Trump announces automatic enrollment of 70 million children in Trump Accounts

President Donald Trump announced the automatic enrollment of 70 million children under 18 into his signature Trump Accounts, a tax-deferred savings initiative. The Treasury Department auto-enrolled 60 million children on October 1, 2026, joining 10 million existing users. While the program features a $1,000 federal seed for children born between 2025 and 2028, parents must actively claim accounts via a mobile app to access benefits. The initiative is bolstered by a $6.25 billion donation from Michael and Susan Dell alongside corporate backing from Uber, Nvidia, and Intel.

Enrollment in Trump Accounts

• ▪The Treasury Department automatically enrolled 60 million children under age 18 in Trump Accounts on October 1, 2026, adding to 10 million children whose parents had already opted in since July 4, 2026
• ▪The Treasury Department estimated in a Federal Register notice that automatic enrollment in Trump Accounts, launched July 4, will benefit an additional 2 million children every year
• ▪President Donald Trump announced on October 7, 2026, that 70 million American children under the age of 18 have been enrolled in Trump Accounts

Claiming and managing accounts

• ▪The Bank of New York Mellon acts as the trustee for unclaimed Trump Accounts, the child savings accounts launched July 4, until a parent or guardian claims them
• ▪Parents must claim their child's Trump Account through the Trump Account mobile app to manage the account, allow external contributions, and receive federal deposits

Federal seed contribution eligibility

• ▪Children born outside the January 1, 2025, to December 31, 2028, range do not receive the federal $1,000 seed contribution to Trump Accounts, though family members can still deposit funds
• ▪The Treasury Department pledged a one-time $1,000 seed contribution for children born during President Donald Trump's second term, specifically between January 1, 2025, and December 31, 2028

Private and philanthropic contributions

• ▪Companies including Charles Schwab, Robinhood, SoFi, and Charter Communications pledged to match the federal government's initial contribution to Trump Accounts for eligible employees' children
• ▪Billionaire philanthropists Michael and Susan Dell pledged a $6.25 billion contribution to fund $250 each for 25 million children's Trump Accounts
• ▪Major U.S. companies including Uber, Intel, Nvidia, Steak and Shake, and BNY have contributed hundreds of millions of dollars to the Trump Accounts program

Rules for withdrawing funds

• ▪Trump Account funds remain locked until January 1 of the year the child turns 18, at which point they can be withdrawn penalty-free for specific purposes like college or buying a home
• ▪Withdrawals from Trump Accounts are treated as taxable income for the child once they are accessed

Debatable claims

• ▪Naming a federal savings program after a sitting president is inappropriate
• ▪Limiting the federal seed contribution to children born during Trump's second term is unfair
• ▪Locking Trump Account funds until age 18 unnecessarily restricts families during financial emergencies
• ▪The federal government should not automatically enroll children in financial accounts without parental consent