CINCINNATI — Cincinnati leaders and community partners launched the Children's Savings Account Program this week, which will provide 150 qualifying preschool children with up to $533 toward a savings account this year.

What You Need To Know

  • The partnership is will the United Way of Greater Cincinnati, Cincinnati Preschool Promise and Fifth Third Bank

  • Families are eligible if they make less than 300% of the federal poverty level, which is about $111,000 for a family of four

  • More information can be found on United Way of Greater Cincinnati's website

Cincinnati Mayor Aftab Pureval made the announcement Wednesday in partnership with United Way of Greater Cincinnati, Cincinnati Preschool Promise and Fifth Third Bank. 

Pureval said the funds will help families begin to plan for a two-year, four-year or vocational education after high school. 

"Our research tells us that this kind of down payment on education planning can make a profound impact on the life outcomes of a child. And with this pilot, we have the opportunity to put that research into practice and hopefully help change lives," said Pureval. "This is yet another moment when we are leaning into innovation and crafting new ways for government and private partners to advance equity in Cincinnati."

Families are eligible if they make less than 300% of the federal poverty level, which is about $111,000 for a family of four. The accounts will also be through Ohio's 529 Plan which is tax free. 

For those who are selected for the program, there will be an initial deposit of $100, and the city will deposit an additional $100 for meeting up to four incentives throughout the year:

  • 85% attendance rate that school year
  • Not withdrawing
  • Filing family taxes
  • The family invests any amount into the account over the course of the year

Additionally, the 529 plan can grow overtime with interest.

For more information, click here.