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Summary

Take the worry out of Christmas spending with an account that makes it easy to save up all year for it.

This account is designed to help cover your Christmas expenses. You pay no account or transaction fees and earn bonus interest if you don't spend any money in the account until November or December.

The downside is you can't access the money before then. And you could earn more interest somewhere else, if you have the discipline to avoid spending the money before the festive season.

Pros

Earn bonus interest for regularly saving
Prepare for Christmas
No monthly account keeping fees

Cons

Can only access during November and December

Details

Key details

Product Name	IMB Christmas Club
Maximum Variable Rate	3.00% p.a.
Standard Variable Rate	3.00% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

Key features

Availability

This account is accessible to individuals who plan on using it for personal or domestic purposes. You may also use the account as a trust.

Account terms

This account can be activated as early as 1 January, and once open, you are not permitted to make any withdrawals from this account until the first day of November. If you do need to access your saved money the account will be closed and you will forfeit your interest payment.

Interest rate

The interest applied to this account is at a variable competitive rate.

Interest calculation and payment

Interest is calculated on the daily balance and will be deposited into the account on 31 October. This payment schedule disallows you from earning more in compound interest.

Monthly account keeping fee

There are no monthly charges made by IMB to your Christmas Club Account.

Transaction fees

All transaction fees are waived between the 1st of November and 31st of December.

Deposits

Deposits can be made for free into the account using phone and online transfers or by visiting a branch.

Withdrawal methods

During the two month holiday shopping period you can withdraw your Christmas Club balance at a branch, or with transfers made on the phone or online. There will be no charge to you for using any of these withdrawal methods during the specified time period.

How to apply

Even if you are already a member of IMB, in order to take advantage of the Christmas Club Account, you will need to give them a call or visit a branch to begin your application. If you are not an existing member you will also need to fill out an application to become one. Before beginning, check to make sure that you are eligible to apply for this account:

Eligibility

Minimum age. Membership applications are only accepted by individuals aged 18 and older.
Residency requirements. In order to be considered eligible for this account you must be an Australian resident with a residential address.

Depository requirements. A minimum opening deposit of $0 is required for the account to be activated.

Documentation needed

Before making the trip to a branch to begin your Christmas Club Account application make sure you have the following documentation with you to help with completing it in its entirety:

Tax file number. Your tax file number (TFN) or exemption code is used by IMB to apply the correct withholding tax rate to your interest earnings. You are not obligated to provide this, but if you don't IMB will be forced to charge you at the highest nominal rate.
Identification. IMB requires the information from two of the following documents; a passport, Medicare card or your driver's licence.

What happens after I submit my application?

Once your Christmas Club Account has been activated, you will not be permitted to make any transactions other than deposits until the 1st of November. This will help ensure that you have the spending money you need when it comes time to start purchasing gifts.

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Alison Finder

Editor

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IMB Christmas Club