The year-round approach to saving for vacation and the holidays.
Ready to start planning your dream summer vacation? Want to begin stashing your cash for the holiday shopping season this year? Opening a club account is another savings strategy that can help make paying for your next Mediterranean cruise or buying holiday gifts for the whole family just a little bit easier.
Let’s take a closer look at what a club account is and how this solution can help you achieve your savings goals.
What is a club account?
This account is a separate savings account aimed to help you save for a specific goal. The accountholder will typically build their savings by making regular deposits through payroll deduction or automatic transfers. After a certain amount of time, you can transfer the money you've saved to your checking account!
So, what exactly is the difference between a club account and regular savings account? Business Insider sums up the difference, explaining that “many savings club accounts require minimum deposits, sometimes as low as $1, and term lengths, often six months to a year. Some include automatic weekly or bi-weekly deposits and impose penalties for not making payments or taking money out early.”
What types of club accounts are offered at Clearview?
Club accounts can be set up differently at each individual financial institution. At Clearview, we have two options – a Christmas club and a vacation club. Both of these options have the same general characteristics with one major difference. When you get our Christmas club, your balances will be transferred to your Clearview checking account on October 1. This is to help you prepare and plan for the upcoming holiday shopping season. On the other hand, funds from our vacation club can be transferred at any time, allowing you to pay for your trip whenever you decide to book it.
Can I use a club account for other savings goals?
That’s the beauty of this solution! Whether you’re planning a wedding, saving to renovate your kitchen, or looking to create an emergency fund and stash some cash for a rainy day, you can open multiple club accounts for any purpose or goal you have.
If you’re ready to reach your savings goals, opening a club account is a great solution to help you achieve them! We realize that putting cash aside is often easier said than done. You can also try these simple savings tips to make this financial habit a lifelong journey.
