The Jumpstart Savings Program is a state-administered career savings account designed specifically for current and future members of the skilled workforce in West Virginia.
Account owners may be able to save for tools, supplies, equipment, licensing and certification, and other business costs while enjoying special state tax advantages.
Whether you’re looking to grow your business, or just getting ready to go out on your own, the Jumpstart Savings Program serves West Virginia trade professionals throughout every stage of their careers.
Who may be able to benefit from a Jumpstart Savings Account?
- Community & technical college students and graduates
- Registered apprenticeship program participants and journeymen
- Advanced Career Education (ACE) students and graduates
- High School Career Technical Education (CTE) students and graduates
- Individuals who’ve obtained a license, certification, or degree through a “License 35” vocational training program (such as a CDL training program or independent cosmetology school)
Why Open a Jumpstart Savings Account?
Ease and Flexibility
Jumpstart Savings is a value-added account for all savers—big, small, and in-between. With no monthly maintenance fees, transaction limits, or minimum account balance, trade professionals may maintain access to funds using United Bank’s online and mobile banking features.
State Tax Advantages
Any West Virginia taxpayer, including the Account Owner himself of herself, may claim a West Virginia personal income tax deduction of up to $25,000 per tax year for the money he or she puts into a Jumpstart Savings Account. Account contributions over the $25,000 per tax year limit may be carried forward and deducted over the next five tax years.