Treasury Secretary Scott Bessent announced on Wednesday that a new app tied to the Trump Accounts program will launch Thursday, giving parents and guardians a new way to manage savings accounts created for children.
Speaking during a cabinet meeting, Bessent said the app would be available on all major platforms and revealed that nearly 6 million children already have accounts set up.
The accounts themselves were established through last year’s GOP-backed tax and spending law and are scheduled to officially launch in July 2026.
Key details about Trump Accounts that you should know
As the cost of raising children continues to increase, the program is intended to give families a way to start building wealth early for their children. Trump Accounts work similarly to IRA-style savings accounts for minors, offering tax-deferred growth, though they come with their own rules regarding contributions and withdrawals.
Some important details include:
- Funds are generally inaccessible until the child turns 18.
- Parents, relatives, employers, and family friends can contribute up to a combined annual limit of $5,000 per child.
- Once the child reaches 18, they can either withdraw the funds or keep the account invested long term.
- The federal government will contribute an initial $1,000 deposit for eligible newborns.
While account activation begins Thursday for families already enrolled, deposits into the accounts will not begin until July, according to a Wednesday report from The Wall Street Journal.
To qualify, a child must be under 18 by the end of the year the account is opened, be a U.S. citizen, and possess a valid Social Security number.
How to open a Trump Account
For parents or authorized guardians who want to apply for the accounts on behalf of their children or dependents, applications can be submitted through the Internal Revenue Service by completing the newly introduced IRS Form 4547 during tax filing.
The form requires basic identifying information, including the child’s name, address, date of birth, Social Security number, and citizenship status.
For detailed additional information and updates, parents can check trumpaccounts.gov.
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