The Smart-Savings Program is a special matched-savings account program designed to help low-to-moderate-income families and individuals in Houston to establish a pattern of regular savings and, ultimately, purchase a "productive asset." A "productive asset" is something of value that is likely to return substantial long-term benefits to its owner - benefits like security, stability, and opportunities for more income.

Smart-Savings participants may use their savings and match money towards any of these two productive assets: a home, or a post-secondary education. Participants' deposits are held at Wells Fargo Bank and are matched using both private and public sources. Smart-Savings participants also receive financial-education classes and asset-specific counseling in conjunction with the savings match. Covenant's financial-education partner is the Houston's Credit Coalition.

Currently Covenant's Smart-Savings Program has enrolled 600 families that were referred by existing clients and nonprofit organizations.