Over 60 Million Trump Accounts Were Opened Automatically; Parents Must Still Claim Them to Get the $1,000 Federal Seed
Fox Business walks through the claim process in the Trump Accounts app: verify identity, confirm the relationship to the child, review details and accept terms. Treasury says nearly 70 million accounts exist.
Tens of millions of Trump Accounts exist for children, but many sit unclaimed until a parent steps in, Fox Business reports.
The numbers. Treasury said in early October that nearly 70 million accounts have been created since the program launched July 4, including more than 60 million through automatic enrollment. Accounts are for children under 18.
The money. The government makes a one-time $1,000 contribution for citizens born between Jan. 1, 2025, and Dec. 31, 2028. Some extra seed money from private donors is available to children of certain ages. Custodians must claim an account before they can manage it or receive the $1,000.
How to claim. Use the Trump Accounts app, available on Apple's App Store and Google Play. Fox says users verify their identity, confirm their relationship to the child, review the child's information and accept the terms.
After that. The custodian can open the account to contributions from relatives, friends and eligible employers, who can give through a shared code. Under the One Big Beautiful Bill Act, up to $5,000 per child per year may go in. A debit card can be used, though it may take several days to post.
Where it is invested. Funds go into diversified stock-market index funds with expense ratios capped by law at 0.1%. The launch default is the State Street SPDR Portfolio S&P 500 ETF (SPYM). Treasury has said four other low-cost index ETFs will be added.
Note for readers: this is a how-to explainer built on Fox Business's report and Treasury figures it cites. Check TrumpAccounts.gov for the current rules before acting.