Trump Accounts app goes live

The Treasury Department launched a new app Thursday corresponding to its investment accounts for kids, dubbed “Trump Accounts.”

“The Trump Administration is taking another step forward in expanding opportunity for American families,” Treasury Secretary Scott Bessent said in a press release. “The Trump Accounts app delivers a simple, secure way for households to begin engaging with a program designed to build long-term financial strength from day one.”

“By putting easy access to Trump Accounts directly in the hands of parents and young Americans, we are helping to ensure that America’s youth are included in this new era of economic participation,” he added.

The tax-free investment accounts, established under the One Big Beautiful Bill Act the president signed into law last July, are available to parents with children who do not turn 18 before the end of the calendar year in which their parents open an account, according to the IRS.

Those with babies born after Dec. 31, 2024, can currently enroll at TrumpAccounts.gov before transitioning to the app created by Robinhood and Bank of New York Mellon.

National Design Studio built the interface for the app.

In a post on social platform X, Bessent said the app “ensures that every American family has a direct and easy way to be involved in this historic program.”

Families and donors won’t be able to make contributions to the accounts until July 4, when the $1,000 initial investment from the Treasury Department is set to be deposited. 

The federal contributions will go into a diversified U.S. stock index fund or its equivalent. 

In addition to deposits from the government, parents and family members, nonprofits and companies can donate to a child’s investment account within the $5,000 annual contribution limit, according to the administration.

Several businesses, including Uber, Dell, Goldman Sachs and Altimeter, have committed to setting aside billions to invest in the accounts of company employees who become new parents. 

Children enrolled in the investment program are eligible to withdraw half of the cash value amount between their 18th and 25th birthdays, per the terms.

Funds withdrawn for anything other than “qualified expenses,” including paying for higher education, buying a residence or starting a business, will be taxed.

There is no allowance for emergency use of the funds.