Trump Accounts app launches nationwide for children's investment accounts
The Trump administration has launched a mobile app allowing parents to open and manage federally-funded investment accounts for children. Children born between January 1, 2025 and December 31, 2028 are eligible to receive a one-time $1,000 government deposit starting July 4, 2026. Parents can then add up to $5,000 annually to each account through the app, which was developed by Bank of New York Mellon and Robinhood. The accounts are structured as tax-advantaged individual retirement accounts where funds are invested in broad stock market index funds. Nearly six million children have already been enrolled through prior registration. The app became the fourth most downloaded in the U.S. after launch. Parents, employers, and charitable organizations can contribute to accounts. Funds cannot be withdrawn before age 18 except in specific circumstances, though account holders at age 18 can access partial funds and transition the account into a traditional IRA structure. The program cost is estimated at 15 to 17 billion dollars over five years, potentially rising to 37 billion over ten years if made permanent.
Key facts
- The Trump Accounts app launched May 28, 2026, with the $1,000 federal deposit beginning July 4, 2026
- Eligible children must be born between January 1, 2025 and December 31, 2028 with valid Social Security numbers
- Parents can contribute up to $5,000 annually per child through parents, relatives, employers and charities
- Nearly 6 million children had already enrolled through prior registration as of late May 2026
- The app became the fourth most-downloaded app in the U.S. shortly after launch
- Funds are invested in broad U.S. stock market index funds and cannot be withdrawn until age 18
- Program estimated to cost $15-17 billion over 5 years, potentially $37 billion over 10 years if made permanent
- The app was developed in partnership with Bank of New York Mellon and Robinhood
How different outlets framed it
Left-leaning coverage: Left-leaning economists and policy analysts argue Trump Accounts will widen wealth inequality rather than close it because the same $1,000 goes to all children, while only affluent families can afford the maximum $5,000 annual additional contributions. Critics contend the accounts are regressive—benefiting wealthier households while doing little for low-income families facing immediate bills—and compare them unfavorably to alternative 'baby bonds' proposals that would allocate larger government deposits to children from lower-income households.
Right-leaning coverage: Right-leaning and administration sources frame Trump Accounts as an opportunity to build long-term financial security and teach investment literacy from childhood, emphasizing that it gives all eligible children a stake in the stock market regardless of family wealth. Supporters highlight corporate partnerships and billionaire commitments like Michael Dell's $250 contributions to qualifying accounts and note the program represents historic investment in children's financial futures.
Limits of this briefing
While sources provide detailed operational information about Trump Accounts, rigorous long-term economic impact studies are not yet available since the program just launched. The actual wealth-building outcomes will depend heavily on market performance, enrollment rates among lower-income families, and whether additional contributions materialize—factors that remain uncertain.
Sources
- Washington Post: 'Trump accounts' app launches to manage $1,000 federal investment per child Centre
- CBS News: Trump Accounts app is now available. Here's what to know. Centre
- Quartz: 'Trump Accounts' could make inequality worse, economists say Left
- Center for Economic and Policy Research: Trump Accounts Will Worsen Wealth Inequality, Not Reduce It Left
- Newsweek: Trump Accounts App Downloads Surge. Here's Who's Eligible Centre