JBizNews Desk
The U.S. Department of the Treasury on Thursday officially launched the new “Trump Accounts” mobile app, opening the primary gateway to a federal savings initiative that will provide tax-advantaged investment accounts — and in many cases a $1,000 government-funded deposit — for millions of American children.
Treasury Secretary Scott Bessent announced the launch Thursday morning, describing the app as a secure and simple tool designed to help families begin building long-term financial savings for children from birth.
The app is now available through major app stores nationwide ahead of the program’s formal July 4 launch.
The accounts function similarly to investment retirement-style accounts for minors, with funds placed into market-tracking investment vehicles intended to grow over time. The program’s most prominent feature is the federal contribution itself: children who are U.S. citizens born between 2025 and 2028 qualify for a one-time $1,000 Treasury-funded deposit beginning July 4.
Children born before 2025 may still open accounts but are not eligible for the government contribution.
Treasury officials said nearly 6 million children have already been enrolled ahead of the launch, although deposits and contributions cannot officially begin until July.
Parents and guardians can begin the setup process immediately through TrumpAccounts.gov using IRS Form 4547 before completing account activation through email verification.
The funds are designed as long-term investment accounts and cannot be freely withdrawn during childhood. Once the child reaches adulthood, the money may be used for major expenses such as education, housing, or other approved life costs.
The program also directly ties Wall Street and private employers into the federal savings initiative.
Treasury confirmed that Bank of New York Mellon and Robinhood partnered on the infrastructure supporting the app and account system. BNY Mellon was also among the first major institutions to pledge matching contributions for children of its U.S.-based employees, with BlackRock later joining the effort.
Employers participating in the program may contribute up to $2,500 annually per employee on a tax-advantaged basis without those contributions counting as taxable income for workers.
Several philanthropists and private organizations have also pledged additional matching contributions for qualifying families in certain states.
For financial firms involved, the program represents more than a government initiative — it potentially creates a generation of first-time investors whose earliest financial relationship begins through federally backed investment accounts connected to private financial institutions.
Supporters describe the program as an attempt to encourage long-term wealth creation and financial literacy from childhood.
Critics, however, have raised broader questions surrounding program costs, investment oversight, and whether lower-income households will continue contributing after the initial government deposit.
For now, the launch marks the moment the initiative moves from legislation and policy discussions into parents’ phones and household finances.
Washington — JBizNews Desk
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