Heritage Bank offers members a convenient way to be well prepared for the financial hit that the Christmas season can bring. By putting away some money each month during the year, you can have enough saved by the holidays to make everyone’s Christmas wishes come true. This is also an interest earning account, giving you a bit more at the end of the terms for the wrapping paper and bows.
What are the features of the Heritage Bank Christmas Club account?
Interest rates are not the only feature you should consider while comparing Christmas savings accounts between various Australian financial institutions. Look closely at all of the following features that Heritage Bank is offering before deciding which Christmas Club savings account will help you most in making holiday dreams a reality:
- Monthly fees. You will not be charged a monthly account keeping fee with the Heritage Bank Christmas Club account.
- Minimum balance requirement. In order for the account to remain active you must be able to maintain a minimum balance of one dollar.
- Interest rates. Your daily balance is calculated and a competitive interest rate applied. The interest owed to you is deposited into the account monthly, allowing you the added benefit of earning compound interest for the length of time the account is active.
- Account terms. From 1 February until 31 October you are only permitted to make deposits into the account. This can be done electronically or at a branch and will incur no fees. Beginning on 1 November you can begin making transfers out of the account without any fees or penalties.
- Early withdrawals. If you do need to access any part of the money saved in your Christmas Club account before the 1 November you will have to visit a branch and close the account completely.
- No monthly fee
- Interest calculated daily
- Access available between 1 Nov - 31 Jan
- Terms quite inflexible if funds are required for an emergency
How do I apply for the Heritage Bank Christmas Club account?
Heritage Bank is a credit union, requiring that before you use any of their products you first pay $1 for your share and apply for membership. This can be done at the same time online. Before proceeding however, check first to make sure that you qualify for this account:
- Minimum age. While there is no minimum age stipulation made for the Christmas Club account, new members will need to be at least 18 years of age to apply online.
- Residency requirements. You must be an Australian permanent resident or citizen with an Australian residential address to apply for this account.
- Depository requirements. There is a minimum opening deposit requirement of $10 with the Christmas Club account.
You will find it easier to complete your application if you have the following documentation readily available:
- Tax file number. Heritage Bank is required to deduct withholding tax from certain interest earnings from their customer’s bank accounts. You can avoid this by providing them with your tax file number (TFN) or exemption code.
- Identification. Acceptable identification documents include photo IDs such as your passport, driver’s licence, Medicare card or student identification.
Once completed, you will submit your application electronically to Heritage Bank for review. After its acceptance, your account will be activated and you will receive instructions on how to continue to make regular deposits that will help to make your next Christmas a joyful one.