From expensive Christmas shopping to all the spending during the Boxing Day and January sales, the festive season can be full of financial pressures for many Australians. The Christmas Club Account from BDCU Alliance Bank is designed to relieve some of that pressure by helping you set aside money to cope with all your Christmas expenses.
The balance of your Christmas Club Account earns 0.80% p.a. interest so you’ll have some extra dollars to spend at the end of the year, while there are fee restrictions in place to stop you accessing your funds throughout the year and spending all your Christmas savings.
What are the features of the BDCU Alliance Bank Christmas Club Account?
Interest rate of 0.80% p.a.
BDCU Alliance Bank’s Christmas Club Account pays interest at a rate of 0.80% p.a. on your balance, helping to boost your spending power once Christmas arrives.
No minimum balance requirements
There are no minimum opening or monthly balance requirements attached to the Christmas Club Account, allowing you to save for the festive season at your own pace.
$3 transaction fee on withdrawals made from February to October
To stop you dipping into your Christmas savings before the festive season arrives, a $3 transaction fee applies to every withdrawal made any time from 1 February to 31 October. This is designed to ensure that you have enough money saved to cope with the extra expenses at Christmas.
No transaction fees on withdrawals made from November to January
This no transaction fee covers all withdrawals completed from 1 November to 31 January, allowing you to withdraw your money whenever you like during this period to fund your Christmas spending.
Interest paid 31 October
Interest is calculated daily on the closing balance of your BDCU Alliance Bank Christmas Club Account and then paid annually on 31 October, just in time for you to start your Christmas shopping.
Internet and phone banking access
You can access the money in your account 24/7 via Internet and phone banking, while you can also make deposits and withdrawals at your nearest BDCU Alliance Bank Advice Centre.
- No minimum opening or monthly balance
- Internet and phone banking access
- Interest calculated daily on the closing balance
- $3 transaction fee on withdrawals made from February to October
What you need to know before applying
If you want to manage your Christmas savings with a Christmas Club Account from BDCU Alliance Bank, click on one of the “Apply Now” links on this page. You will be securely redirected to the BDCU Alliance Bank website where you can find more information and the full terms and conditions of the account, as well as access an application form.
You have three options to choose from when applying for a BDCU Alliance Bank Christmas Club Account:
- Download a form. An account application form is available for download from the BDCU Alliance Bank website. Once completed, your form can be submitted by post or by visiting your nearest BDCU Alliance Bank Advice Centre.
- Visit an Advice Centre. If you’d like to apply in person, pop into your nearest BDCU Advice Centre.
- Apply over the phone. You can also phone BDCU Alliance Bank’s customer helpline and receive helpful advice to guide you through the application process.
If you’re a new BDCU Alliance Bank customer, you will need to supply valid proof of ID before you can open an account. You will be asked to provide proof of ID documents, for example your driver’s licence or passport, during the application process.
You will need to be an Australian permanent resident in order to open a BDCU Alliance Bank Christmas Club Account. It’s also worth remembering that a $3 transaction fee applies to all withdrawals made between February and October, so this account may not be suitable if you want to regularly access your savings throughout the year.
The BDCU Alliance Bank Christmas Club Account can help you enjoy Christmas without having to worry about the financial stress. However, many Australian banks, building societies and credit unions offer similar accounts, so make sure you do a thorough comparison before you choose one.