![\"](\"https:\/\/www.newsbeep.com\/us-ca\/wp-content\/uploads\/2026\/07\/samarcos.jpg\")
<\/p>\nParents of babies born between Jan. 1, 2025, and Dec. 31, 2028, can soon open a Trump Account \u2014 also known as a 530A account \u2014 and receive a $1,000 federal contribution to help build long-term savings.<\/p>\n
The accounts officially open July 4. According to the Trump Accounts website, parents can contribute up to $5,000 each year after the initial government-funded contribution.<\/p>\n
“The government gives them a $1,000 nest egg to start with \u2014 why wouldn’t you do that?” said Chase Peckham of the San Diego Financial Literacy Center.<\/p>\n
Peckham said parents can decide later whether they want to continue contributing to the account.<\/p>\n
“Then you’re going to have an opportunity to make the decision down the road of whether you want to contribute to it or not,” Peckham said.<\/p>\n
<\/p>\n
Nick Samarco from San Diego says the Trump Accounts will help his family get started on setting money aside for Atlas and Addie.<\/p>\n
For San Diego father Nick Samarco, the program could make it easier to begin saving for his children’s future.<\/p>\n
“Setting aside money sometimes seems kind of impossible. So I think it’s nice to have that like, all right, you know, we have, we have something and now all we need to do is just a little bit at a time. And I think it makes it way less kind of overwhelming,” Samarco said.<\/p>\n
Take a look at how a $1,000 investment could grow over time with an expected 10% compound interest:<\/p>\n
20 years: $6,272.50<\/p>\n
30 years: $17,449.40<\/p>\n
40 years: $45,259.26<\/p>\n
50 years: $117,390.85<\/p>\n
60 years: $304,481.64<\/p>\n
The plan is intended as a long-term investment, but children can cash out after turning 18.<\/p>\n
Families with children born between 2016 and 2024 may also qualify for a separate $250 contribution through a private pledge by the Dell Foundation. To qualify, families must live in a ZIP code with a median income of $150,000 or less.<\/p>\n
Even if a child does not qualify for either contribution, Peckham said opening an account and contributing what a family can afford may still be worthwhile.<\/p>\n
“And as you’re going, you’re making a little, you get a raise. You make a little bit more money. You come into money. You can make that decision to increase that investment as you go forward,” Peckham said.<\/p>\n
NBC 7 Responds previously reported <\/a>on other investment options for children that might be worth a look to some parents.<\/p>\n