Thursday, December 9, 1982
Page 2
Supplement to Daily Nebraskan
53 I
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SE MART
Holiday savings program
eases Christmas pinch
By Jim Anderson
If your piggy bank is empty and you're
finding that your Christmas list is lots
longer than your budget, you may want
to begin saving to avoid a similar predica
ment next year.
Christmas clubs are offered by many
local banks and saving institutions. The
accounts are tailored for holiday saving.
Sue Hiatt, vice president in charge of
operations at Gateway Bank, said that
Christmas clubs differ from other savings
programs. The big difference between the
two, Hiatt said, is that a saver may not
withdraw money from a Christmas club
account without closing it out.
Most Christmas clubs offer savers a
50-week account. The saver promises to
make weekly deposits ranging from $1 to
$20. The money can be deducted directly
from a paycheck or transfered from
another account. At the end of 50 weeks -usually
sometime around the first of
November - the financial institutions give
the Christmas club savers a check which
includes interest on his savings. Interest
rates range between 5.25 and 5.5 percent
depending on the institution.
At some savings companies such as
Gateway Bank, the saver must have his
account paid in full before he will receive
any interest. At other institutions like the
National Bank of Commerce, the saver
receives interest on whatever is in his
account at the end of 50 weeks.
"A lot of people will just start a new
savings account or add to an existing one,
earmarking a portion for Christmas
buying," Marsha Robinson, in charge of
new accounts at City Bank, she said.
Three of the four savings and loans
contacted (American Charter, Commercial
Federal and Lincoln Federal) said they
don't offer Christmas club accounts. Most
of their savers set aside for holiday
spending in these other ways.
Bob Hohn, first vice president of Com
mercial Federal Savings and Loan Associ
ation, said the institution offered a special
account program several years ago, but dis
continued it because "It's not a viable
plan."
Hohn said he thinks people are more
sophisticated and would prefer to put their
money in an account which would give
them greater return than a Christmas
savings program.
Charlene Hardinger, a bookkeeper at
NBC, said the Christmas accounts aren't
really very profitable to the institutions
who offer them but said that they are
offered as a service to the customers.
She disagreed, however, that the accounts
aren't being taken advantage of.
"I would say the number of Christmas
Club accounts has gone up over the past
few years," Hardinger said, though the
total number still represents a small
segment of Lincoln's savers.
Gateway Bank's Hiatte said interest on
the Christmas accounts is about the same
as it's been in past years. She said the
same people usually open the .accounts
each year.
"If anything," Hiatt said, "the economy
has forced people to save for Christmas this
way (through Christmas club accounts)
rather than trying to depend on having an
extra $500 lying around."
If you find yourself without the $500
this year, it's time to start preparing for
next year. The 1983 Christmas club pro
grams have already begun.
The 1982 Wishbook is a publication of the Daily Nebraskan, 34 Nebraska Union,
1400 R St., Lincoln, Neb. 68588. Phone: 472-1765.
Supplement Editor: Cindy Gardner, Layout Editor: Larry Sparks, Copy Editors:
John Goecke, Patty Pryor, Michaela Thuman, Daily Nebraskan Editor in Chief:
Patti Gallagher, Photography Chief: Dave Bentz, Assistant Photography Chief:
Craig Andresen, Production Manager: Kitty Policky.
Advertising Manager: Jerry Scott, Assistant Advertising Manager: Carol Fehr,
Advertising Staff: Tracy Beavers, Kerrie Doyle, Tom Byrns, Brad Brown, Jim Cole
man, Mary Garbina, Kelly Grossoehme, Lori Jensen, Steve Johnson, Michaelle
Pape, Russell Snygg, Allan Wasscrman, Kay Herbert, Celia Bals, Lorri Mongar and
Mark Carpenter; General Manager: Daniel Shattil.
Cover Art by Mark Carpenter.
7 IL I 1J-
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December 20th
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