club account

Definition

An interest-bearing savings account offered by a financial institution to investors looking to save for particular purpose, such as a holiday vacation. A club account is funded by the investor when it is opened, and typically remains open for one year. Penalty fees are assessed if the investor withdraws funds from the account before the account matures.

Use club account in a sentence

You should try to get the best rate that you can any time you will be opening a club account for your company.

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We had a lucrative club account that attracted a high level of interest, and we leveraged that to a great degree.

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Another benefit at the company was their offering of a club account. Employees were able to set aside funds for a future event.

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vacation club account holiday club account