MADISON, Wis. (9/14/09)--With more Americans increasing their personal savings in a troubled economy, credit unions and banks are helping to revive a concept that was thought to be defunct--the Christmas club account. Holiday savings clubs--along with layaway plans, which also are making a comeback--have once again become desirable to consumers coping with rising unemployment and uncertainty regarding the economy, Steve Rick, senior economist for the Credit Union National Association, told the Associated Press Thursday. “It’s a throwback to a bygone era,” Rick told the news service. “Instead of a general savings account, it’s a way to focus the mind on what you really want to do, just like a college account,” Rick added. Roughly 78% of member credit unions run holiday savings clubs, and interest has spiked this year, Rick told the news service. The clubs most often are offered by credit unions, and small and mid-sized banks, the Associated Press said. For the complete story, use the link.