A Club Account is a special short-term savings account that is used to save money for a particular purpose, such as a holiday, vacation or wedding. If you have Direct Deposit, you can set up a payroll deduction to automatically deposit money into the account for you.
Having a Holiday Club Account with Riverside FCU allows you to save money throughout the year to spend on your holiday gifts and travel and helps to prevent credit card debt come January. Your Holiday Club Account funds will be released into the account that you have designated every November 1st.
All Purpose Club Accounts can be used for anything your heart desires – vacation, wedding, a big purchase, etc. Your All Purpose Club Account funds will be released into the account that you have designated every July 1st, or can be kept in the account as you continue to save.
Club Accounts can be opened with a nominal deposit anytime throughout the year. However, they are a closed account so while deposits can be made, there is a fee to withdraw before the transfer date.