Trump Accounts app to go live Thursday
By Jeanne Sahadi, CNN
(CNN) — There is a new app going live on Thursday for parents who set up Trump Accounts for their children, Treasury Secretary Scott Bessent said Wednesday.
Bessent announced in a cabinet meeting on Wednesday that the app would be available “on all major platforms tomorrow morning,” and 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 New York, both of which were selected by the Treasury Department to manage Trump Accounts in this initial phase.
Trump Accounts are IRA-style savings accounts for children. They are like traditional IRAs in that money in the accounts will grow tax deferred. But the rules differ when it comes to contributions, withdrawals and approved uses of the money. Also, the money may not be tapped before a child turns 18.
Parents as well as their employers, friends or other relatives may contribute a combined $5,000 a year into a child’s account.
In addition, the federal goverment will contribute $1,000 into every account for children born between January 1, 2025 and December 31, 2028. Also, money from philanthropists, nonprofit charities or state governments earmarked for children in a “qualified class” (such as those living in a given state) may also be contributed.
To qualify for a Trump Account, a child must be under age 18 at the end of the year in which an account is opened for them. The child also must be a US citizen and have a valid Social Security number.
The new app will be available on Apple and Google app stores Thursday morning, a Treasury spokesperson told CNN. It can be used by parents to view account balances and make investing decisions for the money, among other things. Investment options will be limited to very low-cost, broad-based US stock index funds and exchange-traded funds.
The accounts won’t officially be open for investment until July 4. That is also the time when the Treasury Department will start depositing the $1,000 in federal seed money into eligible accounts (although since the 4th is a Saturday, it’s possible the money won’t show up in the account until Monday, July 6). Until then, the Treasury spokesperson said, “the app features eight exclusive financial literacy modules that families can access now.”
To create a Trump Account for a child, Form 4547 can be filled out by parents or other authorized individuals such as a legal guardian and submitted to Treasury when they file their taxes, or they can sign up for an account on trumpaccounts.gov.
(Here’s more on how Trump Accounts will work.)
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CNN’s David Goldman contributed to this report.
