The FDIC today announced phase two of its pilot program aimed at identifying the best approaches to bank-school programs that combine financial education with access to low-cost savings accounts. Phase two will include banks interested in expanding or launching programs for students during the 2015-16 school year. Banks have until June 18 to express interest.
Nine banks, ranging in size from $15 million to $255 billion in assets, are currently participating in phase one of the pilot. Some participating banks offer in-school branches that encourage students to open and maintain savings accounts, and one bank hired high school seniors to work at tellers at the in-school branches. The programs incorporate financial education, sometimes delivered by fellow students trained by the bank. Other banks include savings incentives.