The City of Cambridge today announced the launch of a new program for Cambridge Public Schools (CPS) kindergarten students and their families for the 2021-2022 school year, called the City of Cambridge Children’s Savings Account (CSA).
To help children begin investing for their future, the City of Cambridge and Cambridge Public Schools have partnered with East Cambridge Savings Bank (ECSB), a local bank in Cambridge, to open savings accounts for kindergarten students and deposit $50.00 on their behalf, to help students begin their savings journey early.
“Helping kids in Cambridge invest in their futures at a young age will set them up for success down the road,” said Mayor Siddiqui. “I am pleased that this effort will make financial literacy more accessible for families and in turn make Cambridge a more equitable city.”
This program will encourage young children to save early and learn about the importance of having a financially secure future and savings for college, vocational school, or post-secondary education. For each participating student, ECSB will open a savings account and deposit $50.00. Each student enrolled in the program will be provided a savings Passbook where they can see their account balance and use it to conduct transactions.
“As someone who has spent over 40 years in finance, I understand the importance of ensuring the next generation has strong fiscal literacy skills,” said City Manager Louis A. DePasquale. “I want to thank the Mayor and City Council for their leadership and East Cambridge Savings Bank for their collaboration in making this program possible. This public-private partnership exemplifies the strong commitment our local business community has to the residents of Cambridge.”
East Cambridge Savings Bank will also provide financial education courses for all CPS kindergarten students so they can learn about important financial habits, banking, saving, and spending.
“The Bank has a long and proud history of supporting Cambridge public school students,” said Gilda M. Nogueira, President and Chief Executive Officer of East Cambridge Savings Bank. “Whether it’s operating our educational training facility and branch at Cambridge Rindge and Latin School, providing internships and job opportunities, or teaching financial literacy in Cambridge public schools, the Bank is always looking for ways to support young people in Cambridge. We are incredibly proud to partner with CPS and help kindergarten students start saving for their futures.”
East Cambridge Savings Bank will fund the account with $50.00. The initial deposit of $50.00 must remain on balance in the account until the account owner reaches 18 years of age. All other funds deposited during the length of the account are available for withdrawal at any ECSB location.
"Cambridge Public Schools is grateful for the partnership between the City of Cambridge and East Cambridge Savings Bank to launch the Children's Savings Account program," said Interim Superintendent of Schools Victoria L. Greer. "We encourage all CPS kindergarten families to join the program and start saving early for their children's future."
Families who are interested must sign up to participate in the program, and enrollment forms will be mailed directly to the households of eligible Cambridge kindergarten students. If families need assistance, they can visit an ECSB branch or call the bank at 866-354-3272 for help.