This account is designed exclusively for the holiday season to help you put the ‘Joy’ back into the holidays. This savings account will help you put away a little money every month to help you with holiday expenses, which seem to increase year after year. You may open your account at any time during the year. For your convenience deposits can be made through an automatic transfer, transferring money from another financial institution or through direct deposit/payroll savings. SouthPoint Federal will then automatically transfer your Holiday Savings funds on the first of November to your regular savings account so you can withdraw it at your convenience. To open your ‘Holiday Club Account’ today contact a Member Service Representative to assist you.
There is a $5.00 minimum balance required to open your account and to earn dividends. Direct Deposit is required to open this account.
Dividends are calculated daily and paid monthly. Actual payment of dividends is October 31st of each year. Funds are paid on November 1st to your regular savings account.
If funds are withdrawn before the actual payment date, October 31st of each year, any accrued dividends will be forfeited and the account will be closed. Once the account is closed the member cannot participate in the program until after the beginning of the next holiday savings year, November 1st of each year.
