The City of Cambridge today announced the launch of a new program of Cambridge Public School Kindergarten (CPS) students and their families for the 2021-2022 school year, known as the City of Cambridge Children’s Savings Account (CSA).
To help children start investing for their future, the City of Cambridge and Cambridge Public Schools have partnered with East Cambridge Savings Bank (ECSB), a local Cambridge bank, to open savings accounts for students Kindergarten and deposit $ 50.00 on their behalf, to help students start their savings journey early.
Mayor Siddiqui. “I am delighted that this effort makes financial literacy more accessible to families and, in turn, makes Cambridge a more equitable city.
This program will encourage young children to save early and discover the importance of having a financially secure future and saving 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 receive a savings book where they can see their account balance and use it to make transactions.
“As someone who has spent over 40 years in finance, I understand the importance of ensuring the next generation has strong tax skills, ”said CEO Louis A. DePasquale. “I would like to thank the The mayor and the municipal council for their leadership and East Cambridge Savings Bank for their collaboration to make this program possible. This the public-private partnership illustrates the strong commitment of our local business community to residentss from Cambridge.“
East Cambridge Savings Bank will also offer financial education classes to 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 students in Cambridge Public Schools,” said Gilda M. Nogueira, President and CEO of East Cambridge Savings Bank. “Whether it’s operating our training center and branch at Cambridge Rindge and Latin School, offering internships and employment 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 future.
East Cambridge Savings Bank will fund the account with $ 50.00. The initial deposit of $ 50.00 must remain in the account balance until the account owner turns 18. All other funds deposited during the term of the account can be withdrawn at any location within the ECSB.
“Cambridge Public Schools are grateful for the partnership between the City of Cambridge and East Cambridge Savings Bank to launch the Children’s Savings Account Program,” said the Acting Superintendent. schools Victoria L. Greer. “We encourage all CPS Kindergarten families to join the program and start saving early for their children’s future.
Ffriends who are interested must sIregister to participate in the program, and the registration forms will be sent directly to Household choress of eligible Cambridge Kindergarten students. Yes families need assistance, they can visit an ECSB branch or call the bank at 866-354-3272 for to help.
Additional information and required forms can be found here.