CHRISTMAS CLUB ACCOUNT

CHRISTMAS ACCOUNT FAQ

• What can I use my Christmas Club Account funds for?

  You can use your account to save for any significant, planned expense that you can't cover from your usual monthly budget. Common uses of Christmas account funds include:

  • Holiday expenses like holiday shopping, gifts, travel, meals, decor, and more
  • Property taxes or income taxes
  • Vacations
  • Weddings
  • Elective medical procedures
  • Major purchase
  • Home remodeling

   

• When can I open a Christmas Club Account and when do I receive the funds?

  You can open a Christmas Club Savings Account at any time throughout the year. The earlier you open an account, the easier it will be to save money for the holidays or to cover your other planned expenses.

  We will transfer the balance of your high-yield account to your savings bank account on October 6.

• What rate can I earn on a Christmas Club Account?

  The annual percentage yield (APY) and dividend rate you get will be based on the current 1-Year Certificate Account Rate.

  You will receive your dividends on October 6.

• How much can I deposit and withdraw from my Christmas Club account throughout the year?

  You can deposit up to $300 per month. You can easily make deposits at a branch or by using Online Banking, automatic transfers from your checking account, or payroll deductions. 

  The account is designed to help you manage your holiday spending or reach another savings goal, so you will likely need to pay a penalty fee if you withdraw funds before October 6. 

• Who can open a Christmas Club Account?

  To open an account, you simply need to qualify for Wasatch Peaks Credit Union membership. You can join if you are an immediate family member of an existing member-owner, including a parent, child, brother, sister, spouse, or surviving spouse.

  Membership is open to people who live, work, worship, or attend school in:

  • Weber County, UT
  • Morgan County, UT
  • Davis County, UT

  Wasatch Peaks is a full-service financial institution and we welcome new members at any of our Utah branches:

  • Pleasant View Branch
  • Plain City Branch
  • Ogden Branch
  • West Haven Branch
  • Roy Branch
  • Corporate Branch
  • Browning Branch