Trump Accounts apps go live with $1,000 pay outs for kids born during president’s second term
US citizens can now download both the iOS and Android apps for Trump Accounts. Starting July 4th, children born no earlier than January 2025 should start receiving $1,000 from the government.
-
Children born between January 2025 and December 31, 2028, receive $1,000 from the Treasury deposited into Trump Accounts, with apps now available on iOS and Android.
-
Parents, employers, and others can add up to $5,000 per year per child, invested in "a diversified investment vehicle designed to maximize long-term growth."
-
Only children born before December 31, 2028, are eligible, just before Trump's second term ends January 20, 2029, amid speculation about a third term despite constitutional limits.
According to the program, which is "designed to build long-term financial strength from day one," only children born until December 31st, 2028, will be eligible for this support.
US President Donald Trump's second term ends on January 20th, 2029. Speculation continues about whether he'll try to find a workaround to run for a third term, despite the US Constitution prohibiting any person from being elected president more than twice.
In either case, parents and legal guardians of children born last year and this year who have already signed their children up for Trump Accounts will begin receiving emails with instructions to complete the account setup process, the US Department of the Treasury said.
Next, starting July 4th, these accounts should begin receiving the $1,000 pilot program contribution from the Treasury. From the same day, these accounts can also be topped up by parents, employers, and other contributors. However, they can contribute up to $5,000 per year per child.
The program claims that the funds will be invested in "a diversified investment vehicle designed to maximize long-term growth while minimizing risk," while also noting that "additional investment options will be added."
Without penalty, funds can be accessed when the child turns 18. However, these withdrawals may also be subject to unspecified restrictions and would be taxed at ordinary income rates.
"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," Treasury Secretary Scott Bessent was quoted as saying in the announcement.
The government partnered with financial giants Robinhood and BNY for the program. For example, trading platform Robinhood says it serves as the initial trustee for Trump Accounts and holds and administers account assets. Meanwhile, BNY, the world's largest custodian, will manage the national infrastructure for the program.
Unlock more exclusive Cybernews content on YouTube.
