What you need to know about Trump Accounts
NBC News
President Donald Trump promoted Trump Accounts this week -- here's what you need to know about the savings accounts for kids.
During his State of the Union address Tuesday night, President Donald Trump promoted Trump Accounts — new savings accounts for children, which are set to launch this summer.
Babies born from 2025 to 2028 will get a huge perk: The federal government will put $1,000 in their accounts. Major companies are also pledging contributions.
“This is something that’s so special, has taken off and gone through the roof,” Trump said in his speech. “These young people’s accounts could grow to over $100,000 or more by the time they turn 18.”
Trump administration officials say millions of kids are signed up already. Treasury Secretary Scott Bessent said last week that families have applied for around 3 million kids.
Trump Accounts are tax-advantaged investment accounts for children under 18. Babies born from Jan. 1, 2025, to Dec. 31, 2028, will get $1,000 from the Treasury Department to kick-start their accounts. Only U.S. citizens are eligible.
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