Empowering Youth: Unlocking Financial Success with OlyFed's Student Banking Solutions

In a world where financial stress has become a prevalent concern, it's crucial to equip our children with the tools and knowledge to navigate the complexities of money management. Olympia Federal Savings (OlyFed) recognizes this need and has developed a suite of student banking products designed to cultivate financial responsibility from an early age. By offering free checking accounts, youth savings accounts, and personalized financial education, OlyFed is paving the way for the next generation to achieve financial stability and success.

Unlock the Path to Financial Literacy with OlyFed's Student Banking

Fostering Financial Responsibility: OlyFed's Student Checking and Savings Accounts

OlyFed understands that building a strong financial foundation starts early. Their Jump Start Checking account and Super Saver Account provide young individuals with the tools to develop essential money management skills. The Jump Start Checking account requires just $50 to open, has no monthly fees or minimum balance requirements, and even earns interest, making it an accessible option for students. The Super Saver Account, on the other hand, requires only $1 to open and offers a competitive interest rate compounded daily, encouraging the habit of saving from a young age.These accounts come with the added convenience of online banking, allowing parents to monitor their children's financial activities and provide guidance as needed. The digital banking app empowers students to track their spending, create budgets, and gain a deeper understanding of their financial standing, setting them up for success as they transition into adulthood.

Personalized Financial Education: OlyFed's Commitment to Student Success

At OlyFed, the belief that quality financial education is the key to a financially responsible adulthood is at the core of their student banking offerings. The bank's knowledgeable bankers are dedicated to providing personalized guidance and support to young account holders, addressing their questions and concerns about the financial world."At Olyfed, we believe quality financial education early in life is key to ensuring success as a financially responsible adult," shares Kristen Tate, OlyFed Hawks Prairie assistant branch manager. "We offer personalized financial education at any time to discuss goals, good money habits, budgeting, account security, and more."This personalized approach allows students to feel empowered and confident in their financial decision-making, fostering a lifelong appreciation for responsible money management.

Parental Oversight and Security: Giving Families Peace of Mind

OlyFed's student banking solutions not only empower young individuals but also provide parents with the peace of mind they need. Through the digital banking app, parents can monitor their children's spending, set spending limits, and even restrict card usage to specific merchants or geographical regions. The Card Control feature allows parents to turn the debit card on or off, adding an extra layer of security and protection against fraud."Through the digital banking app, parents can set parameters on their child's account, such as spending limits or restricting card usage to specific merchants or geographical regions," explains Kirsten. "Another feature is Card Control, which allows you to turn the debit card on or off if it's lost, stolen or simply not being used. It's a great feature that protects against fraud and adds an extra layer of security."These security features give parents the confidence to entrust their children with financial responsibilities, knowing that they can intervene and address any issues promptly.

Fostering School Spirit: OlyFed's Affinity Card Program

In a move to further engage the local community, OlyFed is launching an affinity card program in partnership with local school districts. These branded high school debit cards will feature school logos and designs, allowing students to showcase their school pride while also contributing to their school's ASB fund with every card swipe."We are super excited to be launching our affinity card program later this fall," shares Kristen Tate, OlyFed Hawks Prairie assistant branch manager. "We've partnered with our local school districts on these branded high school debit cards that will feature school logos and designs, and will help support each school's ASB fund with every card swipe."This innovative program not only fosters a sense of community and school spirit but also provides an additional revenue stream for local schools, further demonstrating OlyFed's commitment to supporting the educational and financial well-being of the communities it serves.

Starting the Financial Journey: The Optimal Age for Opening Student Accounts

When it comes to opening student bank accounts, OlyFed believes that the earlier, the better. "It is important to start earlier than later. It really instills good habits in early life that will carry on into adulthood," shares Kristen.For young children, OlyFed offers the Super Saver account, which can be opened as early as infancy. As the child grows, they can start contributing to the account themselves, learning the importance of saving from a young age. As teenagers, they can then add a Jump Start checking account to learn responsible spending and money management skills."Parents can open a Super Saver account for a child as young as an infant," says Kristen. "As the child grows, they can start contributing to that account themselves and learning the importance of saving at a young age. Then as they become teens, they can add a Jump Start checking account to learn responsible spending. Maybe they get their first job in high school and they're already prepared with accounts to set up a direct deposit. We'll even convert their youth account to a regular checking account once they reach adulthood at 18! How exciting!"By starting the financial journey early, OlyFed ensures that young individuals are equipped with the necessary skills and habits to navigate the complexities of money management, setting them up for a lifetime of financial success.