Scott Bessent says 'anyone with children under 18' should open a Trump Account now to claim $1,000 — and the new app is flying up the charts

Treasury Secretary Scott Bessent has helped promote the app, encouraging parents to download it even if their current children don’t qualify for deposits.

“With the children that are born during Trump’s administration, Treasury will seed those accounts with $1,000, but anyone with children under 18 should open a Trump Account because many of the great philanthropists are also putting money in,” Bessent said.

Some corporations and state governments have also pledged to support the accounts.

How Trump Accounts work

Created as part of last summer’s budget bill, Trump Accounts will invest the $1,000 government contribution in a low-cost index fund. Parents can contribute up to $5,000 annually per child to help boost growth. Those contributions can be made by parents, employers or a combination of both.

Employers can contribute up to $2,500 annually to an employee’s child’s account, tax-free.

Children can access the money at 18 years of age, when the account converts to an IRA. However, the first private contribution cannot be made until after July 4, 2026.

Parents will also need to fill out IRS Form 4547, available through TrumpAccounts.gov.

Contributions to a Trump Account don’t affect contribution limits on other tax-advantaged retirement accounts, such as IRAs or a 401(k). That means teens with summer or after-school jobs could theoretically maximize contributions to those accounts while still receiving deposits into a Trump Account.

Although the funds become accessible at age 18, the accounts are designed to provide a head start on retirement savings. Withdrawals before age 59 1/2 may be subject to a 10% penalty.