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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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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 Savings36 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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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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NewDominion BankHoliday Saver0.35%--$3.50
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National Bank of Kansas CityChristmas Club Savings Account0.30%--$3.00
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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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Northrop Grumman Federal Credit UnionHoliday Club0.25%$100-$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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Atlantic Coast BankiChristmas Club2 Reviews0.20%--$2.00
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Cattaraugus County BankCCB Christmas Club0.15%--$1.50
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Hudson City Savings BankHoliday Club12 Reviews0.15%--$1.50
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Astera Credit UnionStar Saver2 Reviews0.15%$100-$1.50
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Air Force Federal Credit UnionChristmas Club0.10%--$1.00
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North Country Savings BankChristmas Club2 Reviews0.10%--$1.00
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NASA Federal Credit UnionHoliday Club2 Reviews0.10%--$1.00
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First National Community Bank (PA)Holiday Club w/Autodraft1 Review0.10%--$1.00
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Justice Federal Credit UnionSavers Club4 Reviews0.10%--$1.00
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McGraw Hill Credit UnionTraditional Holiday Club0.10%--$1.00
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Newtown Savings BankChristmas Club0.05%--$0.50
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The Farmers BankChristmas Club Account0.05%--$0.50
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Belvoir Federal Credit UnionClub1 Review0.05%$50-$0.50
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Univest Bank and Trust Co.Club Accounts1 Review0.05%--$0.50
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Xceed Financial Credit UnionClub Accounts9 Reviews0.05%$100-$0.50
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Affinity Credit UnionClub Savings5 Reviews0.05%--$0.50
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First Trade Union BankHoliday Club0.05%$50-$0.50
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Patelco Credit UnionHoliday Club5 Reviews0.05%$20-$0.50
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Pinnacle Federal Credit UnionHoliday Club4 Reviews0.05%$100-$0.50
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Aspire Federal Credit UnionHoliday Club2 Reviews0.05%--$0.50
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20Th Century Fox Credit UnionHoliday Club2 Reviews0.05%$1k-$0.50
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Pacific Community Credit UnionHoliday Club1 Review0.05%$100-$0.50
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Digital Credit UnionHoliday Club8 Reviews0.05%$20-$0.50
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Quorum Federal Credit UnionHoliday Club0.05%--$0.50
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Displaying 1-40 of 43 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.