Trump Accounts: Who is eligible, how $1,000 deposits work and how to open one

Trump Accounts have officially launched on July 4, introducing a new tax-deferred investing option for children that is designed for long-term retirement planning rather than near-term education costs. The accounts, also known as 530A accounts, operate similarly to an IRA, with funds growing tax-deferred and contributions allowed from multiple sources, including family members or employers. Children must be under 18, U.S. citizens, and have a valid Social Security number; an authorized adult such as a parent, guardian, or grandparent can open the account. The U.S. Treasury’s spokeswoman said the initiative aims to broaden access beyond only wealthy families. For a limited pilot, children born from 2025 through 2028 can receive a one-time $1,000 Treasury deposit after the account is opened and verified. The deadline to enroll is the year before the child turns 18, and the Treasury reported 6.5 million children signed up by July 10.