United Bank to disperse Christmas savings

Published 9:14 am Wednesday, October 24, 2012

Patty Castleberry, left, accepts a check from her Christmas savings account from United Bank Atmore branch manager Kellie Ridgeway.

United Bank is helping its customers get into the holiday spirit again this year as it prepares to pay out approximately $1 million from its Christmas savings accounts.

Greg Walker, vice president of marketing and sales for United Bank, said the savings accounts are a bit of old school banking United plans to keep alive.

“We’re one of the few banks that still offer Christmas savings accounts specifically for that purpose,” Walker said. “You can start out with a small fee and then there is a $20 minimum transfer each month. It also pays interest a bit higher than regular savings accounts because it’s not typically as long term.”

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Walker said the higher interest rate is around .70%, a jump from typical savings account rates of around .20%. Walker also said now is the time of year to get an account started.

“You can begin an account whenever, but to maximize your savings you would want to start in November or December of this year for next Christmas,” he said. “The account restarts ever year in November.”

Walker said there are currently approximately 400 savings account holders and United Bank will pay those customer’s their savings from this year Thursday, Nov. 1.

Walker also said the pay outs are great for the local economy, as customers set the money back mainly for Christmas shopping.

“Anytime you put $1 million back into the local economy it’s a good thing,” Walker said, adding the accounts are also a great way for customers to save easily throughout the year.

“It’s a good time to get a jump like that,” he said. “For people who want to save and grow money it’s great. I think people appreciate that United still offers a traditional account like that.”