2018-09-07 / Government / Neighborhood

City of Columbia launches “Columbia Kids $ave” program

Contributed by The City of Columbia

On Thursday, August 30, 2018, the City of Columbia in partnership with Richland School District One, South State Bank, Security Federal Bank, and First Citizens Bank launched the “Columbia Kids $ave” Children’s Savings Account (CSA) Pilot Program during their kickoff press conference.

The “Columbia Kids $ave” program is a children’s savings account program providing seed funding and matches incentives to students along with financial education. Children’s savings accounts are long-term savings accounts that help children and their families build savings for the future. CSAs encourage students to save for college to invest in their future.

The program guideline is a brief document to describe all phases of the CSA program including all activities, key roles, staffing, partners, communications, cost, quality measurements, and outcomes.

The concept for the youth savings program was shared with City of Columbia staff by Mayor Pro Tem Tameika Isaac Devine two years ago. Devine shared this concept after learning about similar programs in other states.

South State Bank will house all the children’s savings accounts and will collect monthly deposits at Watkins-Nance Elementary School. Each partnering bank, South State, Security Federal, and First Citizens provided $5,000 each to go towards the “Columbia Kids $ave” CSA PILOT Program.

During the pilot phase of the program, in order to participate in the Columbia CSA program, participants must be enrolled in Richland County School District One Watkins-Nance Elementary School K-5 based on their school records. Watkins- Nance Elementary was chosen because it’s a Title I elementary school located within the city limits of Columbia and it’s also located in one of the city’s community development department’s targeted areas.

The CSA program will be managed and monitored by the City of Columbia community development department’s “Bank On“ Columbia program coordinator. Each account will be monitored to see if deposits are being made throughout the year, and matching deposits will be made periodically. The “Bank On” coordinator will also engage local businesses to contribute to the program as well. Key staff members of Watkins-Nance Elementary School will also encourage students and parents to save, participate in financial education, and explain the benefits of saving and financial education. South State Bank will assist students and parents with starting a banking account to help initiate the Children’s Savings Account PILOT Program.

The launching of “Columbia Kids $ave” Children’s Saving Account (CSA) PILOT Program connects with the City Council’s Envision Columbia vision statement focus areas and goals.

Focus area No.1: Attracting & Retaining Talent

Focus area No. 4: Empowering Our Residents

Focus area No. 5: Economic Prosperity Endless Possibilities

Goal No. 1: Grow opportunities for entrepreneurship, business development and a skilled workforce to achieve a healthy economy.

Goal No 4: Collaborate and partner with entities within the Midlands region to become the state’s prime destination for residents, visitors and businesses.

For additional information, please contact the Community Development Department at (803) 545- 3373.

Return to top