Libertyville school, bank teach students to save
LIBERTYVILLE — The Libertyville Savings Bank is partnering with Libertyville Elementary School this year, starting Trojan Trust and Savings Bank.
The program provides an opportunity for students to learn about banking and savings and supports 21st century learning skills in Fairfield Community School District’s curriculum.
The Trojan Trust and Savings Bank allows students in kindergarten through fourth grade to open and maintain a real savings account, jointly with a parent, through Libertyville Savings Bank. Every student may take part, regardless of whether they have a current savings account or not.
The goal is to provide students the chance to learn how a financial institution works through hands-on participation.
The in-school savings program gives students a chance to use math and social skills.
In the financial literacy section of the Iowa core curriculum, school districts are responsible for teaching kindergarten through second grade students to: Demonstrate the ability to set goals based on wants and needs, and recognize various ways to save and the reasons individuals decide to save.
In addition, third through fifth grade Iowa core curriculum requires students to: Determine the importance of saving/investing in relation to future needs.
“These standards will be covered through the banking program,” said Libertyville school principal Jeff Eeling. “We are excited to partner with the Libertyville Savings Bank in this endeavor.”
Each depositor will be given a savings register when opening an account.
A minimum deposit of $1 will be required to open an account and a $1 balance is needed to keep the account open.
The Trojan Trust and Savings Bank or Libertyville Savings Bank of Libertyville, Fairfield, Eldon or Keosauqua, will accept individual deposits of $25 per week maximum.
No withdrawals will be allowed at Libertyville school, except during the book fair weeks and Santa’s workshop week, and the maximum withdrawal amount will then be $5.
Interest will begin to accrue no later than the business day the bank receives credit for the deposit of non-cash items into the account. Interest is calculated by the daily balance method, which applies a daily periodic rate to the balance in the account each day. The interest will be 2 percent, with an annual percentage yield of 2.02 percent. Interest will be compounded daily and credited into these accounts quarterly. The interest rate and annual percentage yield may change at any time.
Accounts will follow the same rules and regulations as the bank’s passbook savings accounts.
At the end of fourth grade or upon transfer to another school, a student’s Trojan Trust and Savings Bank account will be transferred to a regular passbook savings account or the account will be closed. At the time of transfer, the account will be subject to rates and terms in effect of regular passbook savings accounts.