President Donald Trump says Trump Accounts could lift children out of poverty and give more Americans the opportunity to benefit from stock market investment growth.
The tax-advantaged accounts were created through Trump’s signature One Big Beautiful Bill and officially went live on July 4 of this year.
The accounts launched two days before Trump rang the opening bells for the New York Stock Exchange and the Nasdaq from the Oval Office.
The Treasury Department reports 6.5 million sign-ups for Trump Accounts, with 1.5 million of those eligible for the $1,000 seed funding program.
Babies born between January 1, 2025, and December 31, 2028 qualify to receive $1,000 in seed money deposited directly from the U.S. Treasury.
The Treasury Department says most eligible families receive their $1,000 deposit within one or two days of completing the application process.
However, some parents across the country report still waiting for their promised funds, raising questions about the rollout’s consistency and timeline.
Masaki and Kristina McLellan, new parents from Bergen County, New Jersey, were initially wary of signing up because they worried it was a promotional stunt.
The $1,000 incentive ultimately persuaded them to open an account for their daughter Maya, born in late March, with Masaki McLellan applying on July 6.
The application was initially rejected, but was activated after McLellan spent an hour on the Trump Account hotline, and he was told the money would arrive within 10 days.
After following up, the family was informed that the transfer could actually take up to four weeks to process and complete.
The Treasury Department acknowledged the McLellans’ case is unusual and said some applicants are given a longer deadline as a precautionary measure, similar to the processing time for a tax return.
Trump Accounts, also formally known as 530A accounts, function as a type of individual retirement account specifically designed for children.
All funds deposited into these accounts, including the initial seed money and any further contributions, are automatically invested in an index fund tracking the S&P 500.
Children cannot access the money until they turn 18, and even then withdrawals are restricted to specific purposes such as education, starting a business, or purchasing a home.
Families can monitor their account activity through the Trump Accounts app, which was developed in partnership with Robinhood.
At least 84 outside entities, including employers, foundations, and state governments, have already committed to making contributions directly into Trump Accounts.
