Trump Accounts app goes live
The app lets families monitor tax-advantaged savings accounts that will get a $1,000 federal seed deposit for eligible newborns.
- On Thursday, the Treasury Department released a mobile app for Trump Accounts, allowing parents to track investments and access financial literacy modules before contributions officially begin on July 4.
- Established under the One Big Beautiful Bill Act, the initiative grants $1,000 in seed money to children born between January 1, 2025, and December 31, 2028. Treasury Secretary Scott Bessent noted nearly 6 million children already have accounts set up.
- Parents and others can contribute up to $5,000 annually to accounts managed by Bank of New York Mellon Corp. and Robinhood, with funds invested in low-cost stock index funds charging no more than 0.1% in annual fees.
- While President Donald Trump promotes accounts as providing "real assets and a shot at financial freedom," critics argue they may widen the wealth gap by favoring affluent families. Companies including Uber, Intel, IBM, and Nvidia have pledged to match contributions.
- Trump accounts will officially open for investment on July 4, coinciding with the United States' 250th anniversary. Officials estimate accounts could grow to more than $1 million by age 28 with $5,000 in annual contributions.
111 Articles
111 Articles
The official app to open Trump accounts with a $1,000 federal bonus for eligible minors in the United States is now available
Trump accounts: What parents need to know about the children's savings accounts
A new app for parents managing Trump accounts for their children launches Thursday, Treasury Secretary Scott Bessent announced Wednesday.Bessent made the announcement at a cabinet meeting Wednesday, saying the app would be available "on all major platforms tomorrow morning." He noted that nearly 6 million children already have accounts set up.The app was created by Robinhood, the commission-free trading and investing platform, and the Bank of Ne…
'A Generation of Shareholders': Treasury Launches Trump Accounts Mobile Platform
The U.S. Department of the Treasury officially launched the Trump Accounts mobile app on Thursday, marking the next major phase in the administration’s flagship program to deliver tax-advantaged investment accounts to American children.
Bessent rejects ‘doomer view’ of Iran war fallout — touts Trump Accounts and economic growth
WASHINGTON — Treasury Secretary Scott Bessent revealed Thursday that 6 million American children are enrolled in the about-to-launch "Trump Accounts" while brushing off what he called "short-term challenges" to the economy.
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