College Kids

College Kids

We have opened a savings account for every kindergartner in the City of St. Louis!

Background

College Kids Children’s Savings Account Program is a special program created by the City of St. Louis Treasurer’s Office with a purpose to provide all kindergartners enrolling in St. Louis Public Schools and St. Louis City charter schools with a savings account for post-secondary education, which will help make post-secondary education an option for everyone in St. Louis. A $50 deposit funded by the Treasurer’s Office is deposited for each of the approximately 2,800 incoming kindergartners with accounts each year.
1st Financial Federal Credit Union was chosen by the City of St. Louis Treasurer’s Office to open accounts and provide ongoing banking engagement for the program.

How we help

College Kids will raise critical matching incentives to get families emotionally invested in this wonderful program. These incentives include:

• Weekly Perfect Attendance: Students can earn $1/week during the school year for attending school and arriving on time for each day of school in session that week.

• Smart Saver: Deposits of at least $10 monthly will receive a $10 monthly match. The maximum for this incentive will be $100.

• Financial Education: Parents and guardians are able to earn an additional $50 in contributions by completing financial education courses in-person, online through Wells Fargo Hands on Banking® and through the College Kids smartphone app.

Results

In Fall of 2015, 1st Financial opened 2,800 deposit only college savings accounts for the students of St. Louis City!

“We are determined to do whatever we can to help the children of St. Louis have access to post-secondary education. This is available to any family, no matter their socio-economic background. We created this college savings program because it is the government’s responsibility to invest in its citizens, and that includes our children. Children want an opportunity to have a future and we are determined to help give them a future. 1st Financial has been a wonderful partner in our financial empowerment initiatives since shortly after I started in 2013. The ability to house the accounts at a credit union allows children and families to deposit additional funds at any branch that participates in the shared branch network, giving us a strong regional footprint. Additionally, the staff at 1st Financial stand ready to volunteer with us to make sure the program reaches as many as possible.”

—Tishaura Jones, Treasurer of the City of St. Louis.

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