Yes, members can use it for anything they wish. It is designed to help members save money for Christmas expenses. The funds are locked until they are deposited into the membership savings on November 1st. However, some members use it to save for a vacation or a trip.
The Holiday Club is also a great account to help members learn how to save. It requires a monthly direct deposit and makes the funds semi-inaccessible by not allowing withdrawals unless the member closes the account.