There are four requirements you will need in order to successfully implement your America Saves for Young Workers program. America Saves can help you work through these steps including working with financial institutions to provide appropriate accounts.
1. Direct Deposit
- The most successful savers have two accounts - one for spending and one for saving. The America Saves program instructs employees to complete your direct deposit form at orientation and designate an amount to save into a separate account if you provide split pay. If not, we encourage automatic transfers through their financial institution from one account to another.
- Using a prepaid card or payroll card? You will need to provide information on how young workers can save into a separate bucket within the card or how they can save into a separate account. This information will be inserted into your customized America Saves Program.
2. Establish a Relationship with a Financial Institution
- Work with a local financial institution that can provide employees with no-fee, low opening balance accounts with direct deposit into both a savings and checking account. This information will be inserted into your customized America Saves Program to give employees an opportunity to learn more about these accounts and, if applicable, open an account before orientation.
3. Know Where and How You Will Implement the Program
In order for employees to complete the America Saves program, you will need to send them your personalized program link. You can do this in many different places. The most successful programs encourage youth employees to complete the program before orientation and include the program link in one or more of the following places:
- Notice of hiring
- Follow up email with next step instructions
- Certification instructions
4. Reporting Program Data
At the end of the program we will ask you to provide us with:
- Number of employees hired
- Number of employees signing up for direct deposit
- Number of employees splitting a portion of their pay to a savings account
- Number of new bank accounts opened
- Amount saved into savings accounts
This information will help demonstrate the success of your program.
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