It might not feel like the holiday season with the heat index creeping near triple digits, but July is the perfect time to kick off saving for holiday expenses. Ascend offers a Christmas Club account that is the perfect tool to boost those savings.

What is a Christmas Club account?

A Christmas Club is a type of savings account in which members make regular deposits throughout the year so they’re available when the holidays roll around. Deposits can be made through direct deposit or manually, just like any other savings account at Ascend, and there’s no minimum deposit required to start. Christmas Club funds can then be used for whatever helps to make the holidays merrier.

Think about it – if you stash $20 in your Christmas Club account per week starting July 1, by the first week of December you’ll have over $400 saved that can be used for gifts for your loved ones, non-gift holiday items like food and decorations, or even a holiday trip. That’s a nice chunk, considering American consumers plan to spend an average of $997 during the holiday season on gifts and other festive items, according to the National Retail Federation, with gifts accounting for almost $650 on average annually and non-gift holiday items (food, decorations, etc.) almost $350.

When can I use my Christmas Club cash?

Your Christmas Club funds are available whenever needed, penalty-free. This automatic process takes the hassle out of saving and can contribute to a stress-free holiday shopping experience. It’s important to note, again, that you can use this account to save for any purpose, not just holiday gifts.

Is a Christmas Club account right for me?

Our Christmas Club account is a great "set-it-and-forget-it" savings option for all types of goals – from purchasing gifts to funding vacations. Simply set up direct deposit or automatic transfers on a weekly or monthly basis, and watch your savings grow effortlessly.

You can easily open a Christmas Club account online, over the phone, or in person at any of our Middle Tennessee branch locations.

Once the holiday shopping season starts getting closer, stress levels can quickly increase. For tips on how to have a happier, more stress-free holiday shopping season this year, read our blog, and don’t forget to shop local when possible to support small businesses.