Frequently Asked Questions
About Children’s Savings Accounts

Q. Where does the money for the program come from?
A. The first $100 for each account comes from a special grant. It’s from a State grant to a nonprofit. The nonprofit grants the funds to local programs like the Promise.

Q. Who can be part of the program?
A. Every student at Northport Public School can get a Promise Saves account at TBA Credit Union. If your family doesn’t want an account you can fill out a form to say no.

Q .How much money will be added?
A. For the current school year the Promise will put $100 into each student’s account for every year they have been in school at Northport. For example a student who started in kindergarten and is now in fifth grade would get $500! In future years, $100 will be given to each student who is enrolled on the spring count day.

Q. What kind of account is it?
A. It’s a savings account. This means the money stays in the account until the Promise says it’s okay to take it out. Then you can use it for future schooling or job training.

Q. Do I own the account?
A. The Promise holds the account for the student. The money is held safely at TBA.

Q. Does this account earn extra money?
A. Yes, it earns interest. This means the money will grow a little bit every three months.

Q. How do I get the extra money I earned?
A. The interest earned will be added to your account.

Q. Is there a minimum amount of money I need to open the account?
A. No. The Promise will make your first deposit of $100.

Q. What fees will be charged to my account?

(Edit after TBA discussion)

Q. Can I or my family put in more money?
A. Yes. You can put in more money at any time. We hope you will!

Q. How do I put money into my account?
A. You can go to a TBA Credit Union to put in more money. You can also mail a deposit.

Q. How do I take money out of my account?
A. The Promise approves when you can take money out for school. You can find the form using this link (need to add link).

Q. What can the money in the account be used for?
A. The money can be used for approved school costs after high school. This includes things like tuition, fees, books, supplies and tools needed for school. It can also be used for other important costs of going to school like travel or money for school applications.

Q. What if I don’t use all the money in my account?
A. If there’s money left over after four years from high school graduation it goes back to the Promise. You get all the money your family put in plus any interest it earned. Any money that the Promise put in that isn’t used goes back to the Promise to help other students.

Q. What if my family has money problems?
A. Please contact the Promise to talk about taking out your family’s deposits early.

Q. What if I join the military before college?
A. Contact the Promise to ask for more time to use your savings account.

Q. Do I or my parents have to pay taxes on the extra money earned?
A. Only if interest earned on private deposits isn’t used for school. Then you might have to report it on your taxes. Please ask a tax expert for help.

Q. Are my deposits tax-deductible?
A. No.

Q. How will I know how much money is in my account?
A. You can see your statement. Follow the instructions on TBA’s web site. Or call the Promise at ______.

Q. What if I move?
A. You are still part of the program. You can keep using your account for future school needs. Be sure to tell the Promise if your address changes. If you are not still going to Northport schools the Promise will not add more money to your account. If the Promise Saves program can’t reach you by July 1st of your graduation year theaccount will be closed. The money goes back to the Promise to give to other students.

Q. Who can ask about my account?
A. A parent or guardian can be an account contact. This means they can ask about how much money is in the account. They can also tell the Promise and TBA if your address changes.

Q. How long will this project last?
A. The Promise started this as a pilot program in 2025. The Promise plans to add money every year based on how much money they raise.

For more details you can download this expanded FAQ.