Ready to be ready? Join the club.
Our Club Accounts are for our members who prefer to pay for that annual vacation as they take it, or who want to have extra cash during the holidays. Right now, you’re thinking to yourself, “But I can just charge everything and pay it off later.” You certainly can, but let us show you a few numbers that might change your mind:
Let’s suppose you have a budget of $1,000 for holiday gift-giving.
Let’s also suppose the interest rate on your main credit card is 12%.
To pay off your $1,000 balance in one year, you’ll have to make monthly payments of $88.85 because of the interest that will also be charged to you for “borrowing” that money. So, you’re paying roughly $1,066 to buy $1,000 in gifts.
Now, with a CU of NJ Club Account, take that $88.85 you’d be paying on your credit card and round it up to a $90 deposit each month. At the end of one year, you’ll have $1,080 in that account, plus interest earned. With just a little planning on your part, you can give yourself a bigger budget and a stress-free holiday.
We also have Summer Savings Club for teachers who are paid on a 10-month cycle. Save a little each month during the school year so you can have extra money available during the summer months. You’ll receive four equal payouts—two in July and two in August.
To make it even easier, you can use Payroll Deduction to fund your account, and you’ll have immediate access to your funds upon maturity.
Vacation Club Account funds disperse in May—just in time for warm-weather travel. And Holiday Club Account funds disperse in October. Best of all, you can start any or all club accounts with just $5.00 each.