The City of Minneapolis is piloting a Guaranteed Basic Income (GBI) program with 450 families in 2022. With this program, 200 families will receive $500 every month for two full years, along with financial education. An additional 250 families will be in a comparison group and offered occasional monetary incentives and financial education.
To qualify for this program, families must live in one of nine Minneapolis zip codes, have annual income at or below 50% of the Area Median Income (AMI), be hurt by the pandemic, and be at least 18 years old. The city received thousands of applications and conducted a random lottery to determine the final participants.
Although families will not be required to be banked to receive payments, the city recognizes the importance of a relationship with a financial, and therefore is working with Royal Credit Union to offer savings and checking accounts to these families. Royal will cover the first $6 ($5 for saving, $1 for checking) for any participants that apply and are eligible for membership. Families will be directed to a special online application form or a team member at Royal’s Edina location to open an account. As this partnership begins to grow, Royal will work with the city to determine ways to promote financial literacy.
Working with the city is just one more way we are able to Make a Difference in the communities we serve.
If you have any additional questions about this partnership, please reach out to Brittany O’Malley at Brittania.omalley@rcu.org.
