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First-Of-Its-Kind Children's Savings Account Launches In Miami-Dade

MIAMI (CBSMiami) - Young students attending public elementary schools in the City of Miami will soon get an early financial boost thanks to their very own savings account.

Miami-Dade Schools Superintendent Alberto Carvalho, along with other county officials, announced Tuesday the launch of a first-of-its-kind children's savings account program.

Miami Mayor Francis Suarez tells CBS4 the program known as Future Bound Miami was created to help children succeed and be prepared for higher education.

"Every single student born in the City of Miami has an opportunity to be successful. That's my pledge to our residents and that's part of our pathway to prosperity and having a Miami that's not just here forever but that's here for everyone."

On Tuesday morning Carvalho tweeted that "This is just the beginning!"

He mentioned, "Future Bound Miami is starting in 30 schools in the City of Miami, thanks to the city's financial commitment to this program. If it's good for some, then it's good for all. This program will eventually expand to all zip codes across the Miami-Dade Schools District."

Education official stress universal savings accounts for children put postsecondary education within reach by allowing students and families to accumulate savings and increase educational expectations.

Officials said the initiative will be the first of its kind in the state and may eventually become the largest CSA program in the country.

The program will be implemented in phases throughout the School District, officials said.

Officials say parents or guardians of kindergarten students, who attend a Miami-Dade elementary school located within the City of Miami, will be able to activate their child's account through December 6.

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