Holiday & Vacation Club Savings Accounts
If you’re looking for a great way to save for a happier holiday or a dream vacation getaway, our holiday and vacation club savings accounts make it easy to save year-round. We all know that saving can sometimes feel impossible, but when you save with a purpose and tuck away a little bit at a time, it can add up to something big.
If you would like some help saving, turn to the team at First Commonwealth Bank. You can start a holiday or vacation club savings account by phone today or stop by one of our locations in Ohio and Pennsylvania to talk with a team member about the benefits of opening an account.
How Does a Savings Club Account Work?
The funds you add to your holiday or club account can only be accessed on your annual disbursement date1, which means they’re someplace safe so you’re not as tempted to dip into them throughout the year.
Our club accounts can be opened with as little as $5, and there are no monthly service charges.1 To make sure you always know your balance, you can also add your club accounts to a relationship statement with other deposit accounts you have with us.
Holiday Club Accounts
Opening a holiday club account should be added to your list of New Year’s resolutions each year since starting in January will allow you to grow the most savings in your holiday account. By the time you’re ready to start your holiday shopping, you’ll have increased your account balance so you can decrease your debt. You can save throughout the entire year and make deposits at your community office, via our app2 or through online banking2. Your holiday club earns interest throughout the year, and then is added to your balance on your disbursement date.
Vacation Club Accounts
Having a vacation club can mean the difference between taking a vacation you can afford and taking one that puts you into debt later. By saving the money you’re working hard to earn into a vacation club account, you can plan your ideal vacation and feel good about paying for it. Much like our holiday clubs, you can deposit into your account in person, via our app2 or online2. Your vacation club earns interest throughout the year, and then is added to your balance on your disbursement date.
Getting Your Club Account Funds
You can choose to receive your annual payout by check or via a direct transfer into another First Commonwealth Bank account. For vacation club accounts, the disbursement date is May 253. For holiday club accounts, the disbursement date is October 153.
Additional Ways to Save
Building the habit of saving is such an important step in your financial journey that we want to make it as easy as possible for you. With tools like automatic transfers within online banking, you can be sure that each month you’re adding to your savings account balance. Establish your transfers in online banking by visiting your community office or by calling us at 800-711-BANK (2265).
Automatic transfers allow you to save money without even thinking about it. You just put aside a little money from your income deposits, and soon you'll achieve your savings goals. You can also take a few minutes to check out these age-appropriate savings strategies for building your savings, from birth to retirement.
Club Savings vs. Traditional Savings Accounts
There are a few differences between club savings accounts and traditional savings accounts, including:
- Best for: Club accounts are best for a specific savings goal, while regular savings accounts are an excellent way to protect your money and earn interest over time.
- Withdrawals: A regular savings account lets you withdraw money whenever. A club account holds the money until a specified withdrawal date.
- Penalties: With a club account, there is a $5 penalty for early withdrawal.
Why Open a Club Savings Account With Us
You can make saving for your goals automatic with a holiday or vacation club savings account. If you're considering opening a club savings account, come to First Commonwealth Bank. We're focused on helping every customer become financially confident. Some benefits of opening a club savings account with us include:
- Personalized advice: We'll get to know you and recommend financial solutions for your goals.
- Accountability: With a club savings account, you can only withdraw at certain times, so you'll be able to save successfully.
- Inclusivity: Whatever your background or financial goals, we're here to support you as you save money.
Start Saving Today With the Team at First Commonwealth Bank
It's time to start saving for vacations or holiday shopping with help from our team. A club savings account is a great way to save money because you can only withdraw funds once a year. During the rest of the year, you get to sit back and watch your account grow.
1 There is an early closing fee of $5.00 if the account is closed prior to the disbursement date. Partial withdrawals are not permitted.
2 We don’t charge for these services but standard message, data, and internet service provider rates may apply so check with your carriers.
3 An alternative disbursement date may be chosen at account opening for Holiday Club or Vacation Club accounts.