BENEFITS
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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.
RECOGNITION
School Savings has been recognized or endorsed in the United States by the following organizations for its superior financial literacy results. In addition to high frequency saving rates while in the program, students continued to save for at least two years after graduation.
- The Whitehouse
- The U.S. Department of Education
- The American Bankers Association
- The Federal Reserve Bank
- The National School Directors Association
- The National Association of State Treasurers
- The Community Bankers Association
- 24 State Treasurers
- 40 State Bankers Associations
- The National Association of Elementary School Principals