The 1:1 Fund Teams Up With New Social Savings App, Kidfund—Here's How That Expands College Savings for More Americans
Last year, the 1:1 Fund raised nearly $450,000, roughly a third of which came in from online donations. Those donations were received during the 1:1 Fund’s four annual fundraising campaigns, during which the 1:1 Fund offered our partner organizations a dollar-for-dollar match on any donation made by online donors. These fundraising incentives have been crucial to build the value of the 1:1 Fund for our partners and to multiply the ability of these partners to raise savings matches to buttress the savings of low-income youth across the country.
Now, the 1:1 Fund has formed a new partnership to take these efforts even further.
Prosperity Now’s online platform for children’s savings programs has joined with the new social savings app, Kidfund, in a cause-marketing partnership. This unique, point-of-purchase partnership is a key feature of Kidfund and will provide additional funds to allow the 1:1 Fund to continue matching donations received by 1:1 Fund partners.
Through Kidfund, parents can easily open savings accounts for their kids using a mobile device, set automatic, recurring transfers and enable friends and family to send gifts to their kids with a tap on their phone. But parents can do more than just set up savings accounts for their own children – with the "save some, give some" feature, Kidfund users can set their charitable donation percentage for incoming gifts that goes directly to the 1:1 Fund's National Match Pool. Users can also choose to keep the suggested default donation amount of 5%.
“We developed Kidfund to make it easier for all families to save for their kids’ future, as well as seamlessly contribute funds for college savings accounts for kids in low-income households,” said Laura Bailyn, who is the co-founder and CEO of Kidfund. “We are inspired by the impact that even a small amount of savings can have on a child’s future and think every kid deserves that opportunity.”
For example, a mother can open the Kidfund app on her phone and see her daughter’s savings account. The mother may donate $50 in her daughter’s savings account for her birthday and designate that 5% of the total donation go the 1:1 Fund. Therefore, she helps her daughter as well as low-income families saving for college through the 1:1 Fund’s partner organizations.
“We couldn’t be more excited about our partnership with Kidfund,” said Prosperity Now’s Director of Children’s Savings, Carl Rist, who helped launch the 1:1 Fund. “Kidfund’s leadership understands the importance of saving for the future for all families. What’s more, Kidfund’s ‘save some, give some’ feature is an absolute one-of-a-kind feature in the savings industry, aligns 100% with the mission of the 1:1 Fund and allows Kidfund users to contribute to the savings of low-income kids through our National Match Pool.”
The Kidfund app is available for download in the Apple App Store. The funds are held with USALLIANCE Financial in convenient, secure and individual savings accounts that are federally insured up to $250,000 and offer an attractive 3% interest rate on the first $500.
Kidfund gives each child the first $1 in his or her account for good luck and encourages parents to set auto-recurring transfers into their children’s accounts to help them grow, as well as to share their children’s milestones with friends and family and receive direct gifts into their savings accounts.
With the 1:1 Fund and USALLIANCE, Kidfund ran a successful pilot in 2017 with a rapidly growing community of users. Kidfund is now moving toward full product launch later this year, with additional features and functionality. To learn more about Kidfund, visit www.kidfund.us or visit the Apple App Store.