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Nelnet Bank introduces K-12 high-yield savings

EditorRachael Rajan
Published 02/06/2024, 04:24 PM
© Reuters.

DRAPER, Utah - Nelnet (NYSE:NNI) Bank, a member of the Federal Deposit Insurance Corporation (FDIC), has announced the introduction of its K-12 High-Yield Savings Accounts. This new financial product, created in collaboration with FACTS, aims to support the financial health and growth of K-12 educational institutions by offering competitive interest rates without monthly maintenance fees.

The K-12 High-Yield Savings Accounts feature five customized tiers that allow for daily compounding interest, tailored to meet the specific financial needs of K-12 schools. The partnership with FACTS, a Nelnet company that provides a suite of educational services to over 11,500 schools, underscores Nelnet Bank's commitment to the education sector.

Julie Buchholz, Chief Operations Officer at Nelnet Bank, emphasized the bank's dedication to providing schools with "a trusted financial partner and a pathway to sustainable growth." The absence of monthly maintenance fees and the provision of quick access to funds are designed to ensure that schools can manage their savings effectively and respond to financial demands with agility.

Scott Spethman, President of FACTS, expressed enthusiasm about the partnership, stating that the K-12 High-Yield Savings Account is "specifically designed to meet the financial needs of schools," allowing them to concentrate on their educational objectives.

Nelnet Bank, backed by Nelnet Inc ., offers a range of financial products including private student loans, student loan refinancing, home improvement loans, business CDs, and high-yield savings accounts. The bank's focus extends beyond student funding options, aiming to support customers throughout various stages of their financial journey.

The information in this article is based on a press release.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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