A new mobile app for Trump Accounts is set to go live Thursday, giving parents a way to manage the tax-deferred savings accounts created for children. Treasury Secretary Scott Bessent said the app will be available “on all major platforms tomorrow morning,” and nearly 6 million children already have accounts set up.
The app comes from Robinhood and the Bank of New York, which the Treasury Department selected to handle Trump Accounts in this first phase. It will let parents check balances and make investment decisions, while the accounts themselves remain subject to limits that differ from traditional IRAs.
How Trump Accounts are structured
Trump Accounts work like IRA-style savings plans for children because money in them grows tax deferred. Even so, the accounts have their own rules on contributions, withdrawals, and approved uses, and the money cannot be used before a child turns 18.
Parents, employers, friends, and other relatives can contribute a combined $5,000 a year to a child’s account. The federal government will also add $1,000 to accounts for children born between January 1, 2025 and December 31, 2028.
Money from philanthropists, nonprofit charities, or state governments can also be added if it is designated for children in a qualified class. That could include children living in a specific state, according to the Treasury description of the program.
Who can qualify
A child must be under 18 at the end of the year when the account is opened to qualify. The child also must be a US citizen and have a valid Social Security number.
Parents or other authorized individuals, including a legal guardian, can create an account by filling out Form 4547 and submitting it to Treasury when taxes are filed. They can also sign up through trumpaccounts.gov.
What the app can do now
The app will appear in Apple and Google app stores Thursday morning, according to a Treasury spokesperson. Parents will be able to use it to view balances and make investment choices, but the options will be narrow at first.
Investment selections will be limited to very low-cost, broad-based US stock index funds and exchange-traded funds. Until the accounts officially open for investment on July 4, the app will still offer eight financial literacy modules that families can use right away.
The Treasury Department also said it will begin depositing the $1,000 federal seed money into eligible accounts on July 4, though the holiday falls on a Saturday and some deposits may not appear until July 6. That timing makes the app’s launch an early step in a broader rollout that will connect families to the program before the accounts become fully active.
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