On January 11, 2023, Nebraska State Bank & Trust Company (“NSB”), Broken Bow Public Schools, and North Park Elementary joined together to open the Indians Savings Bank, a branch of Nebraska State Bank & Trust Company for Broken Bow students in Kindergarten through 5th grades.
The Indians Savings Bank was opened through an initiative by the Nebraska Council on Economic Education. The goal of the program is to provide elementary students the opportunities to not only learn about savings and how financial institutions operate, but to also become savers themselves.
The Indians Savings Bank will only be present at the North Park Elementary School in Broken Bow. On the first day of business, the Indians Savings Bank was the first of its kind in Custer County and the surrounding area.
The first official day of business was January 11, 2023, with the branch being open every Wednesday morning for students to make deposits into their own savings account. On their very first deposit, no matter when that first deposit occurs, NSB deposits $5.00 in that student’s account.
NSB President and CEO, Stuart Fox, states, “This new school branch fits with NSB’s philosophy of educating children on the importance of saving so they are better prepared to handle their finances in the future. The North Park students will be able to open a savings account with their parents’ permission and start saving towards short- and long-term goals they have like a new toy, iPod, a car, or even college. We are building a community of savvy savers.”
The in-school bank is run by student tellers, under the supervision of NSB staff. The 16 student tellers are all 5th graders, who had to submit an employment application and go through an interview prior to being offered the job. The student tellers were trained at the school and the Bank prior to the first day of business.
Other important items to note about the Indians Savings Bank are:
Withdrawals from students’ accounts will not be allowed until the child graduates 5th grade or leaves the school.
· In lieu of interest, students receive incentives provided by NSB when they deposit into their savings account.
Fox summarized that after NSB has plans to open additional in-school branches in more communities in Custer County. “The prospect of creating an environment where kids are enthusiastic about saving money is so motivating. We are beyond excited to be a part of this initiative.”