OAN Staff Katherine Mosack
1:37 PM – Thursday, May 28, 2026
The U.S. Department of the Treasury has reportedly launched an app for “Trump Accounts,” a new initiative by the Trump designed to help American parents teach their children how to save and manage money before reaching adulthood.
In a news release on Thursday, the department noted that the app “will be the main interface for the most historic policy for American families in decades.”
Trump Accounts are Individual Retirement Accounts (IRAs) that parents can open for their children as early as their birth. Parents will be able to track the investments made for their children as they grow and their investment multiplies.
______________________________________________________________________________________
How Does It Work
Under the new federal program, the U.S. government offers a one-time $1,000 seed investment for eligible children born between January 1, 2025, and December 31, 2028. While older children under 18 can also have an account opened on their behalf, they do not qualify for the initial government seed money.
Families and employers have the option to make additional contributions up to a combined annual maximum of $5,000 per child, though there is no mandatory minimum or requirement to add extra funds. Parents or legal guardians act as the account custodians until the beneficiary reaches age 18, at which point ownership fully transfers to the young adult.
While the money is primarily intended to grow tax-deferred for retirement like a traditional IRA, the owner can also choose to make penalty-free withdrawals after turning 18 for specific major life milestones, including higher education, a first-time home purchase, or medical expenses.
______________________________________________________________________________________
“The Trump Administration is taking another step forward in expanding opportunity for American families. 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,” said Treasury Secretary Scott Bessent. “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.”
Recent reports say that about five million children have signed up for Trump accounts by Tax Day this year. Parents and legal guardians who have signed up their children by submitting IRS Form 4547 will begin receiving emails with instructions to complete the account setup process, the Treasury Department said.
The app will be available on any app store, according to the White House.
Stay informed! Receive breaking news alerts directly to your inbox for free. Subscribe here. https://www.oann.com/alerts
What do YOU think? Click here to jump to the comments!
Sponsored Content Below
Be the first to comment