Unwrap a Worry-Free Holiday Season in 2024

Holidays are meant to be the most wonderful time of the year, but overspending may lead to a feeling of financial regret.

Whether you are familiar with this feeling or would like to avoid it, we have a powerful tool that can help. Let’s walk through a journey together and explore the magic of Piedmont Advantage’s Christmas Club Savings Account.

How Does a Piedmont Advantage Christmas Club Account Work?

As a teen or parent, you can use our Christmas Club Account to set aside funds throughout the year, ensuring you’re fully prepared for the next festive season, guilt-free. This account is separate from your membership savings or checking account, which helps you to track your holiday savings and avoid spending these savings accidentally. This account also prevents withdrawals and transfers from our mobile and online banking platforms, eliminating the temptation to spend from your holiday savings. 

And what's great is how simple it is to open one up.

1. Open your Christmas Club Account

With as little as $5.00, but preferably more (see #2).

2. Figure Out Your Bite-Sized Deposits for the Year

Ask yourself how much you spent this year on holiday expenses. Since this figure is fresh in your mind, use it as a way to gauge next year’s expenses.

For example, if you spent $200 this year, take this amount and divide it by the number of months from the day you opened the account until October. If you opened the account in January, divide $200 by nine. Your bite-sized monthly deposit is $22.25 or $11.15 if you want two deposits each month.

3. Set Up your Automatic Bite-Sized Deposits

Option 1: You can ask us to set up an automatic transfer from your membership savings or checking account into your Christmas Club Account. You can select the date in a month that works best for you. We will automatically transfer your chosen amount from your selected account into your club account every month.

Option 2: You can also set it up on your own using online or mobile banking under transfers.  Enter your bite-sized deposit amount and select, “Make Recurring.” From there, select the frequency (how often your deposits take place) and the first transfer date.

4. October Countdown and Transfer

In October, we transfer the entire balance from your Christmas Club Account into your membership savings. Since the transfer happens in October, the number of months you have to make your bite-sized deposits will be based on when you open your account for the first year. After that you can set your bite-sized deposits based on a 12-month cycle, meaning you will have a full calendar year to save for the holidays.

Ready to start your Christmas Club Account? 

For the next holiday season, you have a way to eliminate the feeling of financial regret when January comes around and instead have the peace of mind that comes with savings with a purpose throughout the year. Click here for more information about our Christmas Club Account or for details on how to open one.