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Trump Accounts app goes live
The app lets families monitor tax-advantaged savings accounts that will get a $1,000 federal seed deposit for eligible newborns.
- On Thursday, the Treasury Department released a mobile app for Trump Accounts, allowing parents to track investments and access financial literacy modules before contributions officially begin on July 4.
- Established under the One Big Beautiful Bill Act, the initiative grants $1,000 in seed money to children born between January 1, 2025, and December 31, 2028. Treasury Secretary Scott Bessent noted nearly 6 million children already have accounts set up.
- Parents and others can contribute up to $5,000 annually to accounts managed by Bank of New York Mellon Corp. and Robinhood, with funds invested in low-cost stock index funds charging no more than 0.1% in annual fees.
- While President Donald Trump promotes accounts as providing "real assets and a shot at financial freedom," critics argue they may widen the wealth gap by favoring affluent families. Companies including Uber, Intel, IBM, and Nvidia have pledged to match contributions.
- Trump accounts will officially open for investment on July 4, coinciding with the United States' 250th anniversary. Officials estimate accounts could grow to more than $1 million by age 28 with $5,000 in annual contributions.
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'Trump Accounts' App Races to Top of Apple Downloads Day After Bessent Announces Release
The Trump Accounts app rocketed to the top of the Apple downloads Friday, a day after the app went live. The Trump Accounts app ranked as the No. 1 finance […] The post 'Trump Accounts' App Races to Top of Apple Downloads Day After Bessent Announces Release appeared first on The Western Journal.
·Phoenix, United States
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The official app to open Trump accounts with a $1,000 federal bonus for eligible minors in the United States is now available
Coverage Details
Total News Sources121
Leaning Left11Leaning Right27Center58Last UpdatedBias Distribution60% Center
Bias Distribution
- 60% of the sources are Center
60% Center
12%
C 60%
R 28%
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