A new mobile app for Trump Accounts is set to go live Thursday, letting families manage tax-deferred savings for children. Treasury Secretary Scott Bessent says nearly 6 million children already have accounts set up, while the federal government will seed $1,0
Thursday morning is when the new app for Trump Accounts is supposed to appear on phones—right as families begin the first real step of turning child savings into investing decisions.
Treasury Secretary Scott Bessent said Wednesday that the app would be available “on all major platforms tomorrow morning,” and tied the push to momentum already underway: nearly 6 million children have accounts set up.
The app was built by Robinhood, the commission-free trading and investing platform, and the Bank of New York, both chosen by the Treasury Department to manage Trump Accounts in this initial phase. The Treasury said the app will be available on the Apple and Google app stores on Thursday morning.
Trump Accounts are IRA-style savings accounts for children. Like traditional IRAs, money in the accounts will grow tax deferred. The rules, however, differ in the details—contributions, withdrawals, and the uses of the money. The money also may not be tapped before a child turns 18.
Parents, employers, friends, or other relatives can contribute a combined $5,000 a year into a child’s account. The federal government adds its own contribution: $1,000 into every account for children born between January 1, 2025 and December 31, 2028.
Additional contributions can come from philanthropists, nonprofit charities, or state governments, as long as the money is earmarked for children in a “qualified class,” such as those living in a given state.
Eligibility is specific. To qualify for a Trump Account, a child must be under age 18 at the end of the year the account is opened, must be a US citizen, and must have a valid Social Security number.
On the app itself, families will be able to view account balances and make investing decisions, among other functions. Investment options will be limited to very low-cost, broad-based US stock index funds and exchange-traded funds.
The timing matters. The accounts won’t officially be open for investment until July 4. That same day. the Treasury Department will begin depositing the $1. 000 seed money into eligible accounts—though because July 4 is a Saturday. the Treasury spokesperson said it’s possible the money won’t show up until Monday. July 6.
Until investment opens, families will not be looking at empty screens. The Treasury spokesperson said the app will include “eight exclusive financial literacy modules” that families can access now.
Creating a Trump Account for a child can be done through paperwork or a direct sign-up. 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 families can sign up at trumpaccounts.gov.
The app’s launch Thursday is the first visible step for millions of families who already set up accounts—offering tools now, but holding the investing switch for July 4.
Trump Accounts app Treasury Department Scott Bessent Robinhood Bank of New York child savings tax-deferred accounts financial literacy modules July 4 investment start trumpaccounts.gov