AAC Members Wake Up to Almost $1.2 Million in Savings
It is like Christmas morning at AAC Credit Union in Grand Rapids as members wake up to an increase in their savings account. Overnight, saved Christmas Club funds rolled into accessible accounts. AAC members collectively saved a whopping $1.2 million that can be spent on holiday shopping, travel, bills or anything they wish.
“Members look forward to rollover day. It’s like a Christmas gift to yourself,” said Velvet Fuller AAC marketing director. “We hope much of these funds will stay in our local economy.”
A Christmas Club is a savings account that AAC members can open any time of the year to save towards holiday shopping. Direct Deposit is encouraged as it is a proven method of consistent savings. The account grows until Nov. 1 when funds are rolled, plus a competitive interest, into an accessible savings account. To discourage dipping into funds before maturity, a penalty is assessed for early withdrawals.
“While some financial institutions did away with holiday type savings accounts, ours is alive and well,” said Fuller. “We are proud to have such savvy savers for members.”
A modest $10 a week deposited into a Christmas Club account would grow into over $500 with a full 50 weeks of deposits and no withdrawals. “For the cost of a couple cups of coffee a week, members who use a Christmas Club are better prepared for the most expensive time of the year.”