First introduced in 1909, Club accounts were designed to encourage bank customers to save for major expenditures, such as vacations and holiday gift giving, through planned monthly deposits.
In the 1930s, Jewett City Savings Bank distributed a promotional “Christmas Club” flyer and game reminiscent of many popular board games including the “Game of Life” which was created in 1860. If you look at the back cover, you will notice that the Bank did not pay interest in Club savings – in fact, most banks did not pay interest on Club accounts until the 1950s, instead giving special gifts for opening an account.
The flyer was produced by Security Savings System, a family-owned printing company in Pennsylvania specializing in “coupon books used for a variety of purposes, from installment loans to Christmas and Holiday Club savings books.”
At Jewett City Savings Bank, we continue to help neighbors save for major purchases with our Vacation and Christmas Clubs, as well as other savings account options. We also use coloring sheets and other children’s activities, starring our savings mascot, Stash McCash, to encourage good savings habits at an early age.
Sources: Investopedia and Spokesman
