The White House has announced it will drop a new app for so-called Trump Accounts this week.
The app, which will go live on Thursday, US time, will allow families to track investments in Trump Accounts – tax-advantaged savings accounts which provide parents of US newborns with a $1,000 contribution from the government.
“TOMORROW: Trump Accounts, on your phone,” the White House wrote in a post on X.
“Manage everything. Watch the growth. All in ONE place.”
The app will be available “on all major platforms tomorrow morning,” Treasury Secretary Scott Bessent announced in a cabinet meeting on Wednesday, US time.
He said six million children already have accounts set up in what could be an enduring legacy move from Mr Trump.
Jason Calacanis, a prominent American internet entrepreneur, angel investor, author, and podcaster, said he couldn’t believe the app was going live.
“This might be the number one thing President Trump will be remembered for,” he said.
The Wall Street Journal first reported news of the app, which was designed by Joe Gebbia and National Design Studio in partnership with BNY and Robinhood, and will be available in the Apple and Google app stores.
US President Donald Trump first announced the Trump Accounts initiative in January.
“For the first time ever, we’re going to give every newborn American child a financial stake in the future,” he said at the time.
“(A) head start for life and a fair shot at the American dream, something people have talked about so much.”
“Decades from now, I believe that Trump Accounts will be remembered as one of the most transformative policy innovations of all time.”
Trump accounts will officially be open for investment on July 4 – coinciding with the US’ 250th anniversary.
Until then, parents will be able to access eight exclusive financial literacy modules, the US Treasury said.
The initiative is similar to the US’ traditional Individual Retirement Accounts (IRA), where funds are able to grow in tax-deterred savings accounts.
Under the program, the US government will deposit $1,000 in the account of every eligible child born between January 1, 2025, and December 31, 2028, with the funds automatically invested in US companies.
“The app lets you see exactly what stocks they own and how they’re performing,” the Trump Accounts website states.
The child must be a US citizen and have a valid Social Security number to qualify for the $1,000 deposit from the federal government.
When the child turns 18, they will be given control of the account and can choose to continue investing or withdraw funds.
By that age, it’s estimated that without any additional contributions, a child’s account is expected to be worth $6,000, according to the Trump Account website.
With a $5,000 contribution each year, it’s estimated the amount will grow to $271,000 by the time the child turns 18.
By the age of 55, without an additional contributions, the balance is estimated to grow to $243,000. With a $5,000 contribution each year, it will be worth $13 million, the website estimates.
Parents can sign up for an account for their child when they file their taxes or on the Trump Accounts website. Any child with a Social Security number is eligible for an account.
