Trump Accounts, a new federal savings and investment vehicle for children, went live on July 4.
To date, over 7 million Trump Accounts have been opened for children under age 18, according to the Treasury Department. Of those, 1.7 million are eligible for the much-touted $1,000 federal pilot contribution for newborns. And since their opening, $1.5 billion has been invested across all accounts.
But the total number of opened accounts is still just a fraction of the tens of millions of children under age 18 who may be eligible to have one.
For all the attention that Trump Accounts have received in recent months – especially the federal seed money and pledges of money by companies and philanthropists – there’s a lot of fine print to know if you’re planning to open an account or have already done so.
So … we’ve updated our one-stop-shop FAQ to address your most salient questions from the basics to the nitty gritty.
