The Trump administration announced that nearly 70 million children in the United States now have Trump Accounts, tax-advantaged investment accounts automatically created for eligible minors. The Treasury Department completed automatic enrollment on October 1, adding over 60 million children who previously did not have accounts. Parents or guardians must claim these accounts through the official Trump Accounts app to manage funds or access the government’s $1,000 seed deposit, the White House confirmed.
The automatic enrollment followed slow initial uptake, with only about 5.6 million sign-up forms processed before the change, less than 10% of the roughly 73.4 million eligible children, according to InvestmentNews. President Donald Trump announced the milestone at an Oval Office event on October 7, stating that every eligible minor child in America now has an account. Since the program’s launch on July 4, more than $4.5 billion has been deposited into Trump Accounts, including $1.3 billion from government seed deposits.
The program aims to encourage early investment and savings for children through tax-advantaged accounts. However, having an account does not mean funds are immediately accessible; parents must actively claim the account to manage contributions or withdraw the government’s initial $1,000. The initiative follows similar government efforts to promote financial literacy and savings among youth, with the Trump Account program representing one of the largest automatic enrollment efforts in the country.
The Treasury Department’s completion of automatic enrollment on October 1 marks a significant step in expanding access to these accounts. Families who have not yet claimed their accounts can do so through the Trump Accounts app, which is required to activate and manage the funds, including the government’s $1,000 seed deposit for eligible children.