There are all kinds of club savings accounts out there. Have you ever had one? For those who use them, they serve a great purpose. These accounts allow you to save towards a specific goal and keep the funds separate form your other savings.
A very popular option here at Health Care Family Credit Union is the Christmas Club account. The account is designed to be partnered with a payroll deduction. You payroll deduction makes an automatic deposit to the account all year long. Then, at the end of October, the funds are disbursed from the account and you have your holiday shopping money in hand, ready to go. We have another account that works very similarly called the Wish Club.
The main point to these accounts is they help create a habit of saving. Even if you don't have something specific to save the funds for, you'll be in the habit of saving and can put the money towards your emergency fund. Another benefit is that these accounts can be tailored to your specific goals. If you want to save $5,000 for a vacation 12 months from now, you can create the deposit, you can create the deposit plan to reach that goal. If you want to save $10,000 to use as a down payment on your next vehicle purchase, you can customize a plan to reach that goal as well!
No matter what your savings goals are a club account can be customized to meet your needs. Contact one of our Member Service Representatives to get your club account and savings plan started!