Key insights
- The official Trump Accounts app has launched, allowing users to manage savings for children that convert to traditional IRAs at age 18. While the app is available, account funding begins July 4th. The program, established by federal law, offers tax-deferred growth and a potential $1,000 government contribution for eligible newborns. This initiative primarily impacts personal finance and retirement savings planning rather than directly influencing broader US equity market movements in the short term.
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The official government Trump Account app is finally here.
On Thursday, the Trump account app became available in both the Apple App and Google Play stores. The Trump Accounts app was developed and designed in collaboration with Robinhood and BNY, the financial institutions that will service the accounts aimed at saving for children.12
In the app, people will be able to manage their Trump accounts by tracking contributions, checking investment performance, and more. However, parents will have to wait until July 4 to actually fund their accounts or receive contributions.
To open an account, parents will need to fill out IRS Form 4547 on the IRS website.3
After the form is processed, parents will receive an email from the Treasury Department prompting them to activate their accounts on the trumpaccounts.gov website or via the app. These activation emails will be sent out between now and July 4, according to the Treasury.4
If you want to stash away extra money for your child, consider how you want to help them. A 529 savings plan may be a better choice if you want to save for their college education. However, if you want to help them get a head start on saving for retirement, Trump Accounts can be a solid option, as the account converts to a traditional IRA at age 18.
More than four million children have been signed up for Trump Accounts as of the end of March, according to data from the IRS.5
Trump accounts were established by the One Big Beautiful Act, a federal law passed last year. While Trump accounts can't be tapped until the beneficiary turns 18, they grow tax-deferred and convert to an IRA once the beneficiary is an adult.6
Babies born between the start of 2025 and through the end of 2028 are eligible for a one-time $1,000 contribution from the federal government. Parents, employers, nonprofits, and governments may be eligible to contribute to Trump Accounts.7 The annual contribution limit for the accounts is $5,000, and funds may be invested in low-cost ETFs or mutual funds for U.S. indices.
Philanthropists, such as Michael Dell, CEO of Dell, and Ray Dalio, founder of hedge fund Bridgewater Associates, have already announced they will contribute to the accounts of certain groups of children.
Additionally, many employers—such as Charles Schwab, Nasdaq, and BlackRock—have announced they'll make additional contributions to some employees' Trump accounts.8910
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