Trump Accounts app launches Thursday for 6 million families

The Trump Accounts mobile app, built by Bank of New York Mellon and Robinhood Markets Inc., will be available for download on Apple and Google app stores Thursday, letting nearly 6 million enrolled families manage their children's tax-advantaged investment accounts ahead of the July 4 official launch.

"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. Bessent announced the timeline during a cabinet meeting Wednesday, calling the app a tool that "will place the American dreams into the palms of the hands of parents and children."

Families who have already enrolled can activate their accounts immediately, though federal contributions won't begin until July 4. Every U.S. citizen born between Jan. 1, 2025, and Dec. 31, 2028, with a valid Social Security number will receive a $1,000 federal seed contribution. Parents, relatives, employers and charities can collectively contribute up to $5,000 annually per child. The default investment option is an S&P 500 exchange-traded fund, with additional broad-based index options expected to roll out afterward.

The program, officially designated as 530A accounts, represents one of the most ambitious wealth-building initiatives in U.S. history. Treasury Department estimates project the initial $1,000 could grow to roughly $5,800 by age 18 and nearly $200,000 by age 55 without additional contributions. President Donald Trump said in January the program would put "$3 to $4 trillion of wealth into the hands of young Americans" over the next 15 years. Brad Gerstner, founder and chief executive officer of Altimeter Capital, who helped design the accounts, said on X that the initiative gives "every child" a "birthright" as a "direct shareholder in the upside of America."

How the Accounts Work

Children take control of the account when they turn 18, at which point they can withdraw funds or continue investing under rules similar to traditional individual retirement accounts. Money grows tax-deferred and must remain invested in broad-based U.S. stock index funds until the child reaches adulthood. The Treasury Department said families will eventually be able to transfer accounts to other participating financial institutions.

The app includes eight exclusive financial literacy modules that families can access immediately, even before funding begins. Parents can schedule automated contributions and project future account balances, according to a preview shared with the Wall Street Journal.

Corporate and Investor Backing

Dozens of major corporations have announced plans to match federal contributions for their employees' children, including SoFi Technologies Inc. and Intel Corp. ARK Invest's Cathie Wood praised the development on X, saying the accounts "will help your loved ones catch and ride the financial wave of this technology revolution."

For Robinhood, the partnership represents a significant expansion beyond its core retail trading business into government-administered savings programs. BNY Mellon, one of the world's largest custody banks, will provide the underlying infrastructure. The program could drive substantial inflows into S&P 500 ETFs over time, benefiting asset managers such as BlackRock Inc. and Vanguard Group Inc., whose funds are likely to be among the default investment options.

The accounts can also benefit families whose children don't qualify for the federal seed money, since employer and charitable contributions remain available. For parents who can afford to maximize annual contributions and later convert the account to a Roth IRA, the program could create a substantial retirement nest egg for their children.

This article is for informational purposes only and does not constitute investment advice.