I love the Newbie Nook, too!
The bank I work for has Christmas Club accounts, and this is a new concept to me, also. Here's what I've learned since I discovered the existence of these and asked for an explanation recently. For NEXT year Christmas, a Christmas Club (savings) account can be opened the first week of November, 2006, for disbursement of the funds at the end of October, 2007. It's intended to be a sort of holiday gift shopping savings account. Each week, the customer makes a contribution of (for example) $10.00, for 39 weeks. If/after they make all 39 contribution payments, our bank makes the 40th week's contribution for the customer, and then cuts the check for $400 to the customer in late October.
I think it's a neat idea, and I'm going to open one myself this November 1st!