Holiday Club Accounts are additional savings accounts with higher paying dividend that allow you to put aside extra money for the holidays or special occasions. Have your payroll go directly into these accounts all year long, makes it easy to save.
Dividends are compounded and credited quarterly, then posted on the first business day after the quarter. Dividends are calculated by the daily balance method, which applies a daily periodic rate to the balance in the account each day. The minimum balance of $5.00 is required to open the account. Dividends are paid on a balance of $250 and above.
On November 1st of each year the balance (less $5.00 to keep account open) is transferred into your savings account.