The Trump administration is touting its Trump Account program, which it claims has reached nearly 70 million savings accounts.
Parents can open a Trump Account, a savings account for American children. In addition, accounts created for kids born from 2025 to 2028 include $1,000 already invested. Nearly 70 million accounts have been opened for kids, mainly through automatic enrollment, the administration recently announced.
"We’re building long-term financial security for millions of children by creating tax-advantaged investment accounts for U.S. citizens under the age of 18. Coming in 2026," the Trump Account website says.
Here's what to know about Trump accounts.
How many children are enrolled in Trump accounts?
The Trump Administration recently announced nearly 70 million investment accounts
for American children have been created, the vast majority through automatic enrollment.
What are Trump Accounts?
Trump Accounts are savings accounts for American children ages 18 and under, according to the official website. IRS guidance calls them a traditional individual retirement account.
For children born between 2025 and 2028, the accounts will start with a $1,000 deposit.
"No contributions necessary — but you can deposit up to $5,000 per year to maximize growth," the website says. Some additional contributions are allowed beyond that limit.
Trump Accounts are intended to encourage children and families to save and build wealth for the many expenses of adulthood, USA TODAY reported.
“It’s an IRA for kids,” Evan Morgan, a principal in the tax advisory group at Kaufman Rossin, an accounting and advisory firm, told USA TODAY.
How can you get a Trump Account for your child?
Parents can open a Trump Account for their child with their valid Social Security number, according to the Trump Accounts website. This can be done via IRS Form 4547, either when filing your taxes or, by summer 2026, via an online portal.
Parents will have sole custody over the account until the child turns 18.
When can you start contributing?
Though not required, parents, family, friends and employers are able to contribute up to $5,000 annually to the account until the child turns 18, according to the website. There is a $2,500 cap on annual employer contributions.
Contributions to Trump Accounts were allowed beginning in July 2026, USA TODAY reported.
How did Trump Accounts come about?
Trump Accounts are part of the tax-and-spending package signed into law in summer 2025 by President Donald Trump, USA TODAY reported. They join a group of tax-advantaged savings plans that help Americans navigate the costs of education, health care and retirement, among other things.
How much could the accounts be worth?
If parents of children who receive the$1,000 initial depositadd nothing, a child at age 18 would have $5,800, the website says, or $200,000 at age 55.
For those starting an account at birth and adding the maximum $5,000 per year, a child could have $303,000 at age 18 or $2.7 million at age 55.
USA TODAY contributed.
Contact Jenna Prestininzi: jprestininzi@freepress.com.
This article originally appeared on Detroit Free Press: President says 70M 'Trump accounts' have been created. What are they?
