Automatic Savings Account
Aka: Holiday Club Savings
To help you save for holiday expenses, South Bay Credit Union offers a convenient Holiday Club Account. Open an account at any time. Make small deposits daily, weekly, monthly, whichever you choose, and watch it grow. Plus it will earn dividends until the day you choose to have it mature. Set up your funds to automatically transfer to your checking account on Nov. 1st and be ready-to-go for the holiday sales.
We call it the Holiday Club savings because that’s what most members were using it for, but it doesn’t have to be just for extra Holiday cash. Use the Holiday Club savings for ANYTHING! Did you want to save for a wedding, home purchase, vacation, home improvements, or even taxes? Use the Holiday Club savings account and take the burden off paying a lump sum at once.
How it works:
- We open a “sub” savings (separate from your regular savings account)
- You choose the dollar amount you would like transferred from your SBCU account
- You choose the frequency or dates you would like the transfers to take place from your SBCU account
- You choose the maturity/one-time disbursement date (if you want one)
- There are no early withdrawal penalties
- Your savings earns interest while it waits to mature
- There’s no limit to how many “Holiday club” accounts you can have
- Funds will only be transferred if they are available, you’ll never go negative
- There is never a fee for transfers or closing a Holiday Club savings