FAQ

Each new K2 kindergarten class in BPS gets Boston Saves accounts. These accounts stay with the students as they grow older. This means that in the first year of the program (2019-2020), only K2 kindergarten students had accounts. In the second year, it was students in K2 and 1st grade. In the third year, students in K2, 1st, and 2nd grade, etc.

At certain “pilot schools,” some students in higher grades are also able to get Boston Saves accounts because their schools started the program sooner. (See the table on the homepage for details.)

All BPS students and their families will be able to make use of the program’s tips and events.

No, not for being in the same family. A student’s ability to get a Boston Saves account is based on their grade and school. (See the table on the homepage to learn more.)

A family of a student who is able to get a Boston Saves account does not need to sign up. Their child will get a Boston Saves account without having to do anything else.

Families of students who are not able to get accounts can sign up for the Boston Saves family newsletter to learn of events and other help available to them.

If a child leaves Boston Public Schools, their Boston Saves account will not be able to get any new Boston Saves Dollars, but any Boston Saves Dollars already in the account will stay. The student can still get this money when they start college or career training.

A child who joins a class that already has Boston Saves accounts will be able to get an account as well.

Any savings, 529, or checking account can be linked to a Boston Saves account. Families who do not wish to open a financial account of their own may link a custodial account instead.

Learn more about these accounts.

A custodial account works just like a savings account, except that no social security number or identification card is needed. Also, the money in the account has no effect on a family’s public benefits. This is because the account is held for the child, not by a family, but by the Boston Educational Development Foundation. Contact bostonsaves@metrocu.org to open a custodial account.

A Boston Saves account:

• Is in the child’s name
• Is held by the Boston Educational Development Foundation
• Holds Boston Saves Dollars (money given to a child by Boston Saves)
• Cannot have money taken out until the child enters college or career training

A linked account:

• Is in the name of a family member or the child
• Is held by the bank or other financial institution where it was opened
• Holds a family’s own savings
• Can have money taken out by the family at any time

No. The money in a child’s Boston Saves account stays in the account until the student enters college or career training.

No. The money in a child’s Boston Saves account does not affect a family’s public assistance, because the account is not held by the family. All Boston Saves Dollars are held by the Boston Educational Development Foundation.

The money held in a family’s linked savings, checking, or 529 account, though, can affect their public assistance.

No, the money in a child’s Boston Saves account does not gain interest. A family’s own financial account, though, may gain interest, depending on the kind of account.

A student can use the Boston Saves Dollars in their account when they turn 18 and have finished high school or gotten their GED or HiSET.

Boston Saves Dollars can be used to pay for community college, four-year college, graduate school, career training, technical certificates, or any other form of accredited higher education.

For students with disabilities, the money can also be put into their ABLE (Attainable Savings Plan) account for future disability-related costs.

A student must use the money in their Boston Saves account before they turn 27. If a student does not use their money by this time, they will give up the Boston Saves Dollars in their account. This money will be used by the program to help new students with their savings goals.