Banks establish school-based bank savings programs as financial education initiatives to help students learn about the importance of saving and other money management topics. This edition of Community Developments Insights discusses how school-based bank savings programs operate.

ABSTRACT
Banks establish school-based bank savings programs as financial education initiatives to help students learn about the importance of saving and other money management topics.

To set up a program on school premises, bankers collaborate with school administrators and teachers who share an interest in providing financial education programs to their students. These programs vary from “mini banks” that offer student savings accounts to more complex programs that also offer career-oriented banker training.

This Insights report discusses how the school-based bank savings programs operate, explains their establishment in “nonbank branch” settings or as authorized bank branches, and describes the benefits and potential risks to banks participating in these programs.

The information presented here was obtained mainly from national bankers active in school-based bank savings programs, nonprofit and trade associations, and state treasurers’ offices.

Download School-Based Bank Savings Programs: Bringing Financial Education to Students

PDF format, 333KB.

Comptroller of the Currency
Administrator of National Banks
US Department of the Treasury
April 2009
Community Affairs Department

CONCLUSION
Banks establish school-based bank savings programs as financial education initiatives to help students understand the importance of saving. These programs help banks expand their community service and broaden their customer base. In addition, banks may benefit from elevated visibility, reputation, and goodwill. Banks that set up school-based bank savings programs targeted to LMI individuals also may receive CRA consideration under certain circumstances.

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