The US Treasury has launched a new mobile app for families using “Trump Accounts”, a federal child investment scheme that will begin accepting contributions on 4 July. Eligible children will also start receiving a one-time government contribution of $1,000 from that date.
The program, created through Republican tax-and-spending legislation passed last year, is expected to cover millions of children across the United States. Treasury officials say the app will serve as the main platform for parents and guardians to access and manage the accounts.
According to the US Department of the Treasury, activation of accounts will begin in phases over the coming weeks, with families who have already enrolled receiving emails containing instructions to complete the setup process.
The accounts are designed as tax-deferred investment vehicles for children and can receive contributions from parents, relatives, employers and certain organisations, subject to program rules and annual limits.
Account Activation Begins before Official Launch
The Treasury Department announced on 28 May that the Trump Accounts app is now available through major mobile app stores across the country. According to Treasury Secretary Scott Bessent, the app is intended to provide parents and young Americans with a direct way to engage with the program.
Families that have already enrolled their children by submittingIRS Form 4547 will begin receiving activation emails from no-reply@TrumpAccounts.Treasury.gov. The Treasury stated that these messages will be distributed in stages between now and 4 July, when the program officially becomes operational.
Treasury officials also issued warnings about potential fraud attempts. According to the department, legitimate activation communications will only be sent through the official Treasury email address. Families were advised that the government will not contact them by telephone or text message regarding account activation.
The app was developed by BNY and Robinhood in partnership with the National Design Studio, a White House office focused on modernising federal digital services. CNN separately reported that the application allows parents to view account information and make investment decisions within the program’s approved options. Before contributions begin, users will have access to eight financial literacy modules available through the platform.
Eligibility Rules and Contribution Limits
The program is open to children born between 1 January 2025 and 31 December 2028 who are US citizens and possess valid Social Security numbers. According to the Treasury Department, these eligible children will receive a one-time federal contribution of $1,000 deposited directly into their accounts beginning on 4 July.
Children who were born before 1 January 2025 and are under the age of 18 may also open accounts, although they are not eligible for the federal seed contribution.
The accounts function similarly to traditional individual retirement accounts in that investments grow on a tax-deferred basis. Investment choices are restricted to broad-based US stock index funds and exchange-traded funds, according to CNN.
Parents, relatives and other adults may contribute up to a combined annual limit of $5,000 per child. Employers may contribute up to $2,500 per employee’s child within that overall cap. The Treasury also stated that contributions from state governments, local governments and non-profit organisations do not count towards the annual limit.
Children legally own the accounts, while parents or guardians act as custodians until the beneficiary reaches the age of 18. Withdrawals remain taxable before retirement age unless the funds are used for approved purposes, including education, a first home purchase, birth or adoption costs, or medical expenses. Families who have not yet enrolled may do so through TrumpAccounts.gov or by submitting the required IRS form.
