= Members Only Content
Race to Save
Questions and Answers
Join the Race to Save
What is Race to Save?
The ABA Education Foundation launched the Race to Save campaign last year as a way to encourage youth to start saving early and often through a savings account. We believe that young people need both financial education and access to savings accounts to become financially smart and capable. Young people who save at a bank will become more comfortable with banking and will be less likely to rely on check cashers or pay-day lenders as adults.
What is the Race to Save goal?
The goal of this year's campaign is to open 100,000 new children's savings accounts through the participation of 250 banks. The goal is ambitious, but achievable. Last year, 100 participating banks opened more than 60,000 new accounts.
What does participation in Race to Save mean for my bank?
By participating in the Race to Save banks commit to:
- Promote the Race to Save
- Offer a child-friendly account that has no/low fees and no/low minimum balance
- Provide some type of incentive to encourage account openings, such as a matching deposit, increased interest rate or a promotional item
- Track the number of savings accounts opened in 2012 and report that number to the foundation when it's requested
In support of participating banks, the foundation will provide:
- National press promotion of your bank through our "Race to Save Participant List"
- Promotional materials that participating banks can customize, including a press release, flyer, letter for youth group leaders and savings tips for your Facebook page
Do I have to participate in Teach Children to Save to be a part of the Race to Save program?
No, participation in Teach Children to Save is not required. As mentioned before we do believe that young people need both financial education and access to savings accounts to become financially smart and capable. We find that most banks that participate in the Race to Save are also providing financial education through programs like Teach Children to Save.
