Christmas Savings Accounts
Find and compare savings accounts for Christmas time with Savvy and take the hassle out of your festive season.
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Are you looking to grow your savings? Compare a wide range of savings accounts with Savvy so you find the best deal in Australia and the highest interest rate to help grow your savings.
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Compare Christmas savings accounts
It can be the most wonderful time of the year, but covering the costs of the silly season can take the fun out of the festivities. To make the Yuletide season hassle-free, some banks offer Christmas savings accounts.
While all Christmas savings accounts help you save money for the year’s end, they have different variables. Savvy can give you some simple tips so you can find the best option and have more money to spend on that big Christmas shop.
What is a Christmas savings account?
A Christmas saver, or a Christmas Club savings account, is a short-term fund which helps you save in the lead-up to the festive season. Primarily offered by credit unions and building societies and acting like a term deposit, these savings accounts allow you to lock your money away for nine months of the year. Your account is then unlocked between the start of November and the end of January, giving you full access to your savings. You can make year-round deposits into the account but will be charged a fee if you want to access the funds early. Account features vary from account to account, so it’s important to compare to ensure you get the best deal possible.
Interest is usually calculated daily on these types of savings accounts and paid monthly. Some Christmas Club accounts offer bonus high interest rates if you don’t make any withdrawals. You can use Savvy’s online calculator to estimate how much interest you can earn on your savings account.
How should I compare Christmas savings accounts?
Several variables can impact the performance of your Christmas savings account, so it’s important to assess them when comparing your options. These include:
Standard interest rates
Getting a high interest rate on your savings account will help you achieve your savings goal faster and earn more interest. For example, if you invested $1,000 every month in an account earning 1% p.a. over five years, you’d earn just under $1,500 in interest. However, if you invested at a rate of 2% p.a., you’d earn more than double at $3,047 in interest.
Bonus interest rates
Some accounts offer bonus high interest rates for meeting some basic account requirements. Usually, these conditions are based around not making any withdrawals for the month. By shopping around, you’ll find an account with requirements you can easily manage.
Withdrawals
The purpose of this account is to limit access to your money outside of the silly season. Some accounts will simply close your account if you dip into your funds, while others may charge you an ‘emergency access’ fee if you need access to your money between February and October.
Fees
Christmas savers are usually fee-free unless you want to tap into your funds. These fees for ‘emergency access’ or early withdrawals can be up to $15, so it’s worth comparing between accounts to find the cheapest option for you. Even though these fees may not seem significant, they can start to eat into your interest when added up over many months.
Online access
Make sure the account you choose has easy-to-use online features, such as online and mobile banking. This will help make depositing and transferring during your spending period fuss-free.
Types of savings account
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Top tips for saving at Christmas time
Start storing your funds away early
Christmas has a tendency to sneak up on you, so the earlier you start putting money away for presents and food, the easier it’ll be when the end of the year rolls around.
Set yourself a budget
Resisting the urge to splurge on expensive gifts and other Christmas costs will make your target easier to meet. Start a Christmas budget and work out how much you will need to save to meet all your costs. You can use Savvy’s goal calculator to estimate how long it will take you to reach your savings target using different variables.
Contribute regularly to your savings
Regularly depositing into your Christmas savings fund will allow your balance to grow faster and earn more interest. Most of these accounts don’t come with balance or deposit requirements.
Shop around for the best option
It can sometimes seem daunting trying to work out which account has the best features. By comparing accounts, you'll be able to assess which Christmas savings account has the best interest rate, conditions and return on your money. We give you handy tips to work out which offer is best for your festive plans.
Frequently asked Christmas savings account questions
Our savings calculators
Use our savings calculator to help you calculate how much you could save over a set timeframe based on different deposit sizes and frequencies.
Your savings can put in work for you. Crunch the numbers to see how much interest you could earn on top of your interest by compounding daily, monthly and annually.
It's crucial to have a clear idea of your monthly household budget to see where your money is going and where it could potentially be better spent.
If you're applying for a loan or need to know what your salary is for your tax return, you can use our annualisation calculator to work out what you'll earn this financial year.
Setting savings goals is important. With this tool, you can work out how much you'll need to deposit to reach your financial aims over a set timeframe.
Just as important as knowing how much to deposit is working out how long it'll take to reach your goals. This savings goal calculator can help you do just that.
