Christmas Club Savings Account

Stash cash throughout the year for a merrier holiday season.
Open an Account!

Benefits of Bowater Credit Union Christmas Club Account

Budgeting for the holiday spending season can often feel overwhelming. A Christmas Club account* offers a set-it-and-forget-it way of saving throughout the year. It also helps you avoid credit card debt by providing funds for expenses ahead of time.

Benefits include:

Save Automatically

Automate your holiday savings without worrying about setting aside money.

Competitive Rates

Earn daily interest on the full balance of your Christmas Club account.

Simple to Set Up

It’s quick and easy to open an account through the online portal or app.

Federally Insured

Enjoy peace of mind knowing the NCUA insures your savings for up to $250,000.

Everything to Know About Our Christmas Club Account

Our Christmas Club Account allows you to save for the holidays. Regular automatic transfers build up your fund throughout the year and help avoid budget strain.

Here are the top features of our Christmas Club Account:

  • No fees
  • Low $5 minimum opening deposit
  • You must be a Bowater Credit Union member to open a Christmas Club Account
  • Deposit up to $1,000 per month
  • Earn daily dividends on your money
  • We’ll deposit the amount saved and the interest earned into your regular share account on October 1st
  • Earns interest (see rates)
  • If you withdraw money before October 1st, we’ll close your account. You will not be able to open a new Christmas Club account for another year.
  • Up to $250,000 in NCUA insurance
A little girl gives her grandma a present paid for with funds from a Christmas Club Savings Account.

How to Apply for a Christmas Club Account

Become a Member Check out our membership criteria page and apply online or in a branch.
Deposit Just $5 Five dollars is all it takes to start saving money for the upcoming holiday season.
Start Saving! Set up automatic transfers and watch your money grow in the online portal or mobile app!


“10/10—would definitely recommend as a bank! Great and friendly staff.”

– Chance N., Calhoun, TN

FAQs About Our Christmas Club Savings Account

When can I open a Christmas Club account?

You can open a Christmas Club account anytime during the year. Sign up whenever it is most convenient to save for next year’s holiday shopping season.

How much do I need to deposit each month?
We do not require that you regularly deposit a set amount of money. You decide the monthly auto-transfer amount that fits your budget. However, we do have a $1,000 monthly deposit limit for this account. Talk to one of our friendly representatives if you wish to save more than $1,000 monthly. Our Term Share Accounts have no monthly fees and terms from 6 to 60 months.
What happens if I miss a monthly deposit?

No worries! We don’t require you to deposit money every month. However, you must call us or stop by a branch if you wish to pause your automatic transfers.

Are my Christmas savings secure?

Yes, the National Credit Union Administration (NCUA) federally insures and safeguards deposits up to $250,000. Enjoy peace of mind knowing federal insurance protects your hard-earned savings.

How does a traditional savings account differ from a Christmas Club one?

A Christmas Club Savings Account encourages regular deposits (up to $1000 per month) and limits withdrawals until October 1st. This promotes disciplined saving and provides you with a lump sum fund for holiday expenses.

In contrast, a regular savings account has no deposit limits or withdrawal restrictions. It serves multiple purposes and offers flexibility but unlike the holiday-focused Christmas Club account, it lacks a specific savings goal.

Are there any early withdrawal penalties?

We won’t penalize you if you withdraw your money early. However, we will close your Christmas Club account and you won’t be able to open a new one for a year.

Other Great Savings Account Options

Traditional Share Savings

Earn interest on your savings while maintaining easy access to funds. It’s a flexible way to grow your money over time.

Term Share Accounts (CDs)

Reach your savings goals quicker. Competitive interest rates allow your money to grow over the locked timeframe.

Ultra 25 Term Share Account

Invest in a 25-month Term Share Account. Select from standard or IRA options and make penalty-free partial withdrawals.

*The maturity of the Christmas Club is Sept. 30. However, its term varies depending on the date the account is opened. The maximum monthly deposit for a Christmas Club Account is $1,000. Rate subject to change quarterly.