President Donald Trump detailed the inner workings of his “Trump Accounts” plan during an Oval Office address Tuesday, offering new insight into the proposed savings tool and the administration’s goal of giving American children “a real financial head start.”
Trump Accounts are tax-deferred savings accounts for children under 18, modeled after a traditional IRA, and set to open for contributions on July 4, 2026.
The accounts would be available to any child under 18 with a valid Social Security number and would include an initial $1,000 government contribution for babies born between Jan. 1, 2025, and Dec. 31, 2028. That contribution would not count against the annual $5,000 limit.
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