Christmas Club Account

Save for Christmas year-round

Make your holidays merrier than ever with more cash for gifts and celebrations

Start with $10 and build up
Open your Carter Bank Christmas Club Account and then schedule automatic transfers from your checking account.
Save all year for your special celebrations
Make the most of your savings with automatic transfers and flexible usage.
Earn competitive interest
You'll get more for your money so you can bring extra joy to your world.
Get your money before Christmas
Access your savings on October 20th, giving you plenty of time to plan and shop.
'Tis the season for good times and bright smiles

Christmas is a time for family, for festivities and for giving. But playing Santa can cost a bit of money.

To take the strain off your winter time budget, we make it easy to save throughout the spring, summer and fall. Make regular deposits, earn daily interest at a competitive rate, and then enjoy all the jingle in your pocket when the holiday season rolls around.       

FAQs

Funds can be earmarked for any purpose. Of course, our Christmas Club puts you in a position to save for your holiday spending rather than relying on credit cards with high interest rates to cover holiday purchases but they can also be used for any other end-of-year purchases. New accounts start each year on October 21st and funds can be added at any point before they are paid out on October 20th.

Yes, the maximum deposit is $5,000 per customer and all funds are paid out on October 20th via ACH payment. However, any savings not used in a given year can be used to reopen another Christmas Club account, helping to carry over additional budget to the following year's holiday season. Check out our Christmas Club page for current rates and account details. Ready to start saving for the holidays? Apply now to open an account today.

Christmas Club interest is compounded daily and credited to the Christmas Club quarterly, giving you the flexibility to save the amount you need, up to $5,000. If the Christmas Club is closed before interest is credited, the interest will be forfeited. Christmas Club interest is compounded daily. The daily balance method is used to calculate the account interest. This method applies a daily periodic rate to the principal ledger balance in the account each day. Check out our Christmas Club page for current rates and account details. Ready to start saving for the holidays? Apply now to open an account today.

The Christmas Club account is a great way to save money during the year for holiday or other expenses. You can open your account today with a $10 deposit. A maximum of $5,000 may be deposited into this account and there are no annual fees for active accounts. Payouts are disbursed October 20th of each year via ACH to the account of your choice. Automatic drafts from your Carter Bank checking accounts can also be established. Check out our Christmas Club page for current rates and other account details. 

Click here to open an account today.

Watch your savings grow.

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¹ Christmas Club Disclosure APY = Annual Percentage Yield. Maximum deposit is $5,000 per customer.The daily balance method is used to calculate the account interest. This method applies a daily periodic rate to the principal ledger balance in the account each day. Unlimited deposits up to the $5,000 maximum deposit limit. No withdrawals without closing the account.  If account is closed before interest is credited interest will be forfeited. $15.00 early closeout fee if account is closed within 90 days of account opening. The interest rate and annual percentage yield may change. At our discretion, we may change the interest rate daily. Fees may reduce earnings.

² Initial Annual Percentage Yield (APY) assumes, principal and interest remain on deposit until maturity. Interest is compounded daily and credited quarterly. To earn APY, the minimum balance must be $100.00. A penalty for early withdrawal will be imposed. Fees may reduce earnings. Annual Percentage Yield (APY) is accurate as of 12.15.23. Penalties for early withdrawals: For maturities of less than one year, a 30-day interest penalty will be assessed. For maturities of one year or more, a 90-day interest penalty will be assessed.

All promotional offers, products and services offered by Carter Bank are subject to updates, modifications and/or termination at any time.

³ Rates subject to change. At our discretion, we may change the interest rate daily. Fees may reduce earnings. (This includes transfers for overdraft or insufficient funds transfers). The Annual Percentage Yield (APY) and balance for Carter Bank Premium Money Market Account are accurate as of 5.22.2023. APY is variable and subject to change based on the balance in the account; $0-$2,499.99 at 0.00% / $2,500-$24,999.99 at 0.26% / $25,000-$49,999.99 at 3.26% / $50,000-$99,999.99 at 3.37% / $100,000-$499,999.99 at 3.46% / $500,000-$999,999.99 at 3.56% / $1,000,000 and above at 4.01%. To earn the advertised APY, the minimum balance must be $25,000.00. Charges and fees may reduce earnings. Premium Money Market Account is available for personal and business customers.
$2,500 minimum balance to avoid fees. 30 day grace period to get to minimum balance.

Carter Bank is a full-service financial institution with locations throughout Virginia and North Carolina.