“Trump accounts” – a custodial-style, traditional individual retirement account (IRA) for children 18 and younger – will be accessed through a phone app as their main interface, which the Treasury Department launched Thursday, the agency said.
The accounts, established by the “one big, beautiful bill act” (OBBA) of 2025, are owned by the child but administered by an adult. The Treasury sets up the accounts; rollovers to banks, credit unions and other financial institutions will be available after the official launch of the accounts. The official launch is set for July 4, according to Treasury.
Under the program, the U.S. government makes a one-time “seed contribution” to accounts set up through the app. However, some parents and legal guardians have already signed up their children for the accounts by submitting IRS Form 4547.
The seed contribution is made for “American children” with accounts who are born between Jan. 1, 2025 and Dec. 31, 2028. Additional contributions are also allowed from individuals, employers and charities. No withdrawals can be made before age 18. After that, traditional IRA rules apply.
Treasury said that account activation will be July 4. On that date, eligible children will begin receiving the $1,000 pilot program contribution from the Treasury deposited directly to their account, the agency said. Also on that date, the accounts will be able to accept contributions from parents and other eligible contributors, “subject to annual limits” of $5,000.
According to Treasury, funds in the accounts will be “invested in a diversified portfolio of low-cost index funds designed to maximize long-term growth while minimizing risk.”
The app is available through Apple App Store and Google Play, according to Treasury.
Treasury Announces the Launch of the Trump Accounts App and Next Steps for Trump Accounts
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