Treasury, Trump Unveil 'Trump Accounts' With $1,000 Seed For Newborns

Treasury Secretary Scott Bessent and President Donald Trump announced on Jan. 28, 2026, that the Trump Accounts program will deposit $1,000 into accounts for every U.S. citizen born between Jan. 1, 2025, and Dec. 31, 2028, and the program had 600,000 signups, officials said.

The accounts were created in the One Big Beautiful Bill Act and formally launch on July 5, 2026, to give newborns a financial stake with funds invested in diversified, low-cost U.S. index funds, according to administration materials.

Bank of America and JPMorgan Chase said they will match the federal $1,000 deposit for employees, and private donors Michael and Susan Dell pledged $6.25 billion to provide targeted $250 deposits in certain ZIP codes, officials said.

Analysts estimate the initiative will cost about $15 billion through 2034 and the program allows family, friends and employers to contribute up to $5,000 per year with employers able to contribute $2,500 tax-deductible, administration materials show.

Parents must enroll children using IRS Form 4547 and accounts generally cannot be accessed until the child turns 18, with critics including Monique Morrissey and Romina Boccia saying the accounts may widen wealth gaps, while the administration argues it expands financial inclusion.