Ed and Eddy are creeping around the upstairs of Edd's house, which is unfortunate for Edd, as he and his friends are not allowed to play upstairs. When he hears a breaking sound, he heads for his parents' room and finds them each in one of the beds. Both treat Edd's discomfort as a joke, and when Edd tries to scold Eddy, he instead runs off and plays with a mirror. While Eddy is distracting Edd, Ed gets into the cabinets and pulls out a bunch of sticky notes that he immediately begins playing with. Chaos descends upon the room as Ed and Eddy mess around, with it only intensifying when Ed flies into the closet and finds some bubble wrap.
The direction of the discussion takes a different turn when Ed drops the thing the bubble wrap was wrapped around, however. When Edd defines it as being the Christmas fruitcake, Ed gets excited about Christmas and starts listing off the things he likes. Eddy is in no way excited about the holiday, however, as he always gets clothes. When he insults Santa, however, Ed clamps a hand over Eddy's mouth so that Santa won't hear, as Santa is making a list and checking it twice.
Suddenly, sleigh bells are heard, and the Eds go to the window. Outside are Jimmy and Sarah, both carrying piggy banks. Eddy is naturally interested in this activity, but when he asks where they're going, Sarah pretends she forgot in order to keep Eddy from following them. Jimmy doesn't catch on to this, however, and lets Eddy know that today is Piggy Bank Day. Angry, Sarah takes hold of her friend and tugs him down the sidewalk, but the damage has already been done, because Eddy is already scheming.
At Jimmy's house, a party is going on, complete with pig noses and pig-themed games, food, and decorations. Jimmy is having second thoughts about smashing his bank, however, as he feels guilty about the destruction. Sarah has no such compunctions, however, and she suggests that they smash it together. Jimmy readily agrees, and they are about to bring the mallet down when a gigantic pig comes down the street, piloted by Edd. Eddy leaps down and introduces the Piggy Bank Belly Pumper, which promises to extract the money without harming the piggy bank in any way. Jimmy is certainly up for this, and he pays Eddy. As the machine starts its work, Eddy begins to explain what will happen inside, but is soon distracted by Ed, who is pretending to be a Christmas elf and ignoring all attempts to explain to him that it’s July. While Ed is playing on top of the Belly Pumper, he looks inside and sees something suspicious. As a good little elf, he lifts away the side of the machine, revealing that Edd is about to smash the piggy bank with a hammer. The charade revealed, the already guilt-ridden Edd bursts into tears, while the other kids look at Eddy angrily. Eddy tries to act like it's all Edd's fault, but Ed reveals Eddy made their friend do this. Ed hands Jimmy his piggy bank back, and Rolf arrives with Wilfred, who has scented the odor of the Christmas sow. While Eddy protests that it's July, Rolf happily gives gifts to all of the kids, from Jonny to Nazz. Kevin gets into the spirit as well, and they all run off to celebrate the strange Christmas spirit that has befallen them, with Jimmy even pausing to offer Edd his piggy bank as a gift, but turns it down.
Eddy is at first surprised by this turn of events, but soon enough he comes up with a way to make some cash off of it, and he and the other two Eds go from door to door singing Christmas carols that are alternately joyful and threatening, with each one mentioning cash in some way. After Eddy has collected his haul, he heads off to the candy store while Ed and Edd decorate a tree. When he comes back, he has with him an enormous bag of jawbreakers, and is preparing to share them with his friends when he notices it's been stolen by none other than Ed, the Christmas elf, who is still spreading cheer by giving all of the other kids Eddy's jawbreakers, leaving none for Eddy or Edd, but hey, that's how it always goes for them, even on a Christmas Day in July.
The Eds' Christmas Songs
Jingle Bells: "Jingle bells, jingle bells, giving joy all day. We made you laugh so give up your cash and cheer will come your way!"
Deck the Halls: "Deck the halls with bells of holly Fa la la la la la la la la Give us cash or we'll never stop singing Fa la la la la la la la la!"
We wish you a merry Christmas: "We wish you a merry Christmas We wish you a merry Christmas We wish you a merry Christmas So give us some cash!"
When Edd is pondering Kevin's "dork and beans" line, his socks are colored the same as his skin. Several scenes later, when the kids catch Edd about to smash the piggy bank, his socks are again colored the same as his skin.
When Jimmy prepares to smash his piggy bank, Christmas lights can be seen on the house behind him. When the camera pans back to Jimmy, the lights were gone and Ed begins to decorate the house with more lights.
When Kevin and Nazz tell Ed that it's better to give than to receive, Nazz doesn't have her pig snout on.
Rolf gave away his shirt, pants, a shoe, and two other non-clothing related objects. He should therefore still be wearing his socks and only one shoe. Interestingly, he has no clothes on except for his underwear.
When Ed gives Jimmy a jawbreaker, Ed shoves it through Jimmy's retainer straight into his mouth.
This, and the following episode premiered as part of A Very Cartoon Cartoon Fridays Holiday Special of 2000.
This episode takes place in July, as Eddy points out what month it is. Christmas in July is a theme that is often celebrated to be deliberately ironic.
Some interesting things inside Edd's parents' closet are boxes marked "Edd's Baby Clothes", "Friday", "Emergency sticky notes", "Extra smoke detectors", and "Umbrellas 1959-1982".
The Piggy Bank Belly Pumper is seen again in the Junkyard in "Dueling Eds," albeit in a ruined condition.
Early in the episode, Edd says "My blood sugar seems a tad low." This may hint that Edd is diabetic or hypoglycemic.
When Eddy is spinning on Edd's parents' bedroom mirror, he yells, "Jane, stop this crazy thing!" This is the catchphrase of George Jetson from The Jetsons.
This is the first of two Christmas-themed episodes. The second Christmas-themed episode is Ed, Edd n Eddy's Jingle Jingle Jangle, which is the actual Christmas special.
Edd informs Ed and Eddy that the second floor of his house is off-limits. Strangely, Edd's room is on the second floor and the Eds frequently play up there. It is possible Edd stated this to try to stop Ed and Eddy from making any mischief.