Just like bank accounts or accounts with your credit union, there are specific types of savings accounts that can be used.
Traditional savings account
A traditional savings account can be created with First Choice (https://firstchoicefcu.com/ps-acct-savings.html), or with any bank or credit union. These accounts allow you hold shares that pay dividends back into your account.
For their part, a savings account is a simple way to save money.
Custodial savings account
A custodial savings account is usually reserved for a parent. They create the account for their child.
First Choice offers something similar in our First Choice Kids’ Club. However, in that situation, your child is the account holder but has no access to the account until they are of age to take over the account. Also, not just his or her parents can make deposits – anyone can make deposits into the account.
Christmas Club account
With a Christmas Club savings account, your credit union can automatically take out a set amount of money out of every pay cycle.
These account “pay out” on October 1st. They can be transferred to your savings account or a check mailed to you. Whichever is easier for you. If a withdrawal is needed before October 1st, there is an early termination fee associated with them.
Vacation Club account
Just like our Christmas Club savings account, your credit union can automatically take out a set amount of money out of every pay cycle.
These account “pay out” on April 1st. They can be transferred to your savings account or a check mailed to you. Whichever is easier for you. If a withdrawal is needed before April 1st, there is an early termination fee associated with them.