5 Reasons to Start a Holiday Club Savings Account

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Piggy bank wrapped in Christmas string lights

It seems like Christmas arrives faster every year. You might begin laying away presents for family and friends in the middle of the year or scrimp and save everything that you can in the month before the holiday. One of the ways that you can save more money is to open a holiday club savings account. Some employers offer this kind of account as well as some banks. You put money into the account, and it gains interest. Before the holiday, you can withdraw money to purchase the items that you need to get from your list.

All In One Place
When you have a savings account, you don’t have to worry about where you’re money is being kept. It’s in a safe location, which can sometimes prevent you from spending the money on something else besides Christmas presents. You won’t have money in your wallet or on a few different credit cards, which makes it easier to maintain the money that you have.

Earning More
The money that you have in the account will gain interest. This means that you will have more money to spend for the holiday season than you put into the account. Some business will match the amount that you put into the account. There is usually a limit, but it does mean that you have a little more money to get through the holidays.

Offers A Cushion
There might be emergencies that arise before the holiday season. It might be something with the car, or children might need something for school. A savings account can give you a cushion that you need so that you can get at least something for your family and friends for Christmas. It can also provide a way to get food for the family for the holiday season.

Less Stress
During the holidays, you might see others shopping at the mall and wonder how you’re going to get presents, or you might want to shop at the same stores but don’t have the funds to join in with the festivities. A holiday savings account takes a little stress off of the holiday season. It provides the money that you desire to go to a mall to partake in the shopping that others do while giving yourself a special treat in the process.

Close At Any Time
One of the benefits is that you can close your account at any time. Take your money out at Christmas, do your shopping, and close the account until the next year. This makes it easier to find another location that might offer a higher interest payout or easier terms in how much money is matched.