May 28 (Reuters) – The U.S. Department of the Treasury said on Thursday it had launched Trump Accounts on app stores nationwide, advancing a policy initiative that aims to create millions of investment accounts for children.
People who signed up for the accounts began receiving emails to activate them and download the app, and can begin investing in them when the program officially kicks off on July 4, the Treasury said.
The rollout marks a key step in implementing the program, which seeks to encourage long-term investing from an early age through government-backed starter accounts.
“This groundbreaking new app will make it easy for millions of Americans to sign up, contribute and watch their investments grow in value,” Treasury Secretary Scott Bessent said in a video posted on social media platform X on Thursday.
The accounts, created under President Donald Trump’s One Big Beautiful Bill Act of 2025, will see the U.S. Treasury deposit $1,000 in seed money for children born between 2025 and 2028 who have a valid Social Security number.
The app was designed in partnership with trading platform Robinhood and custodian bank BNY, Bessent said.
A spokesperson for BNY did not immediately respond to Reuters’ request for comment. Robinhood said on its website that the rollout is “a major step towards building long-term financial security for millions of children.”
Trump has called on U.S. companies to contribute to family accounts for employees, as his Republican Party looks to address voters’ affordability concerns ahead of the midterm elections in November.
U.S. banking giants JPMorgan Chase, Wells Fargo and Bank of America, along with payments company Visa, are among the firms that have pledged contributions to the accounts of their U.S. employees’ children.
Supporters have framed the accounts as a way to help children begin building wealth from birth through long-term investing.
Advocates say early access to savings and market returns could improve economic mobility and give future generations a stronger financial foundation.
The accounts are free to open and contributions can be made by parents, family members, employers, or charitable organizations, up to $5,000 annually. Contributions will be automatically invested in a low-cost index fund designed for long-term growth, Robinhood said.
The funds in the accounts grow on a tax-deferred basis, with the gains only taxed once they are withdrawn. Children take control of the accounts when they turn 18, at which point they can use the funds or continue investing.
(Reporting by Manya Saini in Bengaluru and Pete Schroeder; Editing by Leroy Leo and Paul Simao)
