Trump Accounts Now Live: How the New Savings Program Works

Trump accounts are now live, with the White House confirming on July 6 that 6 million American children already have federal savings accounts open under the program that launched two days earlier.

What Trump Accounts Are and Who Qualifies

The program deposits $1,000 in seed money from the federal government into an account for every child born between 2025 and 2028. Roughly 1.4 million newborns have already claimed that seed funding. Children under 18 who were born before 2025 can also open accounts, though they do not receive the government deposit. President Trump described the structure as a way for kids to start life with nothing and end up, at a young age, with meaningful savings, a goal he said the country had pursued for 25 years.

Trump Accounts Now Live: The Rollout and the Money Behind It

The July 4 launch drew a symbolic marker on July 6, when Trump rang the opening bell for both the New York Stock Exchange and the Nasdaq simultaneously from the Oval Office, something he said had never happened before for either venue. Michael and Susan Dell, who pledged $6.25 billion to the initiative, stood among the attendees, along with other wealthy donors and corporations that have committed funds. Trump also encouraged the audience to buy Dell computers, a remark that blurred the line between policy event and product endorsement. According to Trump, combined seed funding and private contributions will put $800 million into the stock market for children's accounts within the week of the launch.

Income Data and the Wealth Distribution Question

Treasury Secretary Scott Bessent said 86 percent of the accounts opened so far belong to families earning under $200,000 a year. That figure directly counters an argument some economists raised before launch, namely that the accounts would mostly benefit higher income households already capable of saving for their children.

How Parents Actually Open an Account

Guardians have two filing paths. The simpler one is submitting IRS Form 4547 online through trumpaccounts.gov, which requires the child's date of birth, Social Security number and parent contact information. The alternative is filing Form 4547 alongside a tax return. Once the IRS processes the form, it establishes the account, and a partner financial firm holding the funds later contacts the family with setup instructions.

What Happens Next for Families Who Haven't Filed

With 6 million accounts already claimed in the program's first days, the pace of enrollment suggests strong initial uptake, but millions of eligible children, particularly those born before the 2025 cutoff for seed money, have not yet been signed up. Families still weighing whether to file Form 4547 now have a functioning system and a clear paper trail from the July 6 ceremony showing how the government intends the money to flow.