Eligible BHA Families Offered $500 Incentive to Participate in Boston Saves

The City of Boston today announced that Boston Saves, the City’s children’s savings account program, is offering an incentive to eligible Boston Housing Authority (BHA) families. Currently, all Boston Public Schools (BPS) students in K2-5th grade have been given Boston Saves accounts. This special incentive was created to encourage students who are living in BHA properties and are also eligible for Boston Saves to further engage in the program. BHA eligible families who complete an application by May 1, 2025, will be entered into a lottery to earn an extra $500 for their child’s Boston Saves account. This money, in addition to the $50 provided into every Boston Saves account, can be used to pay for their child’s future college or career training upon graduation.

“Boston Saves has given students and families a chance to get a head start in planning their economic futures,” said Mayor Michelle Wu. “I am grateful for our partnership with BHA for giving eligible families this special incentive to engage in all of the program benefits. I encourage all BHA families with BPS students to log in and take advantage of these economic tools.”

Managed by the Worker Empowerment Cabinet and Boston Public Schools, Boston Saves provides every BPS K2 student with a college savings account (CSA) seeded with $50 to give families a boost for their child’s future. Since its launch, Boston Saves has allocated over $1.7 million, including over $320,000 in family-earned incentives, to over 27,000 student accounts. The program also allows families to earn additional Boston Saves Dollars for their child’s account through ongoing incentives and access to financial education resources that make saving easier. 

In 2024, Boston Saves and the Boston Housing Authority piloted this special incentive to support students in BHA housing with Boston Saves accounts. Through this partnership, 268 students earned $500 each last fall, a total of $134,000 for their accounts. Incentives like these are especially valuable as they encourage families to take the necessary first step of logging into their accounts, thereby unlocking the program's benefits. 

When a family logs in to the Savings Center, they can:

• See the money in their child’s Boston Saves account
• Link their own financial account to the Savings Center to track all their savings for their child in one place, and earn an additional incentive
• Earn more money for their child’s Boston Saves account by taking simple steps like reading with their child or saving regularly 

“Having worked at BHA, this partnership gives me great pleasure and, more importantly, will result in 500 young people beginning to take control of their academic or occupational future,” said Chief of Worker Empowerment, Trinh Nguyen. “I encourage all eligible families to take advantage of Boston Saves and give their child(ren) the financial boost they need to succeed.”

“We are proud to partner with Boston Saves on this exciting investment in the dreams and ambitions of BHA’s children,” said BHA Administrator Kenzie Bok. “We know that our young residents have a great deal of talent and passion to bring to our communities here in Boston, and this tangible investment in their future will support them and their families on their journeys to unlock all that potential.”

A total of 500 students are being selected by lottery to receive the incentive. 268 were already chosen in the first round of funding, so 232 students will be selected in this spring allocation. All other eligible students will be placed on a waitlist and entered into a lottery if more funding becomes available. To enter the drawing, go to bostonhousing.org/bostonsaves and fill out the form. Eligible students have received an email about this incentive. For more information on Boston Saves, visit boston.gov/boston-saves.