LA Opens Savings Accounts for LAUSD First-Graders

Los Angeles city officials launched a citywide savings account program this week for all first-graders in the Los Angeles Unified School District. With financial help from the county, the city has opened 44,363 accounts, each with a deposit of $50.

The savings are meant to help students prepare for college.

“While fifty dollars isn't going to gain enough interest to pay for college in ten years, it's a start," said Council President Martinez.

Martinez said this is the largest children's saving account program in the nation. The savings accounts are all through Citibank.

The city launched a pilot program last spring for Los Angeles Unified students in certain high-need schools. This program is part of an effort to take that model citywide.

Learn more about the program here.