{"id":2607999,"date":"2026-05-28T17:31:01","date_gmt":"2026-05-28T21:31:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/what-to-know-about-trump-accounts-as-treasury-rolls-out-new-app\/"},"modified":"2026-05-28T17:36:45","modified_gmt":"2026-05-28T21:36:45","slug":"what-to-know-about-trump-accounts-as-treasury-rolls-out-new-app","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/what-to-know-about-trump-accounts-as-treasury-rolls-out-new-app\/","title":{"rendered":"What to know about Trump Accounts as Treasury rolls out new app"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fwhat-to-know-about-trump-accounts-as-treasury-rolls-out-new-app%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2607999&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The Treasury has launched the Trump Accounts app for iOS and Android, giving parents and beneficiaries access to new <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/trump-pivots-to-midterms-with-trump-accounts-push\/\" title=\"Trump pivots to midterms with ...s push\">tax-deferred savings accounts<\/a> for children. Accounts can be opened for children under 18 with a valid Social Security number, and after the program begins on july 4, existing and new participants can use the app.<\/p>\n<p>Trump Accounts are intended to encourage youth investing and build <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/members-of-congress-speak-out-on-financial-literacy-education-and-reform\/\" title=\"Members of Congress speak out on financial literacy education and reform\">financial literacy<\/a>.Parents and other contributors can add money up to $5,000 per year until the year before the child turns 18, while employers can contribute up to $2,500 annually (with some companies also matching the government\u2019s initial contribution).The government plans to deposit $1,000 into accounts for eligible newborns through 2028, and several companies are expected to add matching funds for those children.<\/p>\n<p>Money generally cannot be withdrawn until the beneficiary turns 18. withdrawals are then allowed for purposes such as higher education, a first home (up to $10,000), certain birth or adoption costs (up to $5,000 per child), emergency expenses (up to $1,000 per year), and medical expenses.The accounts may be invested only in mutual funds or ETFs tracking U.S. companies, not individual stocks or high-cost funds. The article also notes that applicants can create accounts via TrumpAccounts.gov using IRS Form 4547, and that the Treasury expects the program to help expand equity exposure and financial education among young Americans.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<article class=\"fn-body\">\n<p class=\"wp-block-paragraph\">The <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/treasury-department\/\" type=\"post_tag\" id=\"3544\">Treasury Department<\/a> has officially rolled out the Trump Accounts app. Here is what to know about the accounts and how to get the app.<\/p>\n<p class=\"wp-block-paragraph\">The Treasury announced the rollout on Thursday, with the Trump Accounts app hitting app stores for both iOS and Android. The app will allow <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/family\/\" type=\"post_tag\" id=\"1509\">parents<\/a> and beneficiaries to access the accounts after the program\u2019s launch on <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/america-250\/\" type=\"post_tag\" id=\"20120\">July 4<\/a>.<\/p>\n<section class=\"explore-more-section\" id=\"wex-recommended-widget\">\n<div class=\"magazine-container single\">\n<h1 class=\"magazine-title mt-2\">Recommended Stories<\/h1>\n<p>             <i class=\"fa-solid fa-play icon\"><\/i>         <\/div>\n<div class=\"explore-grid\">\n<div class=\"explore-card\">                         <a href=\"https:\/\/www.washingtonexaminer.com\/policy\/finance-and-economy\/4584623\/first-quarter-gdp-growth-revised-down\/?itm_source=parsely-api\">                             <\/p>\n<div class=\"explore-thumb-wrap\">                                                                                                                                  <\/div>\n<h3>First-quarter GDP growth revised down to 1.6% rate<\/h3>\n<p>                         <\/a>                     <\/div>\n<div class=\"explore-card\">                         <a href=\"https:\/\/www.washingtonexaminer.com\/news\/white-house\/4583562\/trump-praised-companies-within-days-of-buying-their-stock\/?itm_source=parsely-api\">                             <\/p>\n<div class=\"explore-thumb-wrap\">                                                                                                                                  <\/div>\n<h3>Trump publicly praised companies within days of buying their stocks<\/h3>\n<p>                         <\/a>                     <\/div>\n<div class=\"explore-card\">                         <a href=\"https:\/\/www.washingtonexaminer.com\/policy\/finance-and-economy\/4584533\/market-expectations-rate-hike-haunt-warsh-gop\/?itm_source=parsely-api\">                             <\/p>\n<div class=\"explore-thumb-wrap\">                                                                                                                                  <\/div>\n<h3>Market expectations for rate hike haunt Warsh and GOP<\/h3>\n<p>                         <\/a>                     <\/div>\n<\/p><\/div>\n<\/section>\n<p class=\"wp-block-paragraph\"><a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/news\/white-house\/4470860\/trump-pledges-new-retirement-account-plans\/\"><strong>TRUMP PLEDGES NEW RETIREMENT ACCOUNTS FOR WORKERS<\/strong><\/a><\/p>\n<div class=\"article-paywall\">\n<p class=\"wp-block-paragraph\">Trump Accounts are new tax-deferred investment savings accounts designed for children, to which parents, family members, and others can contribute money. The funds can be tapped into after the beneficiary turns 18.<\/p>\n<p class=\"wp-block-paragraph\">The program, which was created as part of last year\u2019s One Big Beautiful Bill Act, is designed to get <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/police-forces-are-lowering-education-standards-to-salve-shortages-why-does-it-matter\/\" title=\"Police forces are lowering education standards to salve shortages. Why does it matter?\">young people interested<\/a> in investing and to help grow financial literacy in the United States. Treasury Secretary <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/scott-bessent\/\" type=\"post_tag\" id=\"11700\">Scott Bessent<\/a> said Thursday they are designed to \u201cbuild long-term financial strength from day one.\u201d<\/p>\n<p class=\"wp-block-paragraph\">\u201cBy putting easy access to Trump Accounts directly in the hands of parents and young Americans, we are helping to ensure that America\u2019s youth are included in this new era of economic participation,\u201d Bessent said in a statement.<\/p>\n<h2 id=\"h-who-is-eligible\" class=\"wp-block-heading\">Who is eligible?<\/h2>\n<p class=\"wp-block-paragraph\">Trump Accounts can be opened for any child under the age of 18 who has a valid Social Security number.<\/p>\n<p class=\"wp-block-paragraph\">But what has gotten even more attention is that the government will be putting money in Trump Accounts created for newborns in the next few years.<\/p>\n<p class=\"wp-block-paragraph\">For babies born between Jan. 1 of this year and Dec. 31, 2028, the government will deposit $1,000 into each Trump Account. That $1,000 cannot be touched until the beneficiary turns 18.<\/p>\n<p class=\"wp-block-paragraph\">Andrew Biggs, a senior fellow at the American Enterprise Institute, told the <em>Washington Examiner <\/em>the idea is that the $1,000 is an incentive to open Trump Accounts to begin with. <\/p>\n<p class=\"wp-block-paragraph\">\u201cBut then once they have it going, it gives them a vehicle to save for retirement or for other needs,\u201d Biggs said. \u201cSo, I think there is something there of just dangling this $1,000 in front of people to get the account started, and then they\u2019ve got something that can help them save the rest of the lives.\u201d<\/p>\n<p class=\"wp-block-paragraph\">Bessent told reporters at the White House on Thursday that some 6 million Trump Accounts have already been opened.<\/p>\n<h2 id=\"h-who-can-put-money-into-the-accounts\" class=\"wp-block-heading\">Who can put money into the accounts?<\/h2>\n<p class=\"wp-block-paragraph\">Parents, grandparents, and others can contribute up to $5,000 a year up until the year before the child turns 18. <\/p>\n<p class=\"wp-block-paragraph\">Also, several companies have said they will match the $1,000 contribution from the government for eligible children.<\/p>\n<p class=\"wp-block-paragraph\">Employers of children or a child\u2019s parent are allowed to contribute up to $2,500 per year to the accounts.<\/p>\n<p class=\"wp-block-paragraph\">Also, Dell CEO Michael Dell and his wife, Susan, announced a <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/news\/white-house\/3903649\/michael-susan-dell-donate-6-billion-fund-trump-accounts-25-million-children\/\">$6.25 billion philanthropic gift<\/a> to the Trump Accounts fund that will give an additional $250 to the first 25 million children age 10 and under living in ZIP codes with median incomes below $150,000.<\/p>\n<p class=\"wp-block-paragraph\">\u201cAnybody who is eligible or has a child that\u2019s eligible and born within those time frames, free money is free money \u2014 take that money. Whether you contribute or not is another question,\u201d Stephen Kates, a financial analyst at Bankrate, told the <em>Washington Examiner<\/em>.<\/p>\n<p class=\"wp-block-paragraph\">Also, if the maximum amount is contributed each year, beneficiaries could have a serious nest egg by the time they reach adulthood.<\/p>\n<p class=\"wp-block-paragraph\">Charles Schwab <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.schwab.com\/learn\/story\/ins-and-outs-new-trump-kids-accounts\">estimated<\/a> that if a Trump Account is opened at the time of the child\u2019s birth and funded with the maximum amount each year, it could balloon to more than $191,000 by the time the child turns 18.<\/p>\n<h2 id=\"h-when-can-you-take-the-money-out\" class=\"wp-block-heading\">When can you take the money out?<\/h2>\n<p class=\"wp-block-paragraph\">Beneficiaries will not be permitted to pull from their Trump Accounts until they turn 18. At that time, they can withdraw money for things like higher education costs or a first-time home purchase. After the child turns 18, <a href=\"https:\/\/amzn.to\/3YuVZYV\" >individual retirement account withdrawal rules apply<\/a> to it, meaning that distributions before the beneficiary reaches age 59 1\/2 are subject to an additional 10% tax.<\/p>\n<p class=\"wp-block-paragraph\">\u201cI mean, an IRA is obviously aimed at retirement, but for accounts like this, they\u2019re also thinking college money, home down payments, things like that,\u201d Biggs said.<\/p>\n<h2 id=\"h-what-is-the-tax-advantage-of-the-accounts\" class=\"wp-block-heading\">What is the tax advantage of the accounts? <\/h2>\n<p class=\"wp-block-paragraph\">One advantage is that employers can add money to the accounts without first deducting income taxes. Contributions from state and local governments, as well as qualified nonprofit organizations, can also be added without tax. <\/p>\n<p class=\"wp-block-paragraph\">The money can also be withdrawn without taxes applying in certain circumstances, mostly related to realizing certain life milestones for young adults. Those include withdrawals for higher education expenses, for the purchase or construction of a first home (up to $10,000), for birth or adoption expenses (up to $5,000 per child), for emergency personal expenses (up to $1,000 per year), and for medical expenses.<\/p>\n<p class=\"wp-block-paragraph\">Overall, the tax advantages are limited and may not be better than those offered by other federal savings plans, such as 529 savings plans.  <\/p>\n<h2 id=\"h-where-can-the-money-be-invested\" class=\"wp-block-heading\">Where can the money be invested? <\/h2>\n<p class=\"wp-block-paragraph\">The law limits investments to mutual funds or exchange-traded funds that track the overall performance of U.S. companies. The accounts cannot invest in individual companies or high-cost funds.<\/p>\n<h2 id=\"h-how-to-sign-up-and-where-to-get-the-apps\" class=\"wp-block-heading\">How to sign up and where to get the apps<\/h2>\n<p class=\"wp-block-paragraph\">New Trump Accounts can be created by visiting TrumpAccounts.gov and filling out IRS form 4547. The app rolled out in the Apple and Google stores on Thursday.<\/p>\n<h2 id=\"h-what-is-the-purpose-of-the-accounts\" class=\"wp-block-heading\">What is the purpose of the accounts?<\/h2>\n<p class=\"wp-block-paragraph\">In addition to helping with costs associated with adulthood \u2014 like buying a home or funding an education \u2014 the White House sees the Trump Accounts as a key part of building financial literacy in youth.<\/p>\n<p class=\"wp-block-paragraph\">During a press conference on Thursday, Bessent pointed out that 38% of Americans have no exposure to equity.<\/p>\n<p class=\"wp-block-paragraph\"><a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/news\/4436810\/bank-america-jpmorgan-match-contribution-trump-accounts\/\"><strong>BANK OF AMERICA AND JPMORGAN CHASE AGREE TO MATCH $1,000 CONTRIBUTION TO \u2018TRUMP ACCOUNTS\u2019<\/strong><\/a><\/p>\n<p class=\"wp-block-paragraph\">\u201cThey don\u2019t share in the great innovation, the machine that is the American economy,\u201d Bessent said.<\/p>\n<p class=\"wp-block-paragraph\">\u201cI\u2019ve been a big proponent of financial literacy, and I think this is going to be one of the greatest real-time financial literacy educations in history,\u201d the Treasury secretary added.<\/p>\n<\/div>\n<\/article>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Treasury launched the Trump Accounts app-here\u2019s how it works and how to download it<\/p>\n","protected":false},"author":3360,"featured_media":2608000,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2026\/05\/AP26148678907291.jpg?w=696","fifu_image_alt":"","footnotes":""},"categories":[33651],"tags":[80422,36621,51861,3634,68323],"class_list":["post-2607999","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-western-journal","tag-financial-accounts","tag-government-updates","tag-mobile-app","tag-trump","tag-u-s-treasury"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2026\/05\/AP26148678907291.jpg?w=696","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2607999","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/3360"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2607999"}],"version-history":[{"count":3,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2607999\/revisions"}],"predecessor-version":[{"id":2608003,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2607999\/revisions\/2608003"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2608000"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2607999"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2607999"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2607999"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}