FDIC Announces Youth Savings Pilot Program — 2014-08-04

The FDIC announces the launch of a pilot program to identify and highlight promising approaches to offering financial education tied to the opening of safe, low-cost savings accounts to school-aged children. This pilot will consist of FDIC-insured financial institutions that have entered, or intend to enter, working relationships with schools and/or non-profit organizations to help these children open savings accounts in conjunction with financial education programs. The FDIC will connect pilot participants together to share best practices and to provide technical assistance in addressing challenges related to the operation of their programs. The FDIC plans to communicate results of the pilot to provide banks with best practices to work with schools or other organizations in combining financial education with access to a savings account.