Trump Accounts, the new savings accounts for children

Private money was recruited to add to the federal deposit. In December 2025, after a $6.25 billion donation had been announced,^[7] Treasury Secretary Scott Bessent asked philanthropists to contribute in what he called a "50 State Challenge." The hedge fund founder Ray Dalio and his wife pledged $250 each for about 300,000 children in Connecticut.^[2] Bank of America and JPMorgan Chase said in January 2026 that they would match the $1,000 for their employees' children,^[8] and by the launch some 87 companies, foundations, individuals and states had announced contributions.^[9]

The Treasury opened an app for sign-ups on May 28, 2026,^[10] and the accounts launched on July 4, the country's 250th anniversary.^[11] Trump rang the opening bells of the New York Stock Exchange and Nasdaq from the Oval Office on July 6 to mark it.^[12] Later that month he said more than 7 million children had been enrolled, while some parents said they were still waiting for the money.^[13] Questions arose over whether children born in the United States to parents in the country illegally could use the accounts.^[1]

In the fall, the program stopped depending on parents to sign up. Rules the Treasury released on September 29 provided for the automatic enrollment of more than 60 million additional children under 18, while keeping the $1,000 federal deposit something families must opt into.^[6] In early October, Trump announced that enrollment was complete for all children under 18. Parents and guardians must still claim an account before they can manage it, and the administration said $2.2 billion had been deposited since the launch.^[4] Later that month, the Social Security Administration began sending notices about the accounts with newborns' Social Security cards,^[14] and Sen. Bernie Moreno of Ohio said he would introduce legislation to open the accounts to people under 40.^[15]