The Trump Accounts app, designed to manage tax-advantaged investment accounts for children, launched Thursday. Nearly 6 million families have already signed up for the accounts, which will officially go live on July 4. The app, developed in partnership with Bank of New York Mellon and Robinhood, is available in Apple and Google app stores. Parents can use it to schedule contributions and access financial literacy content.
Initial Deposit and Account Setup
The U.S. Department of the Treasury may deposit up to $1,000 into eligible accounts starting July 4. Eligible children are those born between January 1, 2025, and December 31, 2028. Families, employers, and relatives can contribute up to $5,000 per year, with withdrawals allowed only when the child turns 18. Funds must be invested in broad-based index funds, such as ETFs tracking the S&P 500.
App Features and Access
The app includes eight financial literacy modules and allows users to set up push notifications for account updates. Users must verify their email and phone number to access the app, which is being rolled out in waves. Some users reported seeing a "Stay tuned for an invite" message after initial setup.
Background and Policy Context
The accounts, also known as 530A accounts, were created under the president’s signature tax and spending law. The Treasury Department has stated that families will eventually be able to transfer investments to another bank if preferred. The app’s launch follows months of preparation and public outreach, with the Treasury emphasizing its goal of promoting early investment and financial literacy.