Financial app for managing Trump Accounts set to launch Thursday
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Key Points:
- A new app for managing "Trump Accounts" will be available for download starting Thursday, with nearly 6 million families already signed up; the accounts officially launch on July 4.
- The app, developed by Robinhood and BNY Mellon, will allow parents to schedule contributions and access eight exclusive financial literacy modules.
- Every U.S. citizen born between January 1, 2025, and December 31, 2028, will receive a $1,000 federal government contribution to their account starting July 4.
- Families, employers, and relatives can contribute up to $5,000 annually, with funds locked until the child turns 18 and invested in a broad-based index fund like an S&P 500 ETF.
- The Treasury Department plans to enable future transfers of investments to other banks if families choose to do so.