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Parents Can Now Use an App to Set Up Trump Accounts for Their Kids
By Adam Hardy MONEY RESEARCH COLLECTIVE
New Trump Accounts app lets parents set up investment accounts for kids ahead of July launch.
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 releasing 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.
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Adam Hardy is Money's lead data journalist. He writes news and feature stories aimed at helping everyday people manage their finances. He joined Money full-time in 2021 but has covered personal finance and economic topics since 2018. Previously, he worked for Forbes Advisor, The Penny Hoarder and Creative Loafing. In addition to those outlets, Adam’s work has been featured in a variety of local, national and international publications, including the Asia Times, Business Insider, Las Vegas Review-Journal, Yahoo! Finance, Nasdaq and several others. Adam graduated with a bachelor’s degree from the University of South Florida, where he studied magazine journalism and sociology. As a first-generation college graduate from a low-income, single-parent household, Adam understands firsthand the financial barriers that plague low-income Americans. His reporting aims to illuminate these issues. Since joining Money, Adam has already written over 500 articles, including a cover story on financial surveillance, a profile of Director Rohit Chopra of the Consumer Financial Protection Bureau and an investigation into flexible spending accounts, which found that workers forfeit billions of dollars annually through the workplace plans. He has also led data analysis on several of Money’s marquee rankings, including Best Hospitals, Best Credit Cards, Best Places to Live and others. In 2025, Adam was named a Goldschmidt Data Journalism Fellow by the Society for Advancing Business Editing and Writing (SABEW). As part of the fellowship, he received hands-on training from SABEW, the U.S. Census, U.S. Federal Reserve Bank, Bureau of Labor Statistics and other federal government agencies in Washington, D.C. Adam also holds a multimedia storytelling certificate from Poynter’s News University and a data journalism certificate from the Investigative Reporters and Editors at the University of Missouri. In 2017, he received an English teaching certification from the University of Cambridge, which he utilized during his time in Seoul, South Korea. There, he taught students of all ages, from 5 to 65, and worked with North Korean refugees who were resettling in the area. Now, Adam lives in St. Petersburg, Florida, with his pup Bambi. He is a card-carrying shuffleboard club member.