Frequently Asked Questions
What is Jackson Saves?
Jackson Saves is a free children’s savings account program designed to assist with education and training expenses after high school.
Any incoming kindergarten student enrolling in a participating public or public charter school is eligible to opt-in to the Jackson Saves program, as part of the kindergarten enrollment process. All kindergarteners who opt into the program will receive a $50.00 opening deposit into their Jackson Saves account. (Opening deposit is based on the availability of funds.)
The program is managed by TRUE Community Credit Union in partnership with the Jackson Community Foundation, the Jackson Intermediate School District and your child’s school.
How do I enroll my child?
Jackson Saves is part of the kindergarten enrollment process at your child’s school. When enrolling your child for kindergarten or young fives, you should receive a Jackson Saves form to opt your child into the program. Complete this form and return it with your completed kindergarten enrollment packet to your school’s secretary.
If you do not see this form in your packet, please check with the secretary at your school. All students enrolled in Kindergarten by September 30, will have their Jackson Saves account opened in January.
What type of account is used?
Jackson Saves Accounts are deposit only accounts. The account is comprised of a share savings account and two 12-month renewable share certificates (CDs).
- A share certificate will be for student funds (student deposits)
- A share certificate for foundation funds (community donated deposits or incentives).
The funds deposited by the student are kept separate from those funds donated and provided through the Jackson Community Foundation.
Do I own the account?
The Jackson Community Foundation is the owner of the account and funds are held for the benefit of the student to cover education or training expenses after high school. This permits us to include students with little or no impact on their parent’s income, benefits or taxes. The student funds always belong to the student and after paying for education expenses, any remaining funds in the student fund CD will be made available to the student at the age of 26.
Does my account earn interest?
Yes. Your account will earn interest. See TRUE Community Credit Union for current rates.
Is there a minimum deposit requirement to open an account?
For this account program, there is no minimum balance, as The Jackson Community Foundation will make your first deposit using funds generously donated to the Jackson Saves program.
When will the accounts be opened?
Accounts will be opened in January for all incoming kindergarteners ( and young 5’s) registering and opting into the Jackson Saves program by September 30.
What fees will be charged to my account?
Your account is not subject to balance or transaction fees.
May I or my family members make additional deposits?
All students and family members can make additional deposits. These deposits will be made into the share savings account and then transferred to the student funds CD at the end of the day.
How do I make a deposit to my account?
There are three ways you can make a deposit.
- You can visit any TRUE Community Credit Union branch, including your student run credit union at participating schools. Special envelopes are provided for Jackson Saves deposits.
- In addition, you can set up ACH deposits from other financial institutions to their Jackson Saves account using the routing number: 272481583 and their Jackson Saves account number.
- If you’re already a member of TRUE Community Credit Union, please consider a member-to-member transfer. When you conduct a transfer, it will be required that you enter the first three letters of the “last name.” For the Jackson Saves accounts, you will need to enter JAC when the last name is requested.
Are there limits on how much I may deposit?
Yes. There is a $50,000 maximum limit for the life of the account. Subject to change without notice.
How do I make a withdrawal from my account?
This is a deposit only account designed to pay for education and training expenses after high school. All payment requests for education and training expenses will be submitted to TRUE Community Credit Union.
TRUE Community Credit Union will review all requests for payment to ensure they meet the requirements set forth by the Jackson Saves steering committee. Once approved, the requests will be presented to the Jackson Community Foundation for payment authorization. Payments will be made directly to the education or training provider.
What if I don’t use all of the funds in my account?
Once a student turns 26 years of age, all unused student funds will be disbursed to the student. All unused foundation funds will go back into the Jackson Saves program. Foundation funds are funds that have been generously donated by the community to Jackson Saves through the Jackson Community Foundation such as, the initial deposit and any incentive program deposits made throughout the life of the Jackson Saves program.
What if I graduate from college and still have funds left in my account?
You can contact TRUE Community Credit Union and complete an Educational Completion Withdrawal form. Any remaining student funds will be sent to the student. Any remaining foundation funds will go back to fund additional Jackson Saves accounts and the account will be closed.
What if my family encounters a hardship?
Hardship withdrawals will only be permitted in the case of a student being diagnosed with a terminal illness or is deceased. Any foundation funds remaining will be returned to the Jackson Saves program and any student funds remaining will be returned to the student or the student’s estate.
What if I join the military before college?
Please contact TRUE Community Credit Union to arrange an extension of the Jackson Saves program.
Do I or my parents have to claim the interest earned as income?
Interest earned on private deposits not used for educational purposes may be subjected to IRS reporting; please seek professional tax advice.
Are my deposits tax deductible?
No. Deposits are not tax deductible.
Who can inquire about my account?
A parent or guardian can be added to the account as an account contact only. This will only allow them to inquire about balances and update your address with CP Financial Credit Union. This contact card will be included in the welcome kit sent to the address on record at the Jackson County ISD (The Jackson County ISD works with all public schools throughout Jackson County.) The Jackson $aves enrollment form also includes a box for parents to check to indicate that they would like to be on the account as a contact record.
To confirm a parents identity and relations to the child, they will need to include the child’s secure and confidential student UIC code on the contact form. This code is available only through your child’s school. The UIC code is very confidential and your child’s school may require you to appear in person and provide two forms of identification. Think of the UIC number as a social security card for your child’s education and transcript.
The Contact Record form will need to be returned to TRUE Community Credit Union.
Update: The enrollment form form includes a place for the parent to be added as a contact record by checking a box and providing the parent contact information. If the box is not checked and a parent would like to be added to the account as a contact record at a later date, they can do so by completing a contact record form.
What if I move?
You are still considered a participant in the program. Please update your address by contacting TRUE Community Credit Union.
It is important to keep your address updated so we can provide you with updates on your Jackson Saves account throughout your k-12 education and beyond.
We honestly cannot afford to save much, and college is so expensive. Why should we bother?
Often just having an account can mean the difference between being able to attend college or not. True, savings alone may not cover the full cost. But if that’s your situation, you’re not alone.
Most students who apply for financial aid qualify for grants, work-study, or subsidized loans. Also, every dollar of savings offsets the need to borrow, giving a child even more of a head start toward a productive career. By saving just $20 a month ($5 a week) starting in kindergarten, you’ll build up enough money to make a difference. Take a look at how that adds up assuming a fixed rate of 3%.
Why can’t I withdraw the money in my Jackson Saves account at any time?
The Jackson Saves account exists to help make higher education or training a possibility for every student. As a result, contributions are bound to that purpose, and funds are distributed only when a child enters post-secondary education or a qualified training program.
Why do I have to wait until I am 26 to receive the funds that I have contributed to my account?
We understand that sometimes people may not go to college right after high school and they may decide to wait a year or two to determine what education or training program is right for them. Others might attend right after high school and decided to pursue a graduate degree. Ending the Jackson Saves program at age 26 provides students with flexibility and time to choose the best education or training to suit their needs.
What if I no longer want my child to participate, but we have contributed funds?
Your child will have access to the funds at the age of 26.
If I don’t initially enroll my child during kindergarten enrollment will I be able to enroll them later?
The Jackson Saves Program opt-in form is only available as part of the kindergarten enrollment process at your school. Students not enrolled during their kindergarten enrollment process will not be able to enroll later.