Parents Can Now Use an App to Set Up Trump Accounts for Their Kids
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A new app for the upcoming Trump Account program launched this week.
The Department of the Treasury said on Thursday that the next phase of rolling out Trump Accounts, which are new federal investment options for kids launching July 4, includes rolling out an app and encouraging parents to activate the accounts if they have already signed up.
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“The Trump Accounts app delivers a simple, secure way for households to begin engaging with a program designed to build long-term financial strength from Day One,” Treasury Secretary Scott Bessent said in a statement.
Trump Accounts are free, tax-deferred investment accounts for kids that were created by the One Big Beautiful Bill Act. They're similar to custodial brokerage accounts in that they allow parents to invest on behalf of their child. At age 18, the child gets ownership of the account and can continue to contribute to it like an individual retirement account, or IRA.
Parents can open an account for any child with a Social Security number, but for children born between Jan. 1, 2025, and Dec. 31, 2028, the Treasury Department will fund the accounts with a one-time deposit of $1,000 per eligible newborn.
Starting Thursday, the Trump Account app will be available on the Apple App Store and Google Play. In a video posted on X, Bessent said the app can be used to sign up, contribute and watch Trump Account balances grow once the accounts are officially launched in July.
For now, the app is mainly for parents to ensure their child’s account will be activated ahead of the launch.
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According to Bessent, the app was designed in partnership with Robinhood and Bank of New York Mellon (BNY). In April, BNY was designated a “financial agent” of the federal government to help implement the Trump Account program.
At launch, contributions into the accounts will be invested in exchange-traded funds that track the S&P 500 stock market index, according to The Wall Street Journal. More options for investing in U.S.-based companies are expected later.
Parents, family, friends and employers can contribute to the accounts, up to $5,000 per year until the child turns 18. During this time, donors and state or local governments can also make contributions that will not count toward the $5,000 annual limit.
Trump Accounts can be fully managed through the app, but parents can choose to transfer the accounts to other financial institutions later on. Children, once they gain ownership of the account at age 18, may do the same.
On Thursday, the Treasury Department also said it will begin reaching out to parents who have signed up already with account setup instructions via email, noting that the correspondence about the accounts will come only from no-reply@TrumpAccounts.Treasury.gov.
Parents can sign up by filling out IRS form 4547, which more than 4 million families already did during tax season. Forms are also available on TrumpAccounts.gov at any time.
“By putting easy access to Trump Accounts directly in the hands of parents and young Americans, we are helping to ensure that America’s youth are included in this new era of economic participation,” Bessent said.