The White House announced on Wednesday Trump Accounts will drop a mobile app to track investments placed into children’s accounts as part of the administration’s new initiative.
“TOMORROW: Trump Accounts, on your phone,” the White House wrote in an X post. “Manage everything. Watch the growth. All in ONE place.”
The Wall Street Journal first reported account activation will begin for those who have already enrolled.
The app, which was designed by Joe Gebbia and National Design Studio in partnership with BNY and Robinhood, can be downloaded through Apple or Google starting Thursday.
It will feature eight exclusive financial literacy modules that families can immediately access, an initiative that officials told FOX Business is a top priority for Treasury Secretary Scott Bessent.
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The initiative, which debuted in January, is a provision of the new tax legislation that will dole out $1,000 to every newborn U.S. citizen whose parents enroll them in the program.
No contributions are necessary, but parents can deposit up to $5,000 per year, which will be invested in American companies in the stock market.
At age 18, without any additional contributions, it is estimated a child’s account will be worth $5,800. By age 55, a child’s account without any additional contributions will reach roughly $200,000.
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With a $5,000 contribution each year, an account will be worth nearly $304,000 by the time the child turns 18, or $2.7M by the time the child reaches 55.
“For the first time ever, we’re going to give every newborn American child a financial stake in the future,” President Donald Trump said during an event announcing the program in January. “Head start life and a fair shot at the American dream, something people have talked about so much.”
“Over the next 15 years, we’re going to put $3 to $4 trillion of wealth into the hands of young Americans who otherwise would have really started out with nothing,” he added. “… Decades from now, I believe that Trump Accounts will be remembered as one of the most transformative policy innovations of all time.”
Every American child born between Jan. 1, 2025, and Dec. 31, 2028, will be eligible. Children can be enrolled when parents file their taxes.
The account will be in the child’s name and parents will act as the sole custodian until they turn 18.
The program will launch July 4, coinciding with America’s 250th anniversary.
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