FREE MONEY FOR KIDS: Governor Newsom and First Partner celebrate one million families claim CalKIDS “baby bonds” accounts | Governor of California
A new public-private partnership for California’s kids
Through the California Golden Start Challenge, California and InvestAmerica are calling on private-sector and philanthropic leaders to help children build savings for the future by contributing to both CalKIDS accounts and federal 530A accounts.
Early partners are already stepping up:
Micron Technology has pledged $250 million to help build children’s savings, including $250 seed deposits for children with accounts in Sacramento and Santa Clara counties.
In San Francisco, an anonymous donor has given $3.5 million to create a $500 deposit for every child born in the city in 2026.
One million CalKIDS accounts claimed
California has established and funded more than 6 million CalKIDS accounts, representing more than $2.3 billion in college and career savings, with one million accounts now claimed by families.
The state provides eligible students with up to $1,500 in CalKIDS funds to help pay for eligible education expenses, including college and career training. Families can also contribute additional savings, allowing funds to grow over time.
“Every child should have the chance to build an ownership stake in their future. This is a simple, yet transformational idea that is bringing people together across the country, and California is leading the way,’” said Brad Gerstner, Founder and Chairman, Invest America. “Some of the state’s most dynamic companies and philanthropists have already stepped up, committing billions of dollars to Trump Accounts to invest in the next generation. Together, we can expand hope and opportunity for all California kids.”
“California is leading the nation by investing in children’s futures, and reaching 1 million claimed CalKIDS Scholarships is an extraordinary milestone,” said California State Treasurer Fiona Ma, CPA, Chair of the ScholarShare Investment Board. “Every scholarship claimed represents a student and family taking an important step toward college or career training. While we celebrate this achievement, our work continues until every eligible student has claimed the scholarship available to them.”
CalKIDS invests up to $1,500 for school-age children:
$500 Automatic Deposit: Eligible low-income public school students in grades 1-12.
$500 Additional Deposit: Eligible foster youth.
$500 Additional Deposit: Eligible homeless youth.
Up to $175 for newborn children:
$100 Automatic Deposit: Every eligible child born on or after July 1, 2023.
$25 Additional Deposit: Those who claim their CalKIDS Scholarship Account – use the program’s online portal.