The Treasury Department officially launched its Trump Accounts app, the main interface for parents to manage the newly created savings accounts that will begin receiving $1,000 payments from the federal government on July 4.
The app is available on all major app stores, according to the department, and it does not cost money to create an account. More than 4 million children have already been enrolled in the program, according to the Internal Revenue Service.
“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. “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.”
Parents who have signed up for the program will begin receiving emails to activate their accounts, which are set to go live in the coming weeks.
Children born between Jan. 1, 2025, and Dec. 31, 2028, are eligible for the accounts and will receive the one-time credit of $1,000 from the federal government. Parents, friends and private organizations can then contribute up to $5,000 a year until the child turns 18.
Children born earlier than that time frame may still open accounts but would not be eligible for the federal seed money. Roughly 1 million children already approved for the Trump Accounts will receive the $1,000 deposit, and the rest will only receive outside investments, according to the IRS.
To be eligible for an account, the child must be a U.S. citizen with a Social Security number provided by at least one of the parents. The Social Security number must be considered “work eligible” in order for the account to be approved.
After the child is 18, the accounts will be treated like a traditional IRA, subject to existing rules and earned income requirements, according to the White House. Any withdrawals before the account holder turns 60 years old may be subject to an additional 10% tax, with exceptions for higher education expenses or first home purchases.
Utah Rep. Blake Moore, who had an early hand in the project, praised the launch of the Trump Account app on Thursday. The program was approved in the president’s massive tax package last summer.
“The Trump Accounts app is live today!” Moore said in a post on social media. “This will bring information on your child’s account to your fingertips, and your family will be able to see the power of compounding interest in real time!”
Parents can still register for an account if they have not already at TrumpAccounts.gov.
