The Trump Accounts app, now available for download on Apple and Google app stores, facilitates the opening of tax-deferred investment accounts for children, known as 530A accounts. Families can begin the sign-up process, although funding will not be available until July 4, when the Treasury is expected to deposit initial funds.
Treasury Secretary Scott Bessent highlighted the app's potential to simplify investment for millions of Americans. Currently, nearly 6 million children have been signed up for these accounts. The app allows parents to fill out IRS Form 4547 to open accounts, with a verification process involving email and phone number confirmation.
Notably, children born between 2025 and 2028 are eligible for the initial $1,000 deposit, while those under 10 from lower-income areas may receive $250. Parents can contribute up to $5,000 annually, with additional contributions allowed from employers and charitable organizations.
Investments will primarily be made in broad U.S. equity index funds, which could enhance the growth potential of these accounts over time