What is ‘Savings Club’
A non-incorporated group that has opened some type of savings or other deposit account. The money in the account is the joint property of all club members.
Explaining ‘Savings Club’
“Savings club” also refers to a special type of savings account that comes with a passbook with coupons. Most accounts of this nature mature on a regular basis (e.g. annually). Christmas club accounts are an example of this type of account.
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