The Trump Accounts app launched on Thursday, May 28, following an announcement by the U.S. Department of the Treasury. Created by Bank of New York Mellon and Robinhood, the app is now available for download nationwide via the Apple App Store and Google Play.
The app acts as a platform for parents and legal guardians who have already signed up their children for Trump Accounts to complete their account activation setup.
“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,” Treasury Secretary Scott Bessent said in a statement. “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.”
[Read: Could Trump’s $1K Retirement Accounts for Babies Replace Social Security? What the Experts Say]
The New Trump Accounts App: Can Americans Start Saving?
Families will have to wait a bit longer before they can begin saving through Trump Accounts. The program will officially launch on July 4, 2026, with the next phase of the rollout now underway.
Also beginning July 4, eligible children will start receiving the $1,000 pilot program contribution deposited to their account, according to the U.S. Department of the Treasury.
Parents and legal guardians who have already submitted IRS Form 4547 to enroll their children for Trump Accounts will begin receiving emails with instructions to complete account setup and activate their accounts.
Accounts can be activated through the Trump Accounts app or by visiting TrumpAccounts.gov.
[Read: A $100K Social Security Cap Proposal: What to Know and How to Protect Your Retirement]
Trump Accounts Eligibility: Who Qualifies for the $1,000 Savings?
Trump Accounts were first introduced as part of President Donald Trump’s One Big Beautiful Bill Act. The White House describes them as “tax-advantaged savings accounts” designed to help secure the financial future of American children.
Parents or legal guardians can begin opening a Trump Account by filing IRS Form 4547. Eligible children, which Trump Accounts define as U.S. citizens born between Jan. 1, 2025, and Dec. 31, 2028, will receive a $1,000 government deposit.
Parents and others can contribute up to a combined $5,000 annually. Additional contributions from states, employers and charities are also expected to be allowed. Government and charitable contributions won’t count toward the annual cap, but employer contributions will.
Employer contributions will initially be capped at $2,500 per year, with both employer and total contribution limits adjusted annually for inflation beginning after 2027.
Contributions are not tax-deductible, and funds can’t be withdrawn until the account holder turns 18.
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An Alternative Savings Vehicle for Your Children
Parents and guardians have another option when saving for their children’s future: a 529 plan. This is a long-standing education savings account that offers different tax advantages than Trump Accounts.
A 529 plan allows for funds to grow and be withdrawn tax-free when used for qualifying education expenses. While contributions to 529 plans aren’t deductible on federal taxes, some states do offer state income tax deductions for residents who contribute.
By comparison, Trump Accounts don’t offer tax-deductible contributions, and withdrawals are subject to income tax. Their main tax benefit is that they grow tax-deferred, and investment gains aren’t taxed until the money is withdrawn.
| Feature | Trump Accounts | 529 Education Savings Plan |
| Initial government match | $1,000 pilot contribution (born 2025-2028) | None (note: plan details vary by state) |
| Annual contribution cap | $5,000 (employer match cap $2,500) | Up to $19,000 for 2026 (without impacting gift tax exemption) |
| Tax benefits | Tax-deferred growth | Tax-advantaged growth and withdrawals for qualified education expenses (states may offer tax-advantaged contributions) |
| How to use the funds | Unrestricted once child reaches age 18 | Restricted to eligible education expenses (one-time $35K Roth IRA rollover). Can be transferred to new beneficiary. |
Contribution limits also differ significantly between the two accounts. Trump Accounts cap annual contributions at $5,000. For a 529 plan, parents can contribute up to $19,000 per person for 2026 without it affecting their lifetime gift tax exemption.
A 529 plan can offer more flexibility for unused funds. If the money isn’t needed for education expenses, up to $35,000 can be rolled over into a Roth IRA in certain circumstances. A 529 can also be transferred to another family member. However, withdrawals used for nonqualifying expenses are subject to regular income taxes and a 10% penalty.
Trump Accounts do provide broader savings options that aren’t tied to education costs. But the accounts also offer fewer tax advantages than 529 plans. They become available to the child at age 18.
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The Trump Accounts App Is Here. When Can You Get Your First $1K? originally appeared on usnews.com
