Treasury Secretary Scott Bessent said during Wednesday’s Cabinet meeting that the Trump Accounts app will be available “on all major platforms tomorrow morning.”
Bessent called Trump Accounts “the most important government benefit for young people since the GI Bill” and said nearly 6 million children have already signed up for the program. Bessent compared the program to the GI Bill, the long-running U.S. benefits program that helps veterans pay for college, housing and job training.
The app was developed by Robinhood Markets (NASDAQ:HOOD) and BNY (NYSE:BK), which were selected by the Treasury Department to manage the accounts during the program’s initial phase.
Trump Accounts are tax-deferred investment accounts for children created under President Donald Trump’s One Big Beautiful Bill Act. The program gives eligible children a $1,000 government-funded investment account that families, employers and outside donors can contribute to over time.
Parents, relatives and employers can contribute up to $5,000 annually into the accounts. The funds will be invested mainly in low-cost U.S. stock index funds and ETFs, and children cannot access the money before age 18.
Program Expansion
A Treasury spokesperson told CNN the app will launch Thursday on Apple and Google app stores, while investment activity and the government’s $1,000 seed deposits are scheduled to begin around July 4.
Children born between Jan. 1, 2025 and Dec. 31, 2028 qualify for the federal contribution if they are U.S. citizens with valid Social Security numbers.
Earlier this year, the IRS said more than 4 million children had already registered for Trump Accounts, with over 1 million enrolled for the government-funded pilot contribution program.
The program has also drawn backing from major Wall Street firms and investors. Companies including Dell Technologies (NASDAQ:DELL), SoFi Technologies (NASDAQ:SOFI) and JPMorgan Chase & Co. (NYSE:JPM) previously announced matching contribution initiatives tied to the accounts.
Billionaire investor Ray Dalio and Tesla Inc (NASDAQ:TSLA) CEO Elon Musk have also publicly discussed the long-term economic impact of the program.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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