With a variable rate of 1.00% p.a., the account encourages you to put money aside throughout the year so that you have a sizable savings balance to call on when Christmas arrives. From 1 January to 31 October, access to the account is restricted and comes with fees attached as a way to discourage you from dipping into your savings throughout the year.
As of JULY 2018, this product is only available to existing customers. It is no longer available to new customers. For existing customers, variable interest rates still apply.
What are the features of the Circle Alliance Bank Christmas Club Account?
Competitive variable rate of 1.00% p.a.
The Circle Alliance Bank Christmas Club Account features a variable interest rate of 1.00% p.a., allowing you to generate extra spending power for Christmas.
Interest paid 31 October
Interest on your Circle Alliance Bank Christmas Club Account is calculated on your daily balance and credited to your account on 31 October.
Minimum balance of just $1
There only a minimum balance requirement of $1 for this account. In addition, there are no ongoing deposit requirements in order to continue earning interest, but the more you deposit, the more interest you will earn.
No monthly fees
You do not have to pay any monthly transaction or account-keeping fees on this account.
Restricted access to stop you spending your savings
A maximum of three withdrawals are allowed from your account between 1 January and 31 October each year, but each withdrawal incurs a transaction fee. If you make a fourth withdrawal, your Christmas Club Account will be closed. Withdrawals during this period are only available from a Circle Alliance Bank branch, and all these restrictions are designed to stop you dipping into your Christmas savings early.
Funds available from 1 November to 31 December
The funds in your account are available for withdrawal via Internet, phone and branch banking from 1 November to 31 December, allowing you to do your Christmas shopping and manage any other expenses that arise over the festive season.
- Minimum balance $1
- No monthly fees
- Interest applied to account on 31 October, just in time for Christmas
- If you make more than three withdrawals between 1 January and 31 October, your account will be closed
What you’ll need to know before applying
If you’re looking to reduce the financial stress of the festive season and you think the Circle Alliance Bank Christmas Club Account could be the perfect tool to help you do that, click on one of the “Apply Now” links. You’ll then be redirected to the Circle Alliance Bank website where you can find the download link for an account application form.
You can download a Christmas Club Account application form from the Circle Alliance Bank website. To complete the form you will need to provide:
- Personal information. This includes your full name and signature.
- Membership information. You will need to provide your Circle Alliance Bank membership number.
- Tax information. You can provide your tax file number or exemption if you wish.
- Account information. Specify the account you would like to open and how you wish to access the account.
If you want to open a Circle Alliance Bank Christmas Club Account, you will first need to become a Circle Alliance Bank member. You can download and complete a membership application form from the bank’s website, while you will also need to pay $2 to purchase a membership share.
To fill out the form you will need to provide:
- Personal details. These include your full name, gender and date of birth.
- Contact details. Next, provide your residential address, phone number and email address.
- Occupation details. The bank will ask for information about your employer and your occupation.
- Proof of ID. You will need to provide valid identification documents, for example, your driver’s licence or passport.
In order to qualify for a Circle Alliance Bank Christmas Club Account, you must be a member of CIRCLE Alliance Bank. It’s also worth remembering that access to your account is heavily restricted for 10 months of the year, so make sure this arrangement suits you before opening an account.
If you want a savings account that can help you cope with the financial pressures of Christmas, the Circle Alliance Bank Christmas Club Account could be just what you’re looking for. See how it compares to similar accounts to decide whether it has everything you need to save for the festive season.