Boston Saves is a children’s savings account program. It helps families save and plan for their child's future college or career by giving each Boston Public Schools (BPS) K2 kindergartner an account with $50. Families can get even more money for their child, called Boston Saves Dollars, and track those savings in the Boston Saves Savings Center.
How to save for your child’s future
Welcome, Boston Saves families! We are so glad you have started planning now for your child’s future college or career training. Here are a few ways you can start planning and saving for your child’s future with Boston Saves.
Log in to the Savings Center. When you log in to the Savings Center, you can see the money in your child’s Boston Saves account. You can also link a financial account of your own. This way, you can see all of your savings for your child in one place online.
Open a financial account for your child’s future. Your child will have a Boston Saves account for their Boston Saves Dollars. But, to save your own money for your child, you will need to open a financial account for their future. This can be a savings, checking, or 529 account. Boston Saves and Metro Credit Union also offer a custodial account that does not need a social security number or identification card. Whichever kind of account you open, be sure to set up online banking so that you can log in to your account on the internet.
Get Boston Saves Dollars for your child. You can increase the $50 in your child’s Boston Saves account to as much as $115 in the first year by participating in incentives. There are three ways to get extra Boston Saves Dollars:
- Link a financial account to your child’s Boston Saves account online ($25)
- Save $25 for your child in a three-month period ($5/period, up to $20/year)
- Explore books with your child for 20 days per month in a three-month period ($5/period, up to $20/year)
Why use the program
Our vision is to create a citywide culture that supports the educational and career aspirations of Boston’s children and their families. We do this by empowering families to save and plan for their children’s futures with the support of their city, schools, and community.
- families with children’s savings accounts are more likely to see college as a goal for their children, and
- low-income children with $500 or less in a savings account for college are three times more likely to enroll in college. They are also four times more likely to graduate from college.