In March, the City of Savannah and Step Up issued a request for proposals from financial institutions interested in providing banking services to students participating in the Summer 500 program. MembersFirst Credit Union and South State Bank were selected as Summer 500’s 2017 partners, after both offered accounts that most closely align with the Cities for Financial Empowerment Fund Summer Jobs Connect national youth account standards.

Summer Jobs Connect is informed by the CFE’s national Bank On initiative and connects young workers to bank accounts and targeted financial education. The City of Savannah and Step Up Savannah have partnered as members of the Cities for Financial Empowerment Coalition since 2008.  Step Up has administered the Bank On Savannah program since 2009

This summer, the newly launched program achieved significant success. Over 160 bank accounts were opened by Summer 500 participants through the two financial institutions. In line with Summer Jobs Connect standards, 76 percent of student accounts were set up with direct deposit.

MembersFirst Credit Union provided 61 students with both a checking and savings account. As of January, 75 percent of those accounts remain open. MembersFirst continues to maintain a close relationship with the students by offering services exclusive to credit union members such as financial literacy, special rewards programs and one-on-one guidance and support.

At year end, South State Bank was impressed by the high percentage of accounts that remained open and wanted to reward those students. In the coming weeks, 25 participants will receive a letter and a $25 incentive to acknowledge their commitment to positive financial habits long after the completion of the Summer 500 program.

Step Up Savannah, the CFE Fund, and the City of Savannah will continue this partnership this summer.