Promise Matched Savings Accounts
Promise participant Nikhil Howard is off and running with his PROMISE matched savings account. Every dollar he deposits up to $1,000 will be matched dollar for dollar! Nikhil is doing well in school and the discussion has started as to whether he’ll use his account for education, like mom wants, or a car for himself. Nikhil loves cars and is full of knowledge about all of them!
Each dollar saved in the Promise account is matched at the time of withdrawal with $1; save $1,000 and it will be matched with $1,000!
Promise provides a matched savings opportunity to all participants who complete financial capability training. Promise accounts are opened for Promise youth using a $25 incentive through Promise’s financial capability partner, Wisconsin Women’s Business Initiative Corporation (WWBIC). Once the account is open, participants are able to make deposits into their accounts whenever they have money to be saved – from a paycheck, from birthday gifts, or an allowance. Promise participants work with a WWBIC Financial Coach and their Promise counselor to determine their saving goal and can save up to $1,000 in this special account. Each dollar saved in the Promise account is matched at the time of withdrawal with $1; save $1,000 and it will be matched with $1,000!
Talk to your Promise counselor if you’d like more details on opening your own Promise matched savings account!