Product details
Christmas can be a particularly stressful time of year for your finances. From buying gifts for loved ones to catering for parties or a Christmas lunch, the costs can quickly add up over the festive season. To help relieve the strain on your bank account over Christmas, Bank First offers the Christmas Club Account. It offers a competitive interest rate to help you save, and it’s easy to set up a regular deposit or to organise salary crediting to boost your savings balance.
But the best part is that you can’t access your savings until the first business day in November. So no matter how tempted you are to blow your savings on other purchases throughout the year, your money will still be sitting in your account when the festive spending season begins.
- Product Name
- Bank First Christmas Club Account
- Maximum Variable Rate
- 1.00% p.a.
- Standard Variable Rate
- 1.00% p.a.
- Bonus Variable Rate
- 0.00% p.a.
- Monthly Fee
- $0
- Minimum Opening Deposit
- $0
- Internet Banking
- Yes
- Internet Transaction Fee
- $0
- Phone Banking
- Yes
- Phone Transaction Fee
- $0
- Minimum Age Requirement
- 18
What are the features of the Bank First Christmas Club Account?
Competitive interest rate
The Bank First Christmas Club Account pays a competitive flat interest rate on your savings balance. This rate applies regardless of how much you deposit into your account each month.
Interest paid quarterly
Interest on your Bank First Christmas Club Account is calculated daily and paid quarterly.
Regular deposits
It’s quick and easy to set up a regular deposit from your transaction account into your Christmas Club Account or set up a direct salary credit into your savings. This helps you save money without even realising it.
No access to savings until November
You can’t access your savings until the first business day of November, when you can withdraw your funds (except for the interest). This removes the temptation to dip into your Christmas savings throughout the year.
Funds transferred to our Everyday Account in December
The entire balance of your Christmas Club Account, including the interest you have earned, will be automatically transferred into your linked Bank First Everyday Account on the first business day in December.
One withdrawal per quarter
You can make one withdrawal per quarter from your Christmas Club Account. Making any further withdrawals will result in your savings account being closed and any remaining balance being transferred to your transaction account.
No ongoing fees
There are no ongoing account-keeping fees attached to this account, which means that all the money you save can go towards your Christmas spending.
No minimum opening deposit
You do not need to meet any minimum deposit requirements when you open an account, and there is no requirement to meet monthly deposit requirements.
Pros
- Earn flat rate of interest rate regardless of how much you deposit each month.
- $0 account-keeping fees
Cons
- No access to savings until November
- One withdrawal per quarter
What you’ll need to know before applying
If you need a little help saving for Christmas and the Christmas Club Account sounds like the perfect solution, click one of the “Apply now” links on this page. You will be redirected to the Bank First to read the account terms and conditions and begin the application process.
Eligibility to apply online
Before you apply, make sure you meet the following eligibility criteria:
- Minimum age. You must be at least 18 years old to open a Christmas Club Account.
- Residency requirements. You must also be an Australian resident.
Once you’re a customer of the bank, you can apply for a Christmas Club Account in the following ways:
- Via Internet banking. You can open a Christmas Club Account by clicking on “Open Savings Account” under the Services menu.
- By post. Complete an application form available on the bank’s website and return it to the relevant postal address.
The Bank First Christmas Club Account is certainly worth considering if you need some relief from the financial stress of Christmas. Compare its features with those of other savings accounts to help make your next Christmas as affordable and stress-free as possible.
