28 December 2021
Christmas Saver Account
Be stress-free with the MCU Christmas Saver Account
With an average family Christmas spend of £800, saving up for it in advance is a no-brainer. Many people will decide to save with a Christmas Savings Account but if you do, beware! If it goes bust, as some have, you could lose your money. There are other pitfalls too - you don’t earn interest on what you save and if you decide to take your money out early there can be hefty charges. Also, if you choose to take store gift vouchers with the money you have saved and that company goes into liquidation, you will have lost all your hard-earned savings.
However, if you like the discipline that these types of clubs give you by putting something away each month, maybe our Christmas Saver Account would be a better option?
What is the MCU Christmas Saver Account?
It is a savings account in which our members make regular deposits throughout the year. The accumulated savings are then withdrawn in time to shop for Christmas. Unlike the Christmas Savings accounts mentioned, you do not exchange your savings for store vouchers or goods, you will simply receive your savings back.
26 is the magic number…but 52 is even better
Whilst the Christmas Saver Account does not necessarily need to be opened at the beginning of the year, you must save for at least 26 weeks of the 52 to be eligible and to keep the account open. For example, if you wanted to take your money out on the 1st of November you’d need to open the account at the end of April at the very latest. The first week in November is the earliest a Christmas Saver Account member can access their savings.
Save as little and as often as you like
The amount you pay in and when you pay it in is completely flexible. You can pay into your account monthly, fortnightly, or weekly. The longer the account is open and paid into, the more money you will build up by Christmas time so it’s worth starting early. As long as the payments are regular and no withdrawals are made before November, then the Christmas Saver Account could work for you which means a stress-free Christmas 2022.
If you’d like to learn more about Manchester Credit Union’s Christmas Saver Account then pop into one of our branches or check out the website.
If you would like to open a Christmas Saver Account please apply here.