While students may not fully grasp the moment, officials say the Invest America savings accounts opened on their behalf could grow alongside them.
Brad Gerstner, founder of the Invest America Foundation, joined Durham Mayor Leo Williams to unveil what they called "a historic, bipartisan child wealth initiative." Gerstner said more than 2 million children in North Carolina are eligible to open accounts.
"Every child under 18 is qualified to open an account," Gerstner said.
Williams said the city aims to raise $9 million to support children across the Bull City.
"We are no longer going to accept families struggling," Williams said. "We're starting investments now so that when these young people become adults, they will have an economic foundation we've never had before."
Durham at-large council member Carl Rist said the accounts could help children eventually buy a home, pay for education or start a business.
The accounts, known as 530A accounts and sometimes referred to as "Trump Accounts," were created under the Trump administration. According to IRS guidance, families can sign up at TrumpAccounts.gov and complete Form 4547.
Babies born between 2025 and 2028 qualify for a $1,000 initial deposit. Most children born between 2016 and 2024 qualify for $250.
At Murray-Massenberg Elementary, Principal Mashinda Middleton-Brown said all 700 students will receive $500 to start, which is double the standard amount. Gerstner and Katie Simpson donated the additional $250 per child.
"I want it to be so that when they leave high school, they aren't wondering if they need to take out a loan to pay for college," Middleton-Brown said.
Parent Tracey Hester, who has three children at the school, said the initiative gives families hope.
"Their futures now will be impacted by what leaders have given them an opportunity to access today," she said.
The 530A accounts are scheduled to launch July 4, coinciding with the nation's 250th anniversary.