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Starting to save money early on may be key to helping individuals build real wealth, and Trump Accounts may help. These federal savings accounts for children were created under the One Big Beautiful Bill Act as a way to give children an early start in the stock market. Now, the administration is pushing to expand the accounts to support more American children. The accounts launched on July 4, and children born between 2025 and 2028 may also be eligible for a one-time $1,000 Treasury contribution to boost their accounts.
Though many children have received accounts so far, many eligible children also don't yet have accounts. Here's what the administration plans to do about it and what you should know about the signup process.
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The data on current signups
According to Treasury Secretary Scott Bessent, about 7 to 8 million American children had been signed up for Trump accounts by mid-September. However, data suggests that many eligible children may not take advantage of the accounts.
Research by the national nonprofit Commonwealth reveals that approximately 14.4 million children born between 2025 and 2028 may qualify for the extra $1,000 of federal seed funding. But historical rates for the federal earned income tax credit suggest that about 20% of eligible children may not claim that $1,000 deposit.
The issue of Trump Account awareness
Lackluster initial signups for Trump Accounts may be partially due to lack of awareness of the accounts' existence. Research from the Urban Institute revealed that adults with higher incomes and more than $5,000 in savings were significantly more likely to have heard of Trump Accounts than individuals who had lower incomes and savings.
Commonwealth research found that just 5% of low- and moderate-income parents who earned between $30,000 and $80,000 per year had opened a Trump Account for a child.
Closing the gap between signups and enrollment goals
In July, Altimeter Capital CEO Brad Gerstner spoke on the "All-In Podcast." Gerstner, one of the Trump Account architects, indicated big plans to expand account signups.
"The president suggested that we're going to auto-create accounts for all 50 million kids - or upwards of 70 million kids - under the age of 18," he said. "He called on us to get the accounts open faster, for more people, to have more impact, and to make sure no child is left behind."
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The movement to automatic enrollment
The Treasury began automatically enrolling eligible children in Trump accounts this week, and more than 60 million children have been automatically enrolled in the accounts so far.
"Millions of children have already enrolled in Trump Accounts. With automatic enrollment, over 60 million more eligible children now have an account ready to be claimed," said Bessent.
How claiming Trump Accounts currently works
Though automatic enrollment has expanded Trump Account signups so far, children who are eligible for the $1,000 in Treasury seed money don't automatically receive that contribution. Instead, their families must still elect to receive that seed money. Additionally, parents or guardians of a child who has been automatically enrolled in an account must still claim that account to be able to contribute to it.
Parents or guardians may download the Trump Accounts app, verify their identity and their relationship to the child, and accept the account terms. Accounts must be claimed to allow family members, friends, and employers to make contributions to a child's account. The account must also be claimed for the child to receive the $1,000 seed money.
How Trump Accounts are funded
The $1,000 seed money gives qualifying children's accounts a boost. Additionally, families are able to contribute up to $5,000 more to the account each year; the funds grow tax-deferred.
Gerstner highlighted the value that years of compounding may provide these accounts. He estimated that if families contribute $750 per year to a Trump Account, the account could reach about $50,000 by the time a child is age 18. By age 30, the account could reach $175,000, and by age 50, it could reach $1 million.
Friends, employers, and other adults may also contribute to the account.
Once a child is 18, they're able to use the fund's accounts to cover education expenses, to buy a home, or to start a business.
Bottom line
Automatic enrollment for children in Trump Accounts has helped boost numbers, but it's not a totally comprehensive process. Even if children are automatically enrolled, parents or guardians still need to claim the accounts to be able to claim $1,000 in seed money or to be able to contribute to the accounts.
To ensure that your child isn't left out, review the eligibility criteria for Trump Accounts and take the steps necessary to claim your child's account. If you're able to do so, making annual contributions may help boost the account and maximize the value your child receives from compounding interest. The account might be a helpful step in providing your child ith extra money once they reach adulthood, and potentially helping them pay for expenses like school and get ahead financially.
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