Achievements
Implemented in more than 7000 schools with more than 3,500,000 public and private school students in Canada and the United States, School Savings is the undisputed leader in helping childen learn to save.
Recognition
School Savings has been a processor for the Federal Reserve Bank since 1996. Its online/mobile friendly school banking system eliminates hand posting and digitally credits student accounts. See How School Savings Works within school banking regulations.
School Savings streamlined our existing MiniBank program.
School Savings' system reduced our staffing requirements from 28 to 2!.
Our schools love the program!
Mission
Our School Savings services are targeted to under-served communities and Title I Disadvantaged schools in urban and rural areas and reservations. More than 7 million households are still without banking services. We partner with financial institutions and organizations with similar goals.
Services
Electronic Deposit Processing
A secure cloud-based system (WebSaver®) collects student (and faculty) deposits and manages saving operations. As a processor for the Federal Reserve Bank, School Savings is required to meet the same security requirements as financial institutions.
Digital Deposits
Parent volunteers manage the program at the school and transport deposits to a local branch. Around midnight, School Savings assembles the deposits and electronially credits the students' accounts.
Saving Curriculum
An Online Savings Register teaches students to balance their savings account when they receive their bank statement. A Goal Saving app teaches them budgeting skills. An integrated student incentive system keeps students motivated to save FREQUENTLY.