School Savings™ creates new relationships with local families. Seventy-three (73) percent of School Saver households are new to the sponsor financial institution.
- School Savings' U.S. Department of Education approval makes acceptance by schools automatic. School Savings™ is the ONLY USDOE-approved school banking program.
- School Savings™ is a “mortgage incubator.” Growing families need larger homes. More than twenty (20) percent of School Saver parents acquiring a mortgage selected their School Savings sponsor for their loan. Cross-over sales to parents average 4.63 products with checking, savings accounts and loans leading the way.
- Hand posting is eliminated because School Savings' iDebit™ technology processes student deposits directly through the Federal Reserve Bank.
Financial institutions receive Community Reinvestment Act (CRA) credit for School Savings™ programs in low income schools when renewing their license with the FDIC.
Parent volunteers contribute by collecting and transporting student deposits to the local branch.