Christmas club

A Christmas club is a special-purpose savings account, first offered by various banks and credit unions in the United States beginning in the early 20th century, including the Great Depression.

For decades, financial institutions competed for the holiday savings business, offering enticing premiums and advertising items such as tokens.

The Dime Saving Bank of Toledo, Ohio, issued a brass token "good for 25 cents in opening a Christmas account" for 1922–1923.

"[5][3][4] Key drawbacks of Christmas Club accounts included low interest rates and a high number of restrictions, such as not allowing withdrawals unless fees were paid.

Each member required a check to be produced, signed, collated, and mailed, only for 70% to be returned to the bank to be deposited in another account.