Frequently Asked Questions
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.
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.
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.
Yes. Your account will earn interest. See CP Federal Credit Union for current rates.
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.
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.
Your account is not subject to balance or transaction fees.
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.
There are three ways you can make a deposit.
- You can visit any CP Federal Credit Union branch, including your student run credit union at participating schools. Special envelopes are provided for Jackson Saves deposits. You will need to provide your account number, the name of your school, and your student ID for each deposit.
- 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 CP Federal 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.
Yes. There is a $50,000 maximum limit for the life of the account. Subject to change without notice.
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 CP Federal Credit Union.
CP Federal 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.
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.
You can contact CP Federal 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.
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.
Please contact CP Federal Credit Union to arrange an extension of the Jackson Saves program.
Interest earned on private deposits not used for educational purposes may be subjected to IRS reporting; please seek professional tax advice.
No. Deposits are not tax deductible.
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.
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 Federal Credit Union. This contact card will be included in the welcome kit sent to the address on record at the Jackson County ISD.
You are still considered a participant in the program. Please update your address by contacting CP Federal 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.
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%.
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.
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.
Your child will have access to the funds at the age of 26.
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.