How to Have a Stress-Free Christmas


You may not have ever heard of a Christmas Club Account, but your grandparents probably have – it’s an account that helps you form savvy saving habits, so that you can plan for a fantastic silly season. 


Also known as a ‘holiday account’, a Christmas Club is a short-term savings account that helps you financially prepare for the festive season by allowing you to make regular deposits throughout the year. Access is restricted until it gets closer to prime Christmas shopping season. 


What are the benefits of a Christmas Club Account?


Although no longer as common or easy-to-find as they used to be, Christmas Clubs are still being used by thrifty Australians looking to get ahead.  


Benefits vary depending on which financial institution you decide to go with, so take a close look at the account features when doing your research. Generally, the key benefits include: 

  • No temptation. Limited access means no temptation to draw down on your hard-earned savings. Withdrawals typically become available in the first few days of November. 

  • Flexibility. Unlimited deposits give you the flexibility to deposit funds when it suits you. 

  • Simplicity. It’s straightforward to arrange regular deposits or salary crediting, so you don’t even have to think about putting money aside.

  • Government protected. Your money is backed by the Australian Government Guarantee (up to $250,000). 

What if I need access to my savings before Christmas? 


Not being able to access your funds may be an issue if an emergency arises, and some financial institutions may charge you a fee to release your Christmas Club funds early. 


Rest assured, at Gateway, we do not charge a penalty fee or adjust your interest payments. But you still want to be realistic with how much you’re putting away at each deposit, so you don’t have to reluctantly withdraw your savings early. Make your grandparents proud and set-up multiple ‘jam-jar’ style savings accounts, one of them being a rainy-day jam-jar for those unplanned costs. 


If you want to learn more about the features of a Gateway Christmas Club, give us a call on 1300 302 474 (8am - 6pm AEST, Mon - Fri). 


Alternatively, go straight ahead and set up a Christmas Club by completing our Membership form.