Financial Institution Letter

FDIC Releases Report on its Youth Savings Pilot and Launches New Network to Support Youth Savings Collaborations

FIL-13-2017
3/28/2017

Summary:

The FDIC released a report on its Youth Savings Pilot program, which identifies promising approaches to combining financial education with the opening of safe, low-cost savings accounts for school-aged children. The report from the FDIC's two-year Youth Savings Pilot is based on the experiences of 21 diverse participating banks. The report describes promising practices banks can use to develop or expand their own youth savings programs. Banks are invited to join the Youth Banking Network if they are interested in information resources to support their school-based savings initiatives.

Statement of Applicability to Institutions under $1 Billion in Total Assets: This Financial Institution Letter applies to all FDIC-insured institutions.