Key insights
- The US Treasury has launched the 'Trump Accounts' app nationwide, a policy initiative to create investment accounts for children. The program, set to officially roll out on July 4, will provide $1,000 in seed money for children born between 2025-2028. Developed with Robinhood and BNY Mellon, it aims to encourage early investing and wealth building. Major US banks and Visa have pledged contributions for their employees' children. This initiative could boost financial literacy and long-term savings, potentially influencing consumer sentiment and market participation.
May 28 (Reuters) - The U.S. Department of the Treasury said on Thursday it had launched Trump Accounts on app stores nationwide, advancing a policy initiative that aims to create millions of investment accounts for children.
The rollout marks a key step in implementing the program, which seeks to encourage long-term investing from an early age through government-backed starter accounts.
"This groundbreaking new app will make it easy for millions of Americans to sign up, contribute and watch their investments grow in value," Treasury Secretary Scott Bessent said in a video posted on social media platform X on Thursday.
"This launch marks an important milestone towards expanding financial access and delivering parallel prosperity for Main Street, Wall Street, and all Americans."
The accounts, created under President Donald Trump’s One Big Beautiful Bill Act and set to roll out on July 4, will see the U.S. Treasury deposit $1,000 in seed money for children born between 2025 and 2028 who have a valid Social Security number.
The app was designed in partnership with trading platform Robinhood and custodian bank BNY, Bessent said.
Trump has called on American companies to contribute to family accounts for employees, as Republicans look to address voters’ affordability concerns ahead of the November midterm elections.
U.S. banking giants JPMorgan Chase, Wells Fargo and Bank of America, and payments company Visa are among the firms that have pledged contributions to the accounts of their U.S. employees’ children.
Supporters have framed the accounts as a way to help children begin building wealth from birth through long-term investing.
Advocates say early access to savings and market returns could improve economic mobility and give future generations a stronger financial foundation.
The Treasury said the next phase of the Trump Accounts program will include account activation ahead of the official launch in early July.
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