Treasury announces full launch of Trump Accounts app

The Treasury Department announced the official launch of the full Trump Accounts app.

Tools: Treasury said the app now:

• Allows parents and kids to securely access their accounts, see their funds in real time, and contribute to their Trump Account directly from their phone or tablet.

• Provides a clear view of balances, contributions, and investment performance.

• Includes new features that make it easier to set recurring contributions, link bank accounts, and receive personalized guidance on building a child’s financial future.

Background: Established under the One Big, Beautiful Bill Act enacted last summer, Trump Accounts are a new type of individual retirement account that can be created for children under 18 and are limited to $5,000 annually.

Recent Developments:

• Treasury in May announced the launch of the Trump Accounts app on app stores.

• Treasury in April designated the Bank of New York Mellon as a financial agent of the U.S. government to support implementation of Trump Accounts.

• Treasury and the IRS in March announced proposed regulations to provide guidance on a Trump Account pilot program, which will feature one-time $1,000 contributions for eligible children.