Newborn parents can begin saving for their child this summer

State Treasurer Larry Pack will be sending out a letter to newborn parents in West Virginia to encourage them to enroll their children in a new savings account that President Donald Trump is offering called “Trump Accounts.”

“I am proud to support this pro-family initiative that will help strengthen millions of Americans,” Treasurer Pack said. “It is a great tool that is being offered by President Trump and our federal government to lift up the next generation, as well as allow them to get a headstart on their life. I hope West Virginia families will consider taking advantage of this opportunity for your children.”

Under the One Big Beautiful Bill, parents will be able to establish a “Trump Account” for their child beginning on July 4, 2026. For every eligible American child born after January 1, 2025, through December 31, 2028, the federal government will make an initial deposit of $1,000 into each Trump Account. Additionally, this will be matched with a $250 donation from Dell CEO Michael Dell for certain qualifying families.

Children born before January 1, 2025, who are under the age of 18 will also be eligible for a Trump Account with all its features, except they will not receive the $1,000 deposit from the government. 

Additional information:

• Parents can make additional deposits into the account of up to $5,000 per year. Of this $5,000 limit, up to $2,500 per year can come from each parent’s employer and will not count toward parents’ taxable income, providing a further incentive for contributions to Trump Accounts.
• Deposits in Trump Accounts must be invested in stock mutual funds or exchange-traded funds mirroring the S&P 500 or another American stock index.
• Deposits cannot be withdrawn prior to the beneficiary turning 18 years old. After that point, the account generally is treated as a traditional IRA (Individual Retirement Account) and is subject to the same withdrawal rules as other traditional IRAs.
• Children must have an SSN issue before applying for a Trump Account.

The State Treasurer’s Office does not manage or hold these accounts.

For more information or to enroll your child in a Trump Account, visit: www.TrumpAccounts.gov

Another special savings incentive includes the SMART529 West Virginia’s Education Savings Solution. All West Virginia newborns under one year old will receive a $100 Bright Babies deposit when a parent opens a SMART529 Education Savings Account on their behalf. 

SMART529 is West Virginia’s federal and state tax-advantaged plan designed to help families save for both K-12 and higher education expenses. Savings may be used for tuition, fees, housing, meals, books, computers, supplies, and more. These savings can be used nationwide and around the globe at thousands of colleges, universities, and technical schools. Find out more and start saving today at www.SMART529.com/invest/bright-babies.html.