Free money: Government donations can start your child on to road to savings

Durham City leaders are encouraging families to sign up for a federal investment program, saying a new regional campaign could add hundreds of additional dollars into a child investment fund for Durham families. 

The government and donors are offering hundreds of dollars to start each eligible Durham child along the road to a lifetime of investing and saving.

The initiative, called Invest America Durham, works in tandem with Invest America 530A, which sets up what is commonly referred to as Trump Accounts. 

Children that are born between January 1, 2025, and December 31, 2028, qualify for a $1,000 deposit into the account, funded by the U.S. Treasury. 

Older children, those born between 2016 and 2024, qualify for $250, funded by the Michael and Susan Dell Foundation. 

The federal program launches July 4. Families can enroll their children by making an election on the new IRS Form 4547. 

The federal and national philanthropic contributions will be deposited into each child's account beginning July 6, and families can add to those accounts over time, contributing up to $5,000 a year. 

Durham Mayor Leo Williams said he wants every eligible Durham child to be enrolled.  

Williams said families who sign up by the deadline and get the starter investment will get a $250 match. Those funds will come from a $9 million campaign that pulls money from regional businesses, employers and civic leaders. 

Williams, Council Member Carl Rist and Invest America founder Brad Gerstner will host a press conference Friday to talk about the new campaign.