How School Savings™ works

Volunteer parents manage the program at the school

students with funny legs

A Community Venture...

School Savings is a cooperative endeavor by a local bank or credit union, a school and the parent teacher organization.

  • Financial Institutions

    The role of the financial institution is to coordinate implementation, provide free saving accounts for participants and reward students who make regular deposits with small incentives.

  • Schools

    The role of the school is to provide internet access and a computer for parent Volunteers to use to make deposits. Schools help coordinate information between the financial institution and parents.

  • Parent Volunteer Organizations

    The role the Parent Volunteer Organization is to accept deposits from students, enter them at https://www.schoolsavings.com and deliver the deposits to the local participating financial institution.

Deposit Day Procedures

On Deposit Day, students bring money to school for deposit. Generally before school or during lunch break, parent volunteers enter the deposits online at "https://www.schoolsavings.com"

After all deposits are collected, School Savings software balances the deposit account. With a Deposit printout in hand, the Volunteer deposits the funds at the local participating financial institution.

School Savings, a processor for the Federal Reserve Bank, electronically credits the students' accounts with their deposit. No manual deposit posting is required. The minimum deposit is $.01; There is no fee for participation or cost for the saving account.

Deposits made at school appear on the students' regular bank statements. Statements are sent out monthly or quarterly depending on the individual bank's procedures.

Students earn 10 Super Saver Points for each deposit made at school, regardless of amount. An incentive system manages the Points system and rewards students for frequent deposits through a national awards program.

How School Savings works. You can review FDIC regulations regarding school banking programs here. FDIC School Banking regulations

'Know Your Customer' identification regulations are different for school children. Banking regulators accept confirmation of school registration from school districts as acceptable identification for opening a bank account. KYC Regulations for Youth Accounts