The Treasury Department on Thursday rolled out a new mobile application for its Trump Accounts — tax-free investment accounts for children established under the One Big Beautiful Bill Act signed by President Trump last July.
In a press release, Treasury Secretary Scott Bessent called the app “a simple, secure way for households to begin engaging with a program designed to build long-term financial strength from day one.” He added that the app “ensures that every American family has a direct and easy way to be involved in this historic program.”
“By putting easy access to Trump Accounts directly in the hands of parents and young Americans, we are helping to ensure that America’s youth are included in this new era of economic participation,” Bessent said.
According to the IRS, parents can open accounts for children who will not turn 18 before the end of the calendar year. Families with babies born after December 31, 2024, can enroll now at TrumpAccounts.gov and then transition to the app, which was built by Robinhood and Bank of New York Mellon. National Design Studio created the app’s interface.
Contributions to the accounts cannot be made until July 4, when the Treasury will deposit an initial $1,000 into each account. Those federal contributions will be invested in a diversified U.S. stock index fund or its equivalent. Parents, family members, nonprofits, and companies can also donate up to $5,000 annually per account.
Several major corporations — including Uber, Dell, Goldman Sachs, and Altimeter — have committed billions to fund accounts for employees who become new parents.
Children enrolled in the program can withdraw half of the cash value between their 18th and 25th birthdays. Withdrawals for qualified expenses such as higher education, buying a home, or starting a business will not be taxed; other withdrawals will be subject to taxes. There is no provision for emergency use of the funds.
The launch comes amid broader administration efforts to expand financial access, though critics have raised concerns about the program’s structure and potential conflicts of interest. Meanwhile, the administration has faced scrutiny over other initiatives, including a new House Democratic anti-corruption caucus targeting Trump’s ethics record and a federal judge’s recent ruling upholding Trump’s mail-in ballot restrictions.
A White House spokesperson declined to comment on the app’s security features or potential data privacy concerns. The Treasury Department said the app will undergo regular security audits.
