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 CP Federal Credit Union in partnership with the Jackson Community Foundation and the Jackson Intermediate School District.

When will the accounts be opened?

Accounts will be opened in January for all incoming kindergarteners registering and opting into the Jackson Saves program before the fall student count day. Any kindergarteners registering for kindergarten later during the school year, will have an opportunity to opt-in to the Jackson Saves program. The Jackson County ISD will provide us with data again in the spring and in the middle of the summer to ensure we did not miss anyone in the registration process. Welcome letters will be sent to parents shortly after the account is open.

What if I join the military before college?

Please contact CP Federal Credit Union to arrange an extension of the Jackson Saves program.

How will I know what my balance is?

The Jackson Saves welcome kits will provide instructions on how to register for online account viewing. In addition, a annual statement will be provided in July.

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%.

*hypothetical interest rate to illustrate the benefits of savings.
Interest rates are subject to change. Www.saving.org
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. Students not enrolled during their kindergarten year will not be able to enroll later.