Saturday, February 24, 2024

Do You Remember Christmas Club Savings Accounts?

 


Do you remember Christmas Club Savings Accounts? They were popular in the late 80s and early 90s when I was in banking. 

Each December, a patron would receive a new Christmas Club Savings Account passbook. The patron would agree to contribute the same amount of money each week, usually in $5 increments. Then when November rolled around, they could cash out their Christmas Club so they had money saved up to buy gifts. 

If you saved $5 a week for 52 weeks, you would end up with $260. In 1987, Toys "R" Us listed these as some of the hottest toys:
  • Nintendo Entertainment Center priced at $139.97
  • Teddy Ruxpin listed at $39.99
  • Barbie's Glamour Home priced at $69.97
  • Playskool Alphie listed at $24.97
If you bought all four items, you would only be shy $14.90 plus tax because your Christmas Club money would cover the rest. 

Did you ever have a Christmas Club Savings Account? 


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