Savings Programs & Policies
Too many Texans do not have the financial resources necessary to weather unexpected expenses, much less a devastating hurricane or pandemic. RAISE Texas is working to change this by addressing barriers to saving, expanding saving opportunities, and advocating for policies that support saving.
The following are examples of our work to advance savings opportunities in Texas:
Children's Savings
Children's Savings Accounts for College (CSAs) are long-term savings or investment accounts that help children ages 0-18 and their families save for post-secondary education.
RAISE Texas is currently providing technical assistance on Children's Savings Accounts in North Texas. Contact us if you are interested in starting a CSA in your area!
Here are a few highlights of our work on CSAs:
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DOLLARS for COLLEGE
Based on lessons learned from previous pilots and rigorous research into financial vehicles and CSA models, a new Dollars for College Program launched in two school districts in the Dallas area in 2019. Using the my529 account platform and different incentives, the program is successfully helping families open college savings accounts. -
DOLLARS for COLLEGE PILOT
During the 2015-16 school year, a Dollars for College pilot partnered a savings account for college with the state's financial education curriculum to refine and identify best practices. The pilot offered college savings accounts to kindergartners in Richardson ISD and fourth graders in Pflugerville ISD. -
AMARILLO YOUTH PILOT
During the 2012-13 school year, with support from the U.S. Treasury Department and Every Texan (formerly CPPP), RAISE Texas conducted a rigorous pilot in Amarillo elementary schools to test the impact of connecting a savings program to the state's financial education standards. The pilot found that school savings programs improved student attitudes about savings and financial institutions. -
CHILD SUPPORT FOR COLLEGE
This initiative aimed to encourage long-term economic success for families in the child support system. Custodial parents who received child support through the Office of Attorney General Child Support Division were encouraged to open a college savings account and given access to financial coaches. Launched in 2012, this project was the first of its kind in the country.
Prize-Linked Savings
Prized-Linked Savings Now in Texas!
During the 2017 Texas legislative session, RAISE Texas was a key partner in the passage of legislation allowing credit unions and banks to offer prize-linked savings.
Save to Win is one of the prize-linked savings programs now available in Texas, offered through Cornerstone Credit Union League to credit unions and credit union members. Click here to see if Save to Win is in your community!
What is Prize-Linked Savings?
Save to Win and other prize-linked savings accounts promote saving by qualifying account holders for monthly and/or quarterly drawings of cash prizes each time they make a minimum deposit.
Get Involved!
RAISE Texas is working to expand these programs for Texas families and we need YOUR help!
Contact us to help expand this effective savings opportunity.
Tax Time Savings
Tax time is a great opportunity to start a savings account or build up your savings! A tax refund is often the largest amount of money that families receive in a single check.
Now it is easier than ever to save at tax time since you can split your refunds into 1, 2 or 3 accounts through Direct Deposit. Even if you don't have a bank account, you can purchase U.S. Savings Bonds as a way to save.
Tax-Time Pilot Project
From 2011 to 2015, RAISE Texas and Every Texan (previously CPPP) partnered to develop and fund the Tax-Time Savings Project, which tested different incentives to encourage Texas VITA filers to save a portion of their tax refund in either a savings bond or a matched savings account. Many local VITA sites continue to integrate tax-time savings into their VITA work. Click here for the report.
Through this project, we identified the challenges and best practices in getting VITA sites to promote savings at tax time. These learnings are still applicable today.
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