Trump Accounts Reach 7 Million Signups, Offering $1,000 Deposits for Eligible Children
Updated
Updated · CNBC · Jul 26
Trump Accounts Reach 7 Million Signups, Offering $1,000 Deposits for Eligible Children
3 articles · Updated · CNBC · Jul 26
Summary
About 7 million children have been enrolled in Trump Accounts, Treasury Secretary Scott Bessent said, up from 6.5 million earlier this month as the program expands weeks after its July 4 launch.
Bessent called it the most successful government launch ever, saying early enrollments have outpaced other digital platforms and products and could widen stock ownership among families with little market exposure.
Children under 18 with a Social Security number can open the 530A accounts, while those born from 2025 through 2028 qualify for a one-time $1,000 Treasury deposit and relatives can add up to $5,000 a year.
Those contributions are invested in S&P 500-tracking exchange-traded funds; McKinsey estimated the program could build $80 billion to more than $900 billion in assets over a decade, depending on participation and sustained contributions.