IMB Christmas Club

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Summary

Take the worry out of Christmas spending with an account that makes it easy to save up all year for it.

This account is designed to help cover your Christmas expenses. You pay no account or transaction fees and earn bonus interest if you don't spend any money in the account until November or December.

The downside is you can't access the money before then. And you could earn more interest somewhere else, if you have the discipline to avoid spending the money before the festive season.

Pros

  • Earn bonus interest for regularly saving
  • Prepare for Christmas
  • No monthly account keeping fees

Cons

  • Can only access during November and December

In this guide

  • Review
  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question

Details

Key details

Product Name IMB Christmas Club
Maximum Variable Rate 3.00% p.a.
Standard Variable Rate 3.00% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0
Minimum Age 18

Key features

Availability

This account is accessible to individuals who plan on using it for personal or domestic purposes. You may also use the account as a trust.

Account terms

This account can be activated as early as 1 January, and once open, you are not permitted to make any withdrawals from this account until the first day of November. If you do need to access your saved money the account will be closed and you will forfeit your interest payment.

How to apply

Even if you are already a member of IMB, in order to take advantage of the Christmas Club Account, you will need to give them a call or visit a branch to begin your application. If you are not an existing member you will also need to fill out an application to become one. Before beginning, check to make sure that you are eligible to apply for this account:

Eligibility

  • Minimum age. Membership applications are only accepted by individuals aged 18 and older.
  • Residency requirements. In order to be considered eligible for this account you must be an Australian resident with a residential address.

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The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.

We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?

Read the full Finder Score breakdown

Sources
  1. IMB Christmas Club information page
  2. IMB Christmas Club TMD

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Alison Finder

Editorial Manager, Money

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Alison Banney

Editorial Manager, Money

Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

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