Washington Mutual School Savings Program

We think that students are never too young to learn the basics of money management and the value of savings. That's why, in 1923, Washington Mutual introduced its first School Savings program and began helping young students learn the value and methods of positive saving habits. In the three quarters of a century since then, hundreds of thousands of students have launched their financial futures with their first savings investments in this program, and learned essential life skills that have helped to make their futures brighter.

Washington Mutual offers today's students the same opportunity. Our School Savings program is just one example of how we support education in the communities we serve -- and it's one of the most important investments a bank can make.

It works like this:

School Savings Accounts are no-fee savings accounts that you can access at any Washington Mutual location. West Woodland parents run the program, and Washington Mutual donates all the supplies.

Kindergartners and first graders send in their deposit to their teacher on Wednesday. Second through fifth graders bring their deposit into the A/V room next to the library during lunch. The parent volunteer records the deposit, prints a receipt for the student and takes the money to the bank.

• It only takes 25¢ to open an account. If the student doesn't have the opening deposit, Washington Mutual will provide it.
• After opening an account, students are asked to keep a balance of at least 25¢ in their accounts.
• The minimum deposit is 10¢ each time and withdrawals can be made at any Washington Mutual financial center.
• Students are issued receipts for their deposits and instructed in how to record and track their balances in School Savings registers.
• Once each quarter, School Savers are mailed account statements that summarize their deposits and withdrawals.
• When the balance in a School Savings account reach $100, students may convert the account to a higher-yield time deposit.
• Students cannot make withdrawals at the school. Withdrawals must be made with a parent at a Washington Mutual Bank Financial Center.
• Students and parents can make additional deposits to their account any time at any Washington Mutual Financial Center.
• Parents must complete IRS form W-9: Request for Taxpayer Identification Number and Certification to open the account.

Here's what Washington Mutual provides:

• No fees for School Savings accounts
• Competitive interest rates
• FDIC insured deposits

Questions:

Please contact Kay Stelter, West Woodland parent and coordinator of the School Savings program, at stelt@integrity.com , or leave a note for her at the West Woodland School office.

Commitment to Community:

Being committed and active neighbors is important to Washington Mutual. We understand the needs of our communities and seek out innovative and creative ways to help make them become better places to live and work.

That is why we are proud to donate $1 to education for every checking account we open. After all, our goal is to be more than just a good bank. We want to be a good neighbor as well.

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