The new app to manage Trump Accounts officially launched on Thursday and is now available on all major platforms, including the Apple and Google app stores.
Secretary of the Treasury Scott Bessent briefed members of the media at the White House on Thursday about the new app, created by financial technology company Robinhood and the custodian bank BNY Mellon, designed by the National Design Studio in partnership with the Treasury Department.
“Trump Accounts I believe are the most important benefit for young people since the GI Bill,” Bessent said Thursday. “Today, the app is now available on all major platforms, bringing the President’s vision directly to American homes. Nearly 6 million American children have been signed up for Trump Accounts which will launch on July 4th, and I would encourage all of you to go to trumpaccounts.gov to sign up.”
A Trump Account, authorized under the One Big Beautiful Bill Act, is a tax-deferred individual retirement account (IRA) for children under age 18. It allows parents and employers to build long-term financial security for children by investing in broad U.S. stock market index funds or ETFs.
Trump Accounts provide a $1,000 federal seed contribution for children born between Jan. 1, 2025, and Dec. 31, 2028, provided they are U.S. citizens with a valid Social Security number. Total annual contributions are capped at $5,000, though contributions from charities and federal or state governments do not count toward that limit. Employers may also contribute up to $2,500 annually, with those contributions counting toward the overall $5,000 cap. Additional private contributions are permitted within the annual limit.
Bessent noted during his remarks that 38% of Americans currently have no exposure to equity. “They don’t share in the great innovation, the machine that is the American economy, our great capital markets that drive our prosperity,” he said. “If your child is born during President Trump’s administration, Treasury puts in $1,000 as a seed investment.”
“…this is going to be one of the greatest real-time financial literacy educations in history.”
Scott Bessent
He went on to note that the app includes six “learning pods” to help Americans understand how the accounts work.
“I’ve been a big proponent of financial literacy, and this is going to be one of the greatest real-time financial literacy educations in history,” Bessent said. “[An] American family is going to be able to look on their phone every day. It’s going to drive people to try to understand what they’ve got here. I think we’re going to create a generation of shareholders.”
Children enrolled in Trump Accounts may withdraw up to half of the account’s cash value between ages 18 and 25. Withdrawals used for non-qualified expenses—such as anything other than higher education, a home purchase, or starting a business—will be taxed. The program does not allow penalty-free emergency withdrawals.
Individuals interested in opening a Trump Account will be able to do so through the app, at trumpaccounts.gov, or by submitting Form 4547 with their tax return. Trump Accounts are scheduled to officially launch on July 4.
IRS announces new Trump Account features
Separately, the Internal Revenue Service today announced new features in IRS Individual Accounts that allow taxpayers to view and submit Trump Account elections, making it easier to invest in these tax-advantaged accounts.
Through IRS Individual Account, taxpayers can securely access their tax information and complete common tasks online, including viewing the latest submission status of their Form 4547, including next steps; and submit Form 4547, Trump Account Election(s), electronically.
“These new features reflect our continued focus on transforming the IRS into a digital-first agency that delivers a faster, more seamless experience for taxpayers and provides a new tax-advantaged investment account for children to save for college, retirement, and building generational wealth,” said IRS Chief Executive Officer Frank J. Bisignano. “By expanding the IRS Individual Account to include this new status, we are providing taxpayers with this tool in addition to features for managing their tax accounts, tracking important transactions, and completing key actions quickly and securely.”
The IRS release said taxpayers benefit from greater transparency through real-time visibility into the Trump Account election process, and that electronic submissions also improve accuracy, speed up processing times, and reduce delays associated with paper forms.
EDITOR’S NOTE: This article has been updated to include the IRS information.
SEE ALSO:
• Trump Accounts Take Shape with New Treasury, IRS Guidance
• Treasury Department Pins BNY, Robinhood for Trump Account Management
• Trump Accounts Website Goes Live as Ray Dalio Pledges Contribution