The Resource
The Organization – Prosperity Now (formerly CFED) maintains a map based tool of children’s savings account programs around the country.
Prosperity Now defines Children’s Savings Account (CSA) Programs and Children’s Savings Initiatives in the following way (exact verbiage):
Children’s Savings Account (CSA) Programs
CSA programs provide long-term savings accounts that help children (ages 0-18)—especially low-income children—build savings for their future. CSA programs differ, but they all have three defining features:
- Incentive structures to grow savings, such as initial seed deposits or savings matches
- Savings designated for postsecondary education or for purchasing another type of asset (e.g., a house, small business)
- Incentive funds that are restricted to paying for postsecondary education or another allowable asset
Other Children’s Savings Initiatives
These other types of initiatives help children save but do not have all three of the CSA features listed above. Examples include:
- A bank at school program that helps children save in accounts for any purpose
- A conventional 529 college savings account opened by parents for their children that does not provide incentives to grow savings
I haven’t seen this resource pop up in my RSS feeds, so I figured that I would pass it on – on the chance that it might be helpful to you.
Summary
- Presumably only valuable to those with children in their lives,
- And residing in specific geographic areas.
- And some programs are gated with income/financial restrictions
So if DoC demographics resemble those of r/churning this post might not be widely applicable to the community.
But I figure as a community we’re united in our attraction to good financial incentives … every day is a great day to start building wealth [prosperity now 🙂 ]. And I’ve found child savings programs to be a treasure trove. We started listing some child savings bank account outliers (Chevron, DFCU, …) in this post.
If you find any of the programs highlighted in this resource valuable (or are familiar with other child savings targeted programs) we would love to know.
All the Best!
