Christmas Club

Christmas Club
A short-term savings account that usually pays out the full account balance to its account holders once each year, right before Christmas. Christmas club accounts pay depositors monthly interest on their account balances and often punish early withdrawals by retracting interest earned if money is taken out before a given date.

Because of the tremendous pressure put on people to save money for Christmas spending and the debt loads that consumers incur just before the holidays, many financial institutions offer their customers Christmas club accounts. Usually, Christmas club accounts offer systematic savings through automatic withdrawal upon deposit of paychecks to a checking account.


Investment dictionary. . 2012.

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  • Christmas club — The Christmas club is a savings program that was first offered by various banks during the Great Depression. The concept is that bank customers deposit a set amount of money each week into a special savings account, and receive the money back at… …   Wikipedia

  • Christmas club — {n.} A plan for putting money in the bank to be saved for Christmas shopping. * /John deposits $10 each week in the Christmas club./ * /The woman will get her Christmas club money on December 10./ …   Dictionary of American idioms

  • Christmas club — {n.} A plan for putting money in the bank to be saved for Christmas shopping. * /John deposits $10 each week in the Christmas club./ * /The woman will get her Christmas club money on December 10./ …   Dictionary of American idioms

  • Christmas\ club — noun A plan for putting money in the bank to be saved for Christmas shopping. John deposits $10 each week in the Christmas club. The woman will get her Christmas club money on December 10 …   Словарь американских идиом

  • christmas club — noun Usage: usually capitalized 1st C : a savings account in which regular usually weekly deposits are made throughout the year to provide money for Christmas shopping in December * * * a savings account in a bank in which regular deposits are… …   Useful english dictionary

  • Christmas club — Christ′mas club n. bus a savings account in which a person deposits a fixed amount of money regularly, usu. for a year, the sum accumulated being paid out to the depositor for use at Christmas • Etymology: 1905–10 …   From formal English to slang

  • Christmas club — noun A type of savings scheme in which a person pays in money through the course of a year and gets back a total at around Christmas time ready to buy gifts or treats for Christmas. Such schemes have been run by banks and retailers and generally… …   Wiktionary

  • Christmas club — noun Date: circa 1925 a savings account in which regular deposits are made year round to provide money for Christmas shopping …   New Collegiate Dictionary

  • Christmas club — a savings account in a bank in which regular deposits are made, usually throughout one year, as to provide funds for Christmas shopping. [1905 10] * * * …   Universalium

  • Christmas club deposit — A type of bank deposit made in accordance with a plan which provides for the making of regular deposits during the year and withdrawal of the money for use at Christmas …   Ballentine's law dictionary

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