Trump Accounts App Launches Ahead of New Tax-Deferred Accounts
Trump Accounts App Live On App Stores: What To Know
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The Trump Accounts app is now available in US app stores, allowing parents to manage tax-deferred savings accounts for children. Eligible children, including newborns from 2025 to 2028, can receive an initial deposit of $1,000. The app facilitates account setup and contributions, which can begin in July.
- 01The Trump Accounts app was developed in collaboration with Robinhood and Bank of New York Mellon.
- 02Almost six million children have been signed up for Trump Accounts, which are Individual Retirement Account (IRA)-style savings accounts.
- 03Parents can open accounts now, but funding will begin in July 2024.
- 04Parents can contribute up to $5,000 annually, with additional contributions possible from employers and charitable organizations.
- 05Investment options for Trump Accounts are limited to exchange-traded funds and low-cost US stock index funds.
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The US Treasury Department has launched the Trump Accounts app, designed to facilitate the management of new tax-deferred savings accounts for children. This app, developed in partnership with Robinhood and Bank of New York Mellon, allows parents to set up accounts for their children, who must have a Social Security number to be eligible. Notably, babies born between 2025 and 2028 can receive an initial deposit of $1,000 from the Treasury. The accounts, known as Individual Retirement Account (IRA)-style savings accounts, will enable contributions of up to $5,000 annually, with employers also able to contribute up to $2,500 per worker. However, these accounts cannot be funded until July 2024. The app requires parents to verify their email and phone numbers during the sign-up process, after which they will receive an invitation to activate the accounts. Investment options will be limited to exchange-traded funds and low-cost US stock index funds.
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The launch of the Trump Accounts app could significantly impact families by providing a new savings tool for children's future financial security.
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