Club Account
Holiday Club and Vacation Club accounts, are structured seasonal savings plans requiring fixed weekly deposits, originally developed to permit savers to accumulate money for holiday shopping or a planned vacation. The depositor receives a passbook and makes weekly deposits during the term of the club. If the first 49 payments are made in the prescribed time, the bank credits the 50th payment in addition to interest payment.

Features:
This is an FDIC insured deposit. Checks may not be written against this account. Interest is paid on the account, and if the depositor makes 49 weekly payments in the prescribed time, the bank credits the 50th payment as a bonus (Holiday Club only). Clubs are structured in $1, $2, $3, $5, $10, $15, $20, $25 and $30 increments. Accounts closed before making the 49th payments, or not meeting the required time schedule will receive interest but not the bonus payment. Interest and bonus payments equaling $10 or more are subject to income tax and the bank issues a yearly IRS form 1099. The depositor must supply the bank with a taxpayer identification number (social security number).

Rates:
Interest is paid on this account. Upon completion of the 49th payment within a prescribed period, the bank will credit the 50th payment as a bonus.