Five Ways The Jumpstart Savings Program Empowers West Virginia Trade Workers
The West Virginia Jumpstart Savings Program is a first-of-its-kind initiative tailored for tradespeople and vocational workers in the Mountain State. This savings account is designed to provide unique tax advantages and empower your career journey. Here are five ways the Jumpstart Savings Program can make a real difference for you.
- Equip Yourself For Success
As a trade professional, having the right tools and resources is essential. A Jumpstart Savings Account helps build a financial safety net to fuel your success. Whether it's upgrading your gear or covering unexpected expenses, your Jumpstart Savings is there to support your journey. You can easily set aside funds for everything from basic supplies to specialized equipment and certifications.
Use your Jumpstart Savings for:
- Basic and specialty tools
- Equipment and supplies
- Licenses and rental fees
- Personal Protective Equipment (PPE)
- Certifications and additional training
- Business start-up costs
- Marketing and advertising
- Business insurance
- Legal or professional services
- Maximize Your Savings Potential
Jumpstart Savings Accounts are designed to be simple and flexible, starting with a low $5 minimum deposit to open an account. Say goodbye to monthly maintenance fees, transaction limits and minimum account balances. Plus, enjoy the tax advantages on both contributions and qualified distributions. With competitive interest rates* offered through United Bank, your money works hard for you without added complexity.
*The special annual rate listed is available to all who qualify for the Jumpstart Savings Program. Visit the West Virginia Jumpstart website for eligibility requirements and full program application. The interest rate on your account is 2.5% with an Annual Percentage Yield (APY) of 2.51%. Interest rates and annual percentage yields are subject to change at any time. United Bank Member FDIC.
- Receive Tax Benefits
Unlike a regular business account, a Jumpstart Savings Account offers unique personal state income tax advantages. Only available in West Virginia, these benefits let you claim deductions for contributions to and qualified distributions from your Jumpstart Savings Account, potentially reducing your state taxable income by up to $25,000 annually. The Jumpstart Savings Program is the only savings account in the nation specifically designed to offer state tax breaks for skilled tradespeople, entrepreneurs and the blue-collar workforce.
- Ignite Your Potential
Skilled tradespeople are the backbone of our communities and economy, and the Jumpstart Savings Program is an investment in their potential. If you're under 18 or recently enrolled in a vocational program, the Ignite Incentive can kickstart your savings journey with a $100 deposit into your Jumpstart Savings Account.
- Gain Shared Support
Anyone can help you reach your goals with a Jumpstart Savings Account! Family, friends and even your employer can contribute toward your future. There's no limit on how much or how often you can receive contributions, making it easy to achieve your financial goals. Additionally, employers can benefit from tax credits for contributing to their employees' accounts.
Do You Qualify For The Jumpstart Savings Program?
This program is designed for those working in, or planning to work in, skilled trades careers in West Virginia. To qualify, your job (current or future) should require one of the following:
- Registered Apprenticeship: Registered in a program certified by the United States Department of Labor or the State of West Virginia.
- Community & Technical College: Completion of an associate degree or a certificate program.
- Advanced Career Education (ACE): Possession of a license or certification from an ACE career center.
- Public Secondary School: Completion of a program with a license or certification from a career and technical education or vocational training program at a public secondary school.
- State-Approved Degrees & Certifications: An associate degree or certification from a school or program, authorized by the West Virginia Council for Community & Technical College Education or a similar agency in another state.
- Other Approved Programs: The Board may approve additional apprenticeships, educational programs or certifications that align with the Jumpstart Savings Program goals.
Take the Jumpstart Savings Account eligibility quiz today. If you qualify, open an account and watch your savings grow!