How School Savings™ works
Volunteer parents manage the program at the school
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A Social Venture...
School Savings is a social venture between a local financial institution and its community schools.
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Financial Institutions
The role of the financial institution is to coordinate implementation, provide free saving or checking accounts for participants and reward students who make regular deposits with small incentives.
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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.
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Parent Volunteer Organizations
The role the Parent Volunteer Organization is to help facilitate deposit gathering.
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 or checking 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.
👆 Tap or click each section of the graphic to learn more.
Select a Local Bank of Credit Union
We recommend you watch the Product Tour video first, then:
- Visit your School or your Bank / Credit Union and provide the Fact Sheet.
- Ask them to support School Savings to help children learn to save.
- Review the FAQs below.
- For questions or feedback call 888-787-7728 or email info@schoolsavings.com
- Watch the Product Tour video first to learn how School Savings works.
- Decide to support school banking in your town.
- Determine account type to provide.
- Designate branches to support local schools.
- Contact Schools.
- Download the Financial Institutions Getting Started Final.PDF below for more information.
- See also FAQs.
The School
We recommend schools watch the Product Tour video first then contact a local bank or credit union Partner. (Download ‘School Savings Fact Sheet’) Once the school identifies their Partner, School Savings will make contact to enable the Financial Institution Partner. For more info, please see FAQs.
Students receive a statement monthly or quarterly. To reconcile it, they:
- Compare their statement to what's online at schoolsavings.com
- Add any deposits made at the bank
- Delete any withdrawals
- Add interest earned
- Confirm the balances match
'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