Christmas Club Accounts

A Great Way to Save for Christmas Gifts!

Open your Peoples Bank of Alabama Christmas Club account now.  It's the easy way to save for Christmas!  See below for more information.

  

What is a Christmas Club Account?

 

A Christmas Club Account is a special type of savings account.  It is a short-term savings account that helps ensure you are better prepared for end-of-year spending.  This account allows deposits and/or Automatic Funds Transfers (AFT’s) throughout the year so the family budget isn’t cleaned out at Christmas.  The funds saved are transferred to your checking account on November 15th.

 

Why should I open and utilize this account?

 

The most important reason is to make sure you have money when you need it most!  Although this account is typically used by people looking to save for Christmas, other uses might include end-of-year travel, philanthropic endeavors, or a huge New Year’s celebration!  The idea behind this account is simple; Peoples Bank of Alabama wants to help you to be well prepared for the next holiday shopping season. 

 

Example:

 

To get a grasp on how beneficial a Christmas Club Savings account can be, consider the following scenario:

  • Deposit $25 a month from January – October and you will have saved $250.
  • Deposit $10 a week for the same time period and you will have over $400.

Partial early withdrawals are not allowed.  A fee of $20 will be charged for early close out.