Time to Open a Holiday Account!
Congratulations! You have survived another holiday season! If your New Year resolution is to be better prepared for the holidays next year, we can help with that goal. Credit Union of Denver offers a Holiday Account and right now is a perfect time to open one. This account is essentially a certificate of deposit (CD) within your current account that you can deposit into during the year to help relieve some of the financial stress the holiday season can cause.
Many members will set up the Holiday Account with the required minimum balance of $5.00 and have an automatic amount transferred into the account from their direct deposits each payday. Even transferring a small amount will begin to add up faster than you realize and help to decrease the monetary burden that is sometimes present around Christmas. The Holiday Account is currently earning 0.50% APY, which is added to the account at maturity. The CD will mature on the last business day of October, by transferring the balance and interest to your Prime Share Account and then you can let the holiday shopping spree begin!
There is no need to reopen the account after it matures because it will continue saving for the following year unless you decide to make changes to it. At any point during the year you can increase or decrease the amount deposited to the account. If at any point during the year you feel it necessary to close the Holiday Account, there is not a penalty to do so, however no interest will be paid and the Holiday Account can’t be reopened until the first business day of the following November.
If you are interested in opening a Holiday Account to begin your holiday savings, you can call into our Call Center directly at 303.239.1150 and one of our Representatives would be happy to assist with setting up this account for you, which only takes a few minutes. If you use online banking, you can also contact us through that messaging system and we would be happy to set this account up for you there as well.