MSB to Provide 529 College Savings Account
Monson Savings Bank announced that it will be participating, in collaboration with State Treasure Deb Goldberg, in a new college savings initiative called $eedMA. This is a new program, started in Worcester, and designed by Treasurer Deborah Goldberg to help families invest in their child’s higher education.
It provides kindergarten students with a $50 deposit funded through the Office of the state treasurer and receiver general of Massachusetts to establish a Massachusetts 529 college savings account, also known as the U.Fund College Investing Plan.
$eedMA Monson will be available to all kindergarteners enrolled in Monson Public Schools. Each child will receive a funding commitment of $50 through Monson Savings Bank to cultivate a 529 college savings account. $eedMA Monson aims to increase the percentage of children saving for higher education by delivering high-quality financial education programming to students and their families, building a culture centered around saving for the future, and employing prudent budget management.
“I’m very pleased to be a part of this initiative and to be able to offer this opportunity to our Monson students. I am also proud that we are the second community in the state of MA to be participating in this program.” said Steve Lowell, president and CEO of Monson Savings Bank. “Monson Savings has always been a strong supporter of education and I look forward to working with Quarry Hill Elementary School, and eventually offering this pilot program to other school districts in our business area.”
The Kindergarten sign up date is set for Nov. 29 from 6 to 7:30 p.m. at the Quarry Hill Elementary School.