest, it may be February, but December will be here before we know it) you will be ready to start shopping.

It may sound too good to be true, but it’s pretty simple to come out of the holidays without that awful buyer’s remorse and maybe a little extra change in your pocket.

How do Christmas Club Accounts work you ask?
It is pretty simple; ēCO’s Christmas Club Account is an interesting bearing savings account offered to members looking to save for a particular purpose.

Not sure how much you need to start saving? Remember earlier, when we said it feels like it was just yesterday when we packed up all the decorations? December wasn’t too far back. You should be able to find all of those receipts used for wrapping paper, decorations, food, entertainment, and let’s not forget—all of the gifts for your friends and loved ones. Use those receipts to total up how much you spent on Christmas. Once you have a total, divide it by ten to determine how much you’ll need to save each month to have enough by November—when funds are disbursed. To make it even easier to get started, ēCO offers Automatic Transfer and payroll deduction.

Start a Good Savings Habit
Christmas Club accounts earn dividends on the average daily balance when more than $100 is maintained in the account. Dividends are paid on a quarterly basis. If you want to check out the current rate—visit ēCO’s rates page HERE.

Isn’t the phrase “Money Saved is Money Earned?” Having a Christmas Club account can help you save for Christmas expenses, while also helping create a habit of saving. Although the balance may feel small, it is beneficial to help you build sound savings habits. 

Christmas comes the same time every year, but somehow, it always seems to sneak up on us. Start your Christmas Club Account with ēCO today, and you’ll be ready to tackle all of your holiday expenses, while earning interest throughout the year.

The details:

• Minimum Balance: $0
• No Monthly Fee
• Save automatically each month through payroll deduction or direct deposit.
• Dividends are paid on a quarterly basis and are calculated by the average daily balance method.
• Funds are disbursed in November. You can choose to have a check mailed to you or for the funds to be deposited in your Share Account.
• Early withdrawal fee is $10