Heritage Helps: Children's Savings Account Program / Tacoma Housing Authority

In 2017, Heritage Bank partnered with the Tacoma Housing Authority (THA) and committed $500,000 over seven years to support their Children’s Savings Account program. The program originally sponsored a group of students from Lister Elementary and First Creek Middle School. However, in 2020, the THA redesigned and expanded the program to make it available to all children in the Salishan community.

About the program

The program offers asset-building children’s savings accounts to help fund future goals. They can be started as early as birth, and they often pay for the child’s education after high school. Accounts typically start with an initial deposit and grow with the family’s deposits. Research shows that lowincome children with these accounts are several times more likely to graduate from high school and college than their peers without these accounts.

Other key elements

• Family savings accounts through the Washington State 529 Guaranteed Education Tuition (GET) program

• Families can earn dollars from THA by completing milestones through pathway planning and financial education

• Access to the saving’s account contribution upon completion of the journey, high school and enrollment in a post-high school education or training program

• Access to financial literacy education and coaching

Successes

To date, THA has enrolled 208 students in the program, and the families have deposited a total of $7,085 into their children’s savings accounts. 2022 is the first graduating class, with 10 scholars completing the program and requesting payout to use towards college housing and transportation costs.

• Four students have been accepted into a four-year university and plan to pursue various degrees, including business management, teaching and dance.

• Four students plan to pursue trades, including nursing and culinary arts, at a two-year college/trade school.

• Two students plan to join the workforce.