Get Boston Saves Dollars

  • Earn Boston Saves Dollars

    Want to get more money for your child’s Boston Saves account? You can add Boston Saves Dollars by taking any of the three actions below!

    Action

    Boston Saves Dollars

    Link a financial account to your child’s Boston Saves account online. $25
    Save $25 for your child in a 3-month period.

    $5/period (up to $20/year)

    Read 20 days per month with your child in a 3-month period. $5/period (up to $20/year)

    1) Link a financial account to your child’s Boston Saves Account online.

    Boston Saves Dollars: $25

    What to do: First, be sure you have a financial account (savings, 529, or checking) set up for your child’s future. If you do not have an account like this, you can open a savings or checking account with a bank or credit union or open a 529 account through MEFA (Massachusetts Education Financing Authority) or through another state. Be sure to set up online banking so that you can log in to your account on the internet.

    If you do not want to open your own financial account, you may still open a custodial account,     which does not need a social security number of identification card. The custodial account is held for your child by the Boston Educational Development Fund. Contact bostonsaves@metrocu.org to open a custodial account.

    When the Boston Saves Online Savings Center starts in Fall 2019, you will be able to log in and link your financial account or custodial account to your child’s Boston Saves account. Sign up for family updates to get word when the Savings Center is online.

    How to make sure the money shows up in your child’s Boston Saves account:

    There is nothing more you will need to do. Boston Saves will add the $25 to your child’s Boston Saves account after you have linked a financial account.

    Why this action matters: 

    When you link your own financial account to your child’s Boston Saves account, you will be able to track all your savings for your child in one place: the Savings Center.

    2) Save at least $25 for your child in a three-month period.

    Boston Saves Dollars: $5 for each three-month period. That’s up to $20 in a year!

    What to do: Start saving money in the financial account you’ve linked to your child’s Boston Saves account. Be sure the money in this linked account rises by at least $25 over any of these three-month periods:

    • January-February-March
    • April-May-June
    • July-August-September
    • October-November-December

    Please note: The total money in your linked account must go up by at least $25 in one of these periods. For example, if you have $30 in your account on January 1st, you will need to have at least $55 in the account by March 31st to earn Boston Saves Dollars. This is a good reason to try to not take money out of the linked financial account.

    How to make sure the money shows up in your child’s Boston Saves account:

    There is nothing more you will need to do. Boston Saves will add the $5 to your child’s Boston Saves account after your linked account goes up by $25 in one of the three-month periods.

    Why this matters:

    Getting used to saving regularly – even just a bit at a time – will make sure that your savings for your child keep growing.  

    3) Read 20 days per month with your child in a three-month period.

    Boston Saves Dollars: $5 for each three-month period. That’s up to $20 in a year!

    What to do: Read with your child for 20 minutes a day, 20 days per month, during any of these three-month periods:

    How to make sure the money shows up in your child’s Boston Saves account:

    Click on the three-month period (above) in which you read with your child. Then fill out the form. When you do, Boston Saves will add $5 to your child’s Boston Saves account.

    Why this matters:

    Reading with your child can help their reading skills and success in school. Studies show that if your child is on-track with their reading skills by the third grade, they will be 4 times more likely to finish high school.