From the Wall Street Journal
But today’s versions [of Christmas club accounts] have modern banking features and greater flexibility. And they have one thing that may be especially appealing to savers these days: a relatively decent interest rate.
It should be noted that most of these accounts limit deposits so you probably won't make a lot with these accounts.
I did a review of these Christmas club and holiday account
a couple of years ago. We also have a rate table
listing Christmas club accounts and similar installment accounts.