At MMCCU, we want to help make our members’ holiday shopping experience less stressful. The Holiday Club account is designed to help you save for those annual holiday expenses, so that when the holidays are here, you are ready to shop without added financial stress.
The account is a cyclical account, meaning the deposit period for the account starts October 1 and runs to September 30. During that year, you are able to deposit as many times and as much as you wish into this account.
This account is different from a “regular” account because of the restrictions on withdrawals. The goal is to encourage building your savings specifically for holiday spending.
Many members set up automatic transfers from payroll directly into the account. Any withdrawals are penalized to encourage true savings (similar to the Saver’s Sweepstakes).
At night on September 30, the funds are transferred into your designated savings/checking account and are available for spending during that holiday season.
Some members also use this account to build up savings for property taxes or another non-holiday use because of the restriction on withdrawing, but we encourage you to choose a Saver’s Sweepstakes account for this purpose.
Opening an account now would be beneficial for saving for the 2023 holiday season! Contact us to learn more!