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?
