Does anyone have one, or did you do this in the past?

Im seriously considering this for next christmas.

we haven't done it the past few years, mostly because of messed up pay and other things. But we have in the past. It works great.. I know with Navy Fed they have special accounts that you set up. they can be for however many months you want and you can't take the money out without penalty. However this next year we will be doing one through ING since their interest rate is like 4.3% and it will gives us a bit extra.

ING, is that any good? Do they call it a christmas account?

How does it work, do you set an amount every two weeks to be put in there?

no i think its just a regular savings account. But w/ Navy Fed you can call it whatever you want and set it up for however long you like.

I have it allotted from his check, but you can have it come out however you want, from your checking every two weeks once a month. whatever you like. it's a life saver let me tell you. :yes

I was thinking about doing 20 every 2 weeks, but we will see what he says LOL

We have one for next Christmas. We do 20 every other week (40.00 a month) and it will go til October. There is a 10% penlty if I should withdrawal before October so that is motivation to not to touch it.

well we have a higher amount because we have the three kids plus us. so we do 65-80 a month ( depending on the year.) this year will be on the higher spectrum.

He didnt like the idea, but im going to work on t, even if i have to do it myself!! LOL

We do one Every year. It is a great way to save money for a specific purpose.