Boston Saves Provides Financial Boost to BPS Students, Setting them up Future Success

Trending...
During the 2024 ~ Boston Saves, the City of Boston's children's savings account (CSA) program, has recently announced two promotions for the 2024-2025 school year. These incentives were designed to raise awareness and encourage families to participate in the program, which is a joint effort between the Center for Working Families and Boston Public Schools (BPS).

Since its launch in 2016, Boston Saves has provided every BPS K2 kindergartner with a CSA seeded with $50. This money can be used for future college or career training after high school graduation. In addition to this initial seed funding, the program also offers regular incentives and financial education resources to help families save more for their child's future. So far, Boston Saves has set aside approximately $1,450,000 in seed funding for over 28,996 students and an additional $352,500 in family-earned incentives.

At the beginning of 2025, Boston Saves ran its fourth annual January promotion. This promotion encouraged families of BPS K2 - 5th graders to log into the online savings platform. Families who logged in for the first time by the end of January earned an extra $25 for their child's account. The goal of this incentive was to motivate families to take that crucial first step towards unlocking all the benefits that Boston Saves has to offer. This year alone, 888 BPS families earned a total of $22,200 for their children's futures through this promotional offer.

More on Boston Chron
In Fall 2024, Boston Saves partnered with the Boston Housing Authority (BHA) to provide additional support for eligible BPS students living in BHA housing. Through a special incentive lottery, eligible families were offered an extra $500 for their child's Boston Saves account. This collaboration aimed to encourage more students living in BHA properties to engage with the program. As a result of this partnership, 268 students received a total of $134,000 in incentives to use for college or career training after graduation. A second lottery was held in Spring 2025, with an additional 232 students receiving the incentive for a total of $250,000 in family-earned incentives.

Although these promotions have ended, families are still encouraged to log into their accounts and take advantage of the program and future incentives. All K2 - 5th grade students in BPS have Boston Saves accounts, and families can access their accounts through the Savings Center. By logging in, families can see the money in their child's account, link their financial account to track all their savings in one place, and earn more money for their child's account by taking simple steps like reading with them or saving regularly.

More on Boston Chron
Families of students in select older grades may also have accounts if they were part of the Boston Saves pilot program or joined a pilot cohort. Those who believe their child is eligible but did not receive an email from bostonsaves@boston.gov can contact the Boston Saves team with their child's name, grade, and school. To learn more about the program and its benefits, visit boston.gov/boston-saves.

Boston Saves continues to make strides towards providing financial support for BPS students' futures. With these promotions and ongoing efforts to educate families on saving for their children's education and career training, Boston Saves is making a positive impact on the lives of thousands of students in the City of Boston.

Filed Under: Government, City
Show All News | Report Violation

0 Comments

Latest on Boston Chron