What to know about Trump Accounts as Treasury rolls out new app The Treasury Department has launched the Trump Accounts app for iOS and Android, facilitating access to new tax-deferred savings accounts for children. These accounts, established by the One Big Beautiful Bill Act, aim to enhance financial literacy and encourage long-term savings by allowing contributions from parents, family, and employers, with funds accessible at age 18. The government will deposit $1,000 into accounts for newborns through 2028, with provisions for withdrawals for education, housing, and other life milestones, offering potential tax advantages.

• The Treasury Department has released the Trump Accounts app for iOS and Android.
• Trump Accounts are tax-deferred savings accounts designed for children under 18.
• Parents, family members, and others can contribute funds, with limits and matching opportunities available.
• The government will deposit $1,000 into accounts for newborns born between January 1, 2024, and December 31, 2028.
• Funds can be withdrawn at age 18 for higher education, first-time home purchase, birth/adoption expenses, emergency personal expenses, and medical expenses.
• The program aims to increase financial literacy among young people in the United States.
• Investments are limited to mutual funds or exchange-traded funds tracking U.S. companies.
• Accounts can be created via TrumpAccounts.gov and IRS form 4547.