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.

Location
Deposit Amount
Filters
Institution
APY
Service Charge
Min. to Earn
Min. Deposit
Atomic Credit Union
NCUA Insured
Ohio HomeBuyers Plus 1
4.1 Our Rating
7.18%
$100
View
Ohio HomeBuyers Plus 1
View
4.1 Our Rating NCUA Insured
APY
7.18%
Service Charge
Minimum to Earn $100
Minimum Deposit
Hancock Federal Credit Union
NCUA Insured
Ohio Homebuyer Plus
4.1 Our Rating
7.13%
$100
View
Ohio Homebuyer Plus
View
4.1 Our Rating NCUA Insured
APY
7.13%
Service Charge
Minimum to Earn $100
Minimum Deposit
Telhio Credit Union
NCUA Insured
Ohio Homebuyer Plus Savings
4.1 Our Rating
6.30%
$100
View
Ohio Homebuyer Plus Savings
View
4.1 Our Rating NCUA Insured
APY
6.30%
Service Charge
Minimum to Earn $100
Minimum Deposit
Sun Community Federal Credit Union
NCUA Insured
Christmas Club
4.9 Our Rating
6.00%
$5
View
4.9 Our Rating NCUA Insured
APY
6.00%
Service Charge
Minimum to Earn $5
Minimum Deposit
Independence State Bank
Member FDIC
Christmas Club (limited time offer)
5.0 Our Rating
5.60%
$0
View
Christmas Club (limited time offer)
View
5.0 Our Rating Member FDIC
APY
5.60%
Service Charge
Minimum to Earn $0
Minimum Deposit
Arcadia Credit Union
NCUA Insured
Christmas Club Share
4.9 Our Rating
4.25%
$5
View
Christmas Club Share
View
4.9 Our Rating NCUA Insured
APY
4.25%
Service Charge
Minimum to Earn $5
Minimum Deposit
ONE Federal Credit Union
NCUA Insured
High Yield Holiday
5.0 Our Rating
4.06%
$0
View
High Yield Holiday
View
5.0 Our Rating NCUA Insured
APY
4.06%
Service Charge
Minimum to Earn $0
Minimum Deposit
Ashland Credit Union
NCUA Insured
2024 Christmas Club
3.7 Our Rating
4.00%
$5k
View
2024 Christmas Club
View
3.7 Our Rating NCUA Insured
APY
4.00%
Service Charge
Minimum to Earn $5k
Minimum Deposit
Nusenda Credit Union
NCUA Insured
Holiday Club
4.9 Our Rating
3.90%
$5
View
Holiday Club
View
4.9 Our Rating NCUA Insured
APY
3.90%
Service Charge
Minimum to Earn $5
Minimum Deposit
Barksdale Federal Credit Union
NCUA Insured
Christmas Club
5.0 Our Rating
3.75%
$0
View
View
5.0 Our Rating NCUA Insured
APY
3.75%
Service Charge
Minimum to Earn $0
Minimum Deposit
First National Bank (Walnut Ridge, AR)
Member FDIC
Christmas Club
4.9 Our Rating
3.75%
$5
View
4.9 Our Rating Member FDIC
APY
3.75%
Service Charge
Minimum to Earn $5
Minimum Deposit
Archer Credit Union
NCUA Insured
Christmas Club Account
4.4 Our Rating
3.00%
$25
View
Christmas Club Account
View
4.4 Our Rating NCUA Insured
APY
3.00%
Service Charge
Minimum to Earn $25
Minimum Deposit
Heart Of Louisiana Credit Union
NCUA Insured
Christmas Club Shares
5.0 Our Rating
3.00%
$0
View
Christmas Club Shares
View
5.0 Our Rating NCUA Insured
APY
3.00%
Service Charge
Minimum to Earn $0
Minimum Deposit
Reading Cooperative Bank
Member FDIC
Online Christmas Savings
4.6 Our Rating
3.00%
$10
View
Online Christmas Savings
View
4.6 Our Rating Member FDIC
APY
3.00%
Service Charge
Minimum to Earn $10
Minimum Deposit
Matanuska Valley Federal Credit Union
NCUA Insured
Christmas Club
4.1 Our Rating
2.75%
$50
View
4.1 Our Rating NCUA Insured
APY
2.75%
Service Charge
Minimum to Earn $50
Minimum Deposit
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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.