Starting July 4, parents can open "Trump accounts" that, for children born during President Donald Trump's second term as president, include a $1,000 investment deposit. File Photo by John Angelillo/UPI | License Photo
July 4 (UPI) -- The Trump administration officially launched "Trump Accounts" on July 4, which have been set up for parents to save money for their children.
The accounts, which include $1,000 for each child who is born between Jan. 1, 2025, and Dec. 31, 2028 -- President Donald Trump's current term in office -- can now be set up by parents after their authorization in last year's "Big Beautiful Bill."
The federal savings program is available for any child under 18, and can accept up to $5,000 in contributions per year, although the $1,000 seed funds for the accounts are only available to children born during Trump's current term.
The Treasury Department said in a press release that more than 50 companies have committed to also contributing to accounts established for their employees' children, regardless of their eligibility for the government contributed $1,000.
