Rochester launches children savings account program
Rochester, N.Y. — Rochester is making new investments in the future of its youth.
The city has launched the R-Future Fund, a universal savings account for children.
Kids of Rochester residents who are enrolled in kindergarten for the current or next school year will be eligible for an account. Each child will receive a $20 deposit into a savings account, and those living in the city's poorest zip codes — 14605, 14608, 14611 and 14621 — will get an additional $20.
Families will have opportunities to receive bonus deposits during their first year in the program by participating in activities like financial literacy events or opening a library card.
"We know that parents, caregivers across Rochester work hard everyday to provide for their families," said Mayor Malik Evans. "They make sacrifices, they plan ahead and do everything they can to create opportunities for their children. As a city, we should be doing the same, and that's what the R-Future Fund is all about."
The pilot program aims to help families begin to build toward future educational, career, and financial goals through savings and financial education.
"At the heart of this program is a simple belief: every child deserves the opportunity to dream big and build a bright future regardless of their circumstances," Evans said.
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The city teamed up with ESL Federal Credit Union and Canandaigua National Bank to fund the program.
CLICK HERE to learn more about R-Future Fund or to enroll a child.
