Trump Accounts app to go live Thursday
6abc Philadelphia • • business
Key Points:
- Treasury Secretary Scott Bessent announced the launch of a new app on Thursday for parents who set up Trump Accounts, IRA-style savings accounts for children, with nearly 6 million accounts already established.
- The app, developed by Robinhood and the Bank of New York, will be available on Apple and Google app stores and allows parents to view balances and make investment decisions limited to low-cost US stock index funds and ETFs.
- Trump Accounts allow combined annual contributions of $5,000 from parents, employers, friends, or relatives, with the federal government adding $1,000 for children born between 2025 and 2028, alongside potential contributions from philanthropists and state governments.
- Eligible children must be under 18, US citizens, and have valid Social Security numbers; accounts open for investment on July 4, when federal seed money will be deposited, while the app currently offers financial literacy modules.
- Parents or authorized individuals can create Trump Accounts by submitting Form 4547 with tax filings or signing up at trumpaccounts.gov.