Only $25 is needed to open a Jumpstart Savings Account. After this, anyone can contribute as much as they want and as often as they wish. Accounts do not have a maximum yearly contribution amount or maximum lifetime limit.
Here are some other ways to maximize your Jumpstart savings:
- Receive $100 in your Jumpstart savings account with the Ignite Incentive
- To qualify, your account beneficiary must be:
- A West Virginia resident and
- Under 18 years old or enrolled in a qualified apprenticeship or training program in the last 180 days
- Parents, grandparents, friends, and employers can contribute to a Jumpstart Savings Account
- Set up automatic deposits through United Bank to make saving effortless
- Maximize your tax benefit
- An individual’s contribution to a Jumpstart Savings Account may be used to reduce his or her West Virginia taxable income for the year in which the contribution was made. A taxpayer may not claim this benefit in an amount exceeding $25,000 in any given taxable year, but the taxpayer may elect to carry forward this benefit over the next five taxable years. Jumpstart Savings Account contributions do not reduce or otherwise impact federal tax liability.
Open an Account