Mayor's Office Announces Children Savings Accounts in Partnership with East Cambridge Savings Bank

This week, a letter was sent to all Kindergarten families in Cambridge informing them of the new City of Cambridge Children’s Savings Account (CSA) program. 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.

To help children begin investing for their future, the Mayor's Office, the City of Cambridge, and Cambridge Public Schools have partnered with East Cambridge Savings Bank to open savings accounts for Kindergarten students and deposit $50 on their behalf. This program will help students begin their savings journey early and will provide access to voluntary financial education courses. The goal is that all Kindergarten students will have the opportunity to learn about important financial habits, banking, saving, and spending.

“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.”

Read the program details here:
How does the program work?
● Families must sign up to participate in the program.
● For each participating student, East Cambridge Savings Bank will open a savings account and deposit $50.
● Each student enrolled in the program will be provided a savings Passbook where they can see their account and conduct transactions.
● Students and families can also enroll in Online and Mobile Banking.

How do I sign up for the Children’s Saving Account? There are three ways to enroll:
● Complete the enclosed form and mail it to East Cambridge Savings Bank using the envelope provided, OR
● Visit the bank in-person at 292 Cambridge Street in East Cambridge or 1310 Cambridge Street in Inman Square, OR
● Call the Bank at 866-354-3272.

Please direct any questions to the Mayor’s Chief of Staff, Michael Scarlett at mscarlett@cambridgema.gov.