We all know that saving money has many benefits! Luckily, there are so many ways you can save for Christmas, when December rolls around, you can be all set with plenty of cash to splash on Christmas gifts for your nearest and deareset. Saving for Christmas doesn’t have to be a complicated or stressful process!
The key to saving for Christmas, as with most things in life, is preparation! The earlier in the year you get started with these ideas for saving money for Christmas, the better the outcome! Don’t wait until it’s too late!
If you’re looking for ways to kick your Christmas savings plan into gear, you’ve come to the right place. Because we always enjoy saving money at Christmas time, we’ve listed the best Christmas saving accounts and Christmas clubs to help with your savings plan. We’ve also included the terms and conditions to make the decision a bit easier – take a look!
Best Christmas Saving Accounts in Australia
First, lets take a look at the bank accounts that can help with you your Christmas savings goals. Sadly, not as lucrative as they used to be, with lower interest rates, you can still sock away a good amount of money to increase your Christmas budget!
Bank Australia Christmas Saver Account
First up, we have the Christmas Saver Account at Bank Australia – offering interest rates of up to 2%. I’d recommend this account for people that struggle with saving for Christmas, since the account is locked year-round, except November through to the end of January. Plus, there are no monthly fees, leaving more money in your account for the Christmas season. For more information or to set-up an account, head to the Bank Australia website.
Interest: Up to 2% p.a.
Bendigo Bank Christmas Club Account
For families chasing an easy-to-set-up holiday saving account, I’d suggest checking out this Bendigo Bank Christmas Club Account. The best thing about this account is that it’s easy to access – you can set up an account with as little as a $1 balance. The account offers up to 0.80% interest, paid annually with no monthly service fees. That being said, fees are in place for early withdrawals – which can be a great incentive to save for Christmas.
Interest: Up to 0.8% p.a.
Heritage Bank Christmas Club Account
What I love about the Heritage Bank Christmas Club Account is that it offers families great interest rates to help get the most when saving for Christmas. The account offers up to 2% interest, paid monthly – so you can watch your savings grow as the silly season gets closer. There are no transaction or accounting keeping fees. Plus, you can only withdraw the money between November and January, so there’s no temptation to dip into your savings.
Interest: Up to 2% p.a.
Christmas Club Account Westpac Bank High-Interest Saving
Okay, so this one isn’t specifically a Christmas savings account…but I think this Westpac Bank High-Interest Savings Account is a great chance for families to get the most from their savings. Families can earn up to 5.2% p.a when they use their card more than 5 times a month. That being said this deal only applies to younger people aged between 18 and 29 years. So, this option would be better suited to younger families saving up for the holidays.
Interest: Up to 5.2%
Suncorp Growth Saver Account
This account also isn’t specifically a Christmas account but I have included it because I opened this account myself in June to save for Xmas so I know it is a good one. With this account you get .35% interest, but if you make just one deposit and end the month with $200 more in the account than you started with, you can get a bonus 4.5% interest rate earning a total of 4.85%! The money is not fixed or locked away so you can still get at it during the year. And as long as you have the required $200 more than you started the month with you get the bonus interest rate. #winning
Interest: Up to 4.85%
Queensland Country Bank Christmas Club Account
What’s great about the Queensland Country Bank Christmas Club Account is that it can be used by both parents and teens saving for the holidays. The account is designed for people aged 13 years and above, with interest rates of up to 2.40%. You can dip into the account with no fees from November and December. There are also no account service fees, so your savings can be spent on preparing for Christmas.
Interest: Up to 2.4% p.a.
Community First CU Christmas Cracker Account
I think this Community First CU Christmas Cracker Account is another great choice for families that want to make the most from their savings. The account has up to 2.5% interest on offer and unlimited free deposits. You’ll also be able to access the savings from November to January – perfect for those who tend to dip into their savings from time to time.
Interest: Up to 2.5% p.a.
IMB Bank Christmas Club Account
One of the best things about the IMB Bank Christmas Club Account is that it’s a great incentive for families that struggle to save for Christmas. Bonus interest of up to 3% is paid when no withdrawals are made from January to October. I think a great feature of this account is the budget planner on the website. With this tool, you can set-up a savings plan and calculate exactly how much you can expect to have in the account when Christmas rolls around.
Interest: Up to 3% p.a.
Move Bank Christmas Saver Account
I’d recommend the Move Bank Christmas Saver account for those that’d like the freedom to dip into their savings before the holiday season. If need be, you can access the savings before Christmas in case an unexpected expense pops up.
Over the year, you can expect to earn up to 1.5% interest on your savings, paid annually at the end of October. Another great feature of this account is the calculator available on the website, helping you to understand exactly how much you’d save with this account.
Interest: Up to 1.5% p.a.
People’s Choice Credit Union Christmas Savings Account
The People’s Choice Credit Union Christmas Savings Account is another great option for families to save up for Christmas. The account offers a respectable 2% interest on savings, with unlimited free deposits, and no minimum deposit required. I think this particular feature is great since you can get started quite easily. As the year goes on you can continue to add money to the account – then, access the funds from November to January.
Interest: Up to 2% p.a.
UBank High-Interest Savings
So, this one isn’t technically a ‘Christmas account’ either, but it’s another great chance for families to save for Christmas. For people that don’t feel the temptation to dip into their savings, I’d recommend checking out this High-Interest Savings account over at UBank. You can earn up to 5% interest p.a just by depositing $200 a month into the account. Before you know it, Christmas will be sorted.
Interest: Up to 5% p.a
Gateway Bank Christmas Club Savings Account
The best thing about this Christmas Club Savings Account at Gateway Bank is that it gives families the chance to earn great interest on their savings. You can earn up to 2.5% interest p.a, with no account-keeping fees and unlimited deposits. Withdrawals are available from November to January. There’s also restricted access throughout the year to avoid temptation. For more information, head to the website below.
Interest: Up to 2.5% p.a
Unity Bank Christmas Club Account
I love that this Christmas Club Account at Unity Bank doesn’t come with any transaction or monthly service fees. You can drop your money into the account in the lead up to the holidays and earn up to 1.85% interest on it. Plus, it also knocks out the temptation to dip into your savings, since the funds are only available from November through to January. For more information, head over to the Unity Bank website.
Interest: Up to 1.85% p.a
Bank First Christmas Club Savings Account
This Bank First Christmas Club Savings Account is another great choice if you tend to dip into your savings. You can expect to have no access to the account until November. The balance is sent to your everyday account in December, with the interest that you’ve earned. I love that this particular account has a flat interest rate of 3.1%, so you know what you’ll earn once the holidays roll around. For more information on the Christmas Club Savings Account, head to the Bank First website.
Interest: Up to 3.1% p.a
Horizon Bank Christmas Club Savings Account
The interest rates for the Horizon Bank Christmas Club Savings Account are great for families wanting to make the most of their savings. They can look forward to earning up to 1.7% interest on the money deposited into the account over the year. Then, they can withdraw the funds between November and January to cover any holiday expenses. Getting started with this account is also really easy since you don’t need a minimum deposit. For more information on this Christmas Club Savings Account, head to the Horizon Bank website.
Interest: Up to 1.7% p.a
QBank Christmas Club Account
For families working in police, fire, health, public service, or rescue, this Christmas Club Account at QBank is worth considering. You can earn up to 2.65% interest on your savings, which will be paid on the 31st of October. Though what I love about this account is that you don’t need a minimum deposit to get started. Plus, you can enjoy fee-free access to the money in case some unexpected expenses arise throughout the year.
Interest: Up to 2.65% p.a
Best Christmas Clubs in Australia
So, aside from these Christmas savings accounts, what other ways can you save money in the lead-up to the holidays? Well, I’d also recommend sussing out some of the Christmas Clubs on offer at the major retailers. I’ve listed my favourite ones below to get you started – take a look!
Myer Christmas Club
When you’re searching for ways to save money over the holiday season, you’ll likely come across the Myer Christmas Club. After all, it’s a popular Christmas club for many Aussie families, but why? Well, for every $100 you save at Myer, they’ll add $10 towards a Myer gift card. We love that it’s so easy to sign up and start reaping the rewards. All you need to do is jump on the website, fill in your details, and you can start enjoying the benefits.
Drakes Christmas Club Card
For families looking for ways to cut back on the cost of groceries this Christmas, I’d have to recommend the Drakes Christmas Club Card. Over the year, you can add to the card at your leisure. Then, on December first, you’ll receive a whopping 5% bonus on your card’s balance. Once January 1st rolls around, 5% will be deducted from the remaining balance. Getting started with a Drakes Christmas Club Card is easy – just grab a card in-store and register the card online. Head to the website below for more information.
Woolworths Rewards Christmas Bonus
If you’re a regular Woolworths shopper, I think it’s well worth taking advantage of the Woolworths Rewards Christmas Bonus during the holiday season. In previous years, you could earn up to 10x the rewards points when you spend $150 at Woolworths, BWS, Big W, and participating Caltex stations. With these rewards points, you can choose to get up to $10 off a shop in the future or swap it in for Qantas points. Keep an eye out during the holiday season in case this offer returns for another year.
Ritchies Christmas Club
If you’re looking for more ways to save big on groceries over Christmas, I’d also suggest checking out the Ritchies Christmas Club – perfect for IGA shoppers. This is how it works – if you contribute $250 through direct debits, $20 will be added to your gift card. If you add $500, $40 will be stacked onto the card. The Christmas club is free to join and the process couldn’t be easier. For more information, check out the website below.
Chrisco Hampers Australia
I couldn’t write this article and not include Chrisco Hampers. Whilst not a bank account of Christmas Club, per se, they are still a familar part of Christmas in the Australian landscape.
For over 40 years Chrisco has been creating magical memories each Christmas for families in Australia, New Zealand, the U.K and Canada.
With over 100 different Christmas Hampers and thousands of quality gift items to choose from, Chrisco is the most convenient way to plan, shop and budget for Christmas.
Simply choose your items online or by phone and then make regular, affordable payments throughout the year. Your order is then boxed and delivered direct to your door (or depot). There’s no need to battle the holiday crowds, lug heavy shopping bags home, or worry about big credit card bills.
Best Christmas Saving Accounts & Christmas Clubs in Australia
Saving up for the Christmas season can be a stressful task – to say the least. Though with the right preparation and a few insider tips, a lot of this stress can melt away. With that said, the best time to start getting ready is now. I’d suggest taking a look at some of the Christmas saving accounts listed above. Select a bank that you trust – that also offers a good interest rate, and includes terms and conditions that suit your situation.
On top of this, I think it’s worth considering to join one of the Christmas Clubs we listed above. If you’re going to be shopping there anyway, why not earn rewards in the process to put more money back into your pocket.
Whether you are saving for Christmas Eve boxes, Christmas Day presents or the general expense of the festive season, it’s time to get started!
Good luck on your savings journey!
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