Student Savers are priceless!
Research shows "Kids with a savings account in their own name are 6 times more likely to go to college" http://news.wustl.edu/news/Pages/22227.aspx Helping kids make regular deposits into their savings accounts puts them on the fast track to a post-high school education and empowers them to succeed.
How does school banking work?
On Deposit Day, students bring funds to school for deposit. During NON-CLASS TIME, an adult volunteer enters student deposits and prints receipts. Student funds are taken to a local bank or credit union for deposit. The next business day, through the Federal Reserve Banking System, SCHOOLSAVINGS.COM will process a file that credits the students' accounts with their deposits. Student deposits will appear on their regular account statement. Children earn 10 Super Saver Points™ for every deposit, regardless of the amount.
How much time does it take to run a school saving program?
Each week banking is conducted before school or during lunch. Depending on the number of students participating, bank day usually takes about 30 min, plus the time it takes to drive to the bank to deposit the funds.
At the start of each school year, a letter to parents and a registration form should be included in the new school year packet sent home with all students.
We also encourage you to do at least one of the following: hold a registration drive, make a presentation at the first school assembly or have a table at Parents Night/Open House. Once students are registered, most weeks are simply entering deposits, distributing incentives and making a deposit at a local bank.
How much does it cost for the school banking program?
In our INDEPENDENT program, there is no charge for schools to participate with up to 50 students. Deposit processing, website hosting, technical support and incentives are paid by SCHOOLSAVINGS.COM, sponsors and supporters.
Schools/PTOs with more than 50 students participating will be charged an annual fee of $269. Instead of paying an annual fee, the school/PTO may apply for a scholarship or find one (1) local sponsor to pay an annual fee of $369. The local sponsor’s logo would appear on deposit receipts and $100 of the fee would go to your school to provide incentives for school savers. Some schools choose to pass the cost of the annual fee on to parents as a $2-$5 per student School Savings fee. Please contact School Savings to discuss additional discount and payment options.
If your school would prefer an EXCLUSIVE program and would like to work with a specific bank or credit union to offer the program, please ask your partner bank or credit union to contact SCHOOLSAVINGS.COM at 888-787-7728 or support@schoolsavings.com.
You may also refer them to the Banks & Credit Union page on www.schoolsavings.com. In the EXCLUSIVE model, the bank or credit union would pay a fee to license our software. Generally, licensing banks and credit unions require ALL STUDENTS to have an account at their institution. But there are always exceptions to the rule. Contact us if you would like to learn more about this option.
Can students have a savings account at any bank or credit union?
Yes. If your school is participating in the INDEPENDENT program, students may have a savings account at any bank or credit union. If your school is participating in an EXCLUSIVE program sponsored by a local bank or credit union students may be required to have an account at the sponsoring institution. Contact SCHOOLSAVINGS.COM with questions or to ask about hybrid options.
Why should we select SCHOOLSAVINGS.COM?
We're the only school banking program approved by the U.S. Department of Education.
- Our software has been 100% online since 2000 and we meet the same security requirements as banks and credit unions.
- Data is automatically backed up and historical reports are available at any time. Each volunteer is issued their own username and password.
- Multiple computers may be used to enter deposits on bank day.
- Parents may view their students' progress online, take tests and help students use an online savings register.
- We also offer incentive programs and contest throughout the year to encourage students to keep saving.
- It's the easiest, safest and most comprehensive school banking program in the United States.
Recognition
In recognition of its role in promoting financial literacy, School Savings and/or its partner Save For America have received support or approval from the following organizations. In 1995, it also received the National Savings Award from CSIA as Best Community Partner.
- U.S. Department of Education
- The White House 1991 (President George H. Bush)
- The Federal Reserve – San Francisco Branch; U.S. Department of Treasury
- National Association of Elementary School Principals
- National Press Club
- National Association of School Directors
- Governors and Cabinets of Eight States Including Texas and Florida
- Twenty-four State Treasurers
- American Bankers Association, Forty State Banking Associations
- Community Bankers Association