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Our verdict

Reduce the stress and financial pressure of the festive season with a Christmas Club Account from AWA Alliance Bank.

You can only withdraw funds from the account between 1 November and 31 January each year which remove any temptation to dip into your savings and spend all your money before the holidays arrive.

Pros

Internet and phone banking is available
$0 account keeping fees
Minimum opening balance $0

Cons

No access to fund throughout the year

Christmas may be the most magical time of year but it can also be the most expensive. To help take the financial stress out of the festive season, you can open a Christmas Club Account with AWA Alliance Bank. This special-purpose savings account allows you to put money aside throughout the year and earn 0.8% p.a. interest on your balance.

Details

Key details

Product Name	AWA Alliance Bank Christmas Club Account
Maximum Variable Rate	0.80% p.a.
Standard Variable Rate	0.80% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

Key features

Interest rate of 0.8%

The AWA Alliance Bank Christmas Club Account pays a variable interest rate of 0.8% p.a. on your account balance. Note this is a variable rate and can change at any time according to the official cash rate.

Interest calculated daily

Interest is calculated on your daily balance and credited to your account on November 30 each year.

Depositing funds

You can transfer lump sum amounts into your Christmas Club Account whenever you wish, or you can set up a payroll deduction or periodical payment to automate your savings plan.

No access throughout the year

To prevent you accessing your savings before the holiday season arrives, you are unable to withdraw funds from your Christmas Club Account for most of the year.

Withdrawals available in November and January

You can only withdraw funds from your account during the period from 1 November to 31 January. This ensures that you have money on hand when you need it to cope with the extra expenses and financial pressure of Christmas shopping. You have the freedom to withdraw from the account as many times as you want during November and January, or you can have the entire balance transferred to another account.

No account-keeping fees

There are no monthly service fees attached to the Christmas Club Account.

Automatic renewal

The Christmas Club Account is automatically renewed at the start of each year to help you resume saving for the next festive season. If you have set up a payroll deduction or periodical payment into your account, this will continue in the year ahead.

Launch savings calculator

How to apply

If you think the AWA Alliance Bank Christmas Club Account could be the perfect account to help you reduce the financial stress of the holiday season, click one of the "Apply now" links on this page. This will securely redirect you to the AWA Alliance Bank website where you can read full details about the account and find more information on how to apply.

Application options

In person. Visit your nearest AWA Alliance Bank for personalised, face-to-face advice about how to open a Christmas Club Account. There are branches in Geelong and Portland in Victoria, or Mandurah in Western Australia.
Online. Complete an online enquiry form with your full name, phone number and email address, preferred contact time and information about your account needs.

Documentation needed

New customers will need to provide a valid form of photo ID, such as a driver's licence or passport, when signing up for an account.

Eligibility

Minimum age. You need to be at least years of age to open an AWA Alliance Bank Christmas Club Account.
Residency requirements. This account is available to Australian residents only.
Access requirements. You will not be able to withdraw any funds from your Christmas Club Account for 10 months of the year; you can only access your money during November and January.

If you're searching for a bank account that can help you cope with the financial stress that Christmas brings every year, the AWA Alliance Bank Christmas Club Account could be a good choice for you. However, compare it with other similar savings products to make sure you find an account that perfectly suits your financial needs.

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Alison Finder

Editor

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AWA Alliance Bank Christmas Club Account