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Installment Savings Accounts

Installment savings accounts and club accounts have defined maturities. Regular deposits are usually required with a preset date to withdraw the funds. They are used for saving for special occasions such as holidays or vacations.

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Deposit Amount | $1 $100,000
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Marine Federal Credit UnionClub Ed Share3 Reviews3.00%-$25k$30.00
DETAILS
Wilshire Bank36 Month Rainbow Savings w/ Automatic Transfer from a WSB Deposit Account2 Reviews2.28%$1k-$70.17
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America's Credit Union Performance Saver1.51%-$12k$15.10
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Capital Educators Federal Credit UnionChristmas Club Savings1.00%-$2,500$10.00
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Lake Michigan Credit UnionKids Club Savings35 Reviews1.00%-$1k$10.00
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BarclaysDream Account13 Reviews0.95%--$9.50
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Pen Air Credit UnionChristmas Club2 Reviews0.50%$25-$5.00
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Bank of the JamesChristmas Club Account0.50%--$5.00
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The Blue Grass Valley BankChristmas Club Account0.50%--$5.00
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Village Bank (VA)Village Kids Club0.50%-$10k$5.00
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Martinsville First Savings BankChristmas Club Account0.40%$50-$4.00
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Martinsville DuPont Credit UnionClub Account 0.40%--$4.00
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Valley Industrial Credit UnionClub Savings Account0.40%--$4.00
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HEW Credit UnionHEWEY Sub-share Savings7 Reviews0.40%$100-$4.00
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Franklin Federal Savings BankKids Count Club0.40%$1k-$4.00
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USAlliance Credit UnionClub Account0.40%--$0.00
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New Peoples Bank, Inc.Christmas Club Auto Transfer2 Reviews0.35%--$3.50
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NewDominion BankHoliday Saver0.35%--$3.50
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Entrust Financial Credit UnionChristmas Club0.30%--$3.00
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National Bank of Kansas CityChristmas Club Savings Account0.30%--$3.00
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NSWC Credit UnionChristmas Club Account0.25%--$2.50
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Salem Va Medical Center Credit UnionChristmas Club Account0.25%--$2.50
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Consumers Credit Union (IL)Christmas Club Savings31 Reviews0.25%--$2.50
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Self-Help Credit UnionClub Accounts3 Reviews0.25%--$2.50
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Apple Federal Credit UnionHoliday Club 17 Reviews0.25%--$2.50
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Northwest Federal Credit UnionHoliday Club 9 Reviews0.25%--$2.50
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Connexus Credit UnionHoliday Club Account14 Reviews0.25%--$2.50
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Logix Federal Credit UnionHoliday Club Savings2 Reviews0.25%--$2.50
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Truliant Credit UnionSave Your Way Account7 Reviews0.25%--$2.50
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Central Virginia Credit UnionChristmas Club0.22%--$2.20
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Member One Credit UnionChristmas Club0.20%$100-$2.00
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The Richmond Postal Credit Union InChristmas Club0.20%--$2.00
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Piedmont Credit UnionChristmas Club0.20%$50-$2.00
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Bank @LANTECHoliday Club1 Review0.20%$100-$2.00
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Atlantic Coast BankiChristmas Club2 Reviews0.20%--$2.00
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Appalachian Community Credit UnionShare Club0.20%--$2.00
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Cattaraugus County BankCCB Christmas Club0.15%--$1.50
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Dupont Community Credit UnionChristmas Club0.15%--$1.50
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University Of Va Community Credit UnionChristmas Club0.15%$100-$1.50
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PortAlliance Credit UnionChristmas Club0.15%$100-$1.50
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Displaying 1-40 of 103 Results



Installment Savings Accounts Trend

Installment Savings Accounts

Installment savings accounts have defined maturities and are offered by institutions to help consumers save for specific goals or special occasions. Much like CDs, these accounts are opened for a period of time, usually a year, and incur penalties when withdrawals are made before the end of that period. One example is a Holiday Club Savings account that can be opened at any time of the year and automatically distributes accumulated funds on October 1st of each year, just in time for the shopping season. Other examples include a Kids’ Savings account, a Christmas Club Savings account, and Vacation Savings accounts.

The idea behind an installment savings account is that it helps guarantee a time deposit for the financial institution and provides a discipline mechanism for people trying to save up for a particular event or season. There are many certificate of deposit options that could perhaps fulfill the same purpose, but the main difference between CD and installment savings offerings is fixed interest regardless of time. The interest rates on CDs decrease as the time period gets shorter, while installment savings accounts offer the same interest rate regardless of how long or short the time period is before funds are distributed.

One drawback is that a lot of installment savings accounts have account requirements that must be satisfied in order to earn the fixed interest. Those requirements may include fixed monthly payments, which could be a hassle considering the account will likely not be an essential focus. Check out some of the various installment savings account offerings in the rate table above.