Back to School Savings Lessons for Students and Parents from Xiomara Olvera_Children social distancing with backpacks

Back to School Savings Lessons for Students and Parents from Xiomara Olvera

Back to school is a time of excitement and new learning experiences for our kids, students and teachers. It is also a busy time for parents to prepare for everything their kids will need to start school, particularly as they remain at home in a virtual learning environment. It’s also an excellent opportunity to harness that energy and review school savings lessons for students.

Teachers founded OnPoint in 1932, and we continue to honor our founders’ legacy by supporting community access to quality education despite COVID-19 keeping schools closed. Xiomara Olvera, Member Relationship Officer at our Gresham Branch, has three tips for parents as the unprecedented 2022-2023 school year begins:

  • Start saving for college now. “The earlier you start a college savings fund account, the better prepared you will be by the time your kids go to college. Let grandparents and other family know that your kids have a college savings account and that helping contribute to their college fund will be more meaningful than adding to their pile of toys. I know this from personal experience. I did not save for my eldest daughter’s college education; instead, buying her a ton of toys. I learned the hard way and began saving for my third and youngest daughter’s college education when she was a baby. She is now a sophomore at Oregon State University and I had her first year covered by savings and I am ahead of the game today as my daughter begins her sophomore year.”
  • Make your money work for you. “Open a high-yield savings account to start building your children’s college savings fund. We launched our OnPoint Savers Account last year, which is a high-yield, big impact savings account for members 17 and younger. When you open your child’s membership with a minimum of $25, OnPoint will deposit an additional $55*. In addition to saving for college, Savers is an awesome opportunity to teach financial skills at a young age and continue to encourage healthy savings habits as they watch their funds grow with a 5.00% APY** on the first $500.” To open a Savers account for your child, visit
  • Engage your kids on the importance of financial literacy. “Engaging kids on money topics now, especially during this time of uncertainty, will instill responsible habits early and empower them to take control of their personal finances, even if it just starts with a weekly allowance. Start by setting a goal together that everyone in the household works toward (a fish tank, ice cream maker, computer, etc.). Having a goal to work toward—no matter how large or small—can help young people feel like they have some control and a positive future even in unprecedented times.”

About Xiomara Olvera

Xiomara Olvera works closely with the community, helping them achieve their financial goals. She has worked at OnPoint for 12 years as a loan officer, small business specialist, and most recently, as a Member Relationship Officer where she helps open and service personal and business accounts. She also serves as a financial literacy volunteer for Financial Beginnings, teaching students in Gresham foundational financial skills.

For more savings tips and college resources for continuing education, visit our financial literacy and college planning resource Enrich.


*OnPoint Savers Account rate of 5.00% APY is accurate as of April 1, 2022 and subject to change. Stated APY is for balances up to $500; balances over $500 earn posted Regular Savings Account rate. Account must be established for members age 17 or younger by parent or guardian with a minimum $25 deposit. Parent or legal guardian must be on the membership and present to open the OnPoint Savers Account. When primary member attains the age of 18, accounts will be converted to Regular Savings Account, earning that account’s published rate at that time. Fiduciary memberships, including UTTMA and Minor Settlement Accounts are not eligible for OnPoint Savers. One OnPoint Savers Account per member/TIN. One $55 bonus per tax ID for new members only. Bonus will be deposited to the new Savers account by the next business day and will be included on a 1099-INT for tax purposes. Cannot be combined with other offers for opening a new membership, such as new branch promotions or Refer a Friend.

The full account balance APY is calculated by combining the 5.00% APY earnings on the first $500 with the standard APY on the remaining balance above $500.
**APY=Annual Percentage Yield.
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