Savings Tools for Your Children
Federal 530A Accounts
Starting July 4, 2026, a new tax-advantaged investment account, a Section 530A “Trump Account,” will be available to any U.S. citizen child under 18. The accounts were created under the One Big Beautiful Bill Act. The child becomes the account owner and can access the funds at age 18.
Children born between January 1, 2025, and December 31, 2028, are eligible for a one-time $1,000 deposit from the U.S. Treasury. There are no income requirements. Parents or guardians can elect to open an account by filing IRS Form 4547 with their 2025 tax return or through the online portal at trumpaccounts.gov. Once established, individuals, employers, and charitable organizations can contribute up to $5,000 per year.
Children under 10 who were born before 2025 are not eligible for the $1,000 pilot program deposit but may still receive a $250 contribution through private philanthropic pledges. Ray and Barbara Dalio, through Dalio Philanthropies, have pledged approximately $75 million to contribute $250 to Trump Accounts for roughly 300,000 children under 10 in Connecticut. The funds are designated for children in ZIP codes with median incomes below $150,000. All Southington area ZIP codes fall under that threshold.
For more information, visit trumpaccounts.gov or irs.gov/trumpaccounts.
CHET 529 Savings Program
The Connecticut Higher Education Trust 529 College Savings Program is a state-sponsored, tax-advantaged 529 college savings plan that’s helping families and individuals plan for the cost of higher education. Connecticut taxpayers could receive a state income tax deduction of up to $10,000 on contributions made to your CHET account.
The CHET Baby Scholars program provides $100 toward a newborn’s future college costs. Just open the CHET account before a baby living in CT turns one year old and $100 will automatically be deposited into the account—with no contribution required from you.
For more info visit aboutchet.com/ or portal.ct.gov/ott/financial-wellness/chet/connecticut-higher-education-trust—chet
CT Baby Bonds
Connecticut also offers the Baby Bond savings program to invest directly in children born into poverty. Eligibility is automatic for children whose birth was covered by Husky Health, Connecticut’s Medicaid program, and were born on or after July 1, 2023. Eligible children are automatically enrolled and receive the initial $3,200 deposit. Families with a baby bonds eligible newborn will receive information about the state program in hospital birthing packets. More information is available on The Office of the Treasurer’s website.
This is not investment, tax, or legal advice. Please consult your investment, tax, or legal advisor for the latest detailed information.
