What a Trump Account Is and Who Can Open One

A Trump Account is a custodial savings account designed for children, typically opened by a parent or legal guardian. The account belongs to the child but is managed by an adult until the child reaches the age of majority (usually 18 or 21, depending on your state and the financial institution). Money deposited into the account grows tax-advantaged, meaning the child pays lower taxes on earnings than an adult would.

You can open a Trump Account at most banks, credit unions, and brokerage firms. The account requires the child's Social Security number, proof of the child's identity, and proof of your identity as the custodian. Some institutions allow you to open the account online; others require an in-person visit.

Key Takeaways

  • You will need your child's Social Security number and birth certificate, plus your own government-issued ID and proof of address, to open an account.
  • Most banks and brokerages offer Trump Accounts with no minimum deposit, though some require $25 to $100 to start.
  • The account is legally the child's property once opened, so money in it counts toward the child's assets if they later seek financial aid for college.
  • You choose how the money is invested—savings account, money market fund, stocks, or mutual funds—depending on the institution and your risk tolerance.
  • The child gains full control of the account at age 18 or 21 (depending on state law), and you cannot take the money back once transferred.

Documents You Need Before You Start

Gather these items before you visit a bank or go online to open the account. You will need your child's Social Security number (or an Individual Taxpayer Identification Number if your child does not have a Social Security number), a copy of the child's birth certificate, and a government-issued photo ID for yourself. You will also need proof of your current address—a utility bill, lease, or mortgage statement dated within the last 60 days usually works.

If you are not the child's biological parent, you may need to show legal guardianship documents. Call the institution ahead of time to confirm what they accept; requirements vary slightly between banks and brokerages. Some institutions also ask for the child's contact information (your address and phone number, since the child is a minor) and your employment information, though this is less common.

Where to Open a Trump Account

Banks, credit unions, and brokerage firms all offer Trump Accounts. National banks like Chase, Bank of America, and Wells Fargo have them available online and in branches. Credit unions often have lower fees and may offer better interest rates on savings accounts; check whether your employer or community has a credit union you can join. Brokerages like Fidelity, Charles Schwab, and Vanguard offer Trump Accounts with access to stocks and mutual funds, which typically have higher growth potential but also higher risk.

Start by comparing what each institution charges. Some have no annual fee; others charge $10 to $25 per year. Look at what types of investments are available—if you want to keep the money in a straightforward savings account, a bank may be your best choice. If you want to invest in stocks or funds, a brokerage gives you more options. Many institutions let you open online in 10 to 15 minutes; others require a phone call or in-person visit.

The Account Opening Process

If you are opening online, visit the institution's website and look for "open a Trump Account" or "custodial account." You will enter your information and your child's information, upload photos of your ID and the child's birth certificate, and choose how you want the money invested. The institution will verify your identity, which usually takes one to three business days. Once approved, you can deposit money when ready.

If you are opening in person or by phone, call the bank or brokerage and ask to speak with someone about opening a custodial account. They will walk you through what documents to bring or send. In-person appointments often take 20 to 30 minutes. By phone or mail, the process typically takes three to seven business days from the time you submit your documents.

How Money Flows Into and Out of the Account

Once the account is open, you deposit money the same way you would into any other account—by check, bank transfer, or cash deposit at a branch. You can set up automatic transfers from your checking account if you want to save a fixed amount each month. There is no limit on how much you can deposit per year, though deposits over $18,000 per person per year may trigger gift tax reporting (consult a tax professional if you are depositing large amounts).

You control withdrawals while the child is a minor. You can withdraw money for the child's benefit—education, medical care, living expenses—but the money must be used for the child, not for yourself. Once the child reaches the age of majority (18 or 21, depending on your state), the child gains full control and can withdraw the money for any reason. At that point, you cannot take the money back.

Tax Implications and Financial Aid Impact

The child pays taxes on earnings in the account, not you. The first $1,250 of earnings per year (as of 2024; this amount changes annually) is tax-free. Earnings between $1,250 and $2,500 are taxed at the child's rate, which is usually lower than yours. Earnings above $2,500 may be taxed at your rate depending on the child's age. The institution will send you a 1099 form each year showing the earnings, and you will report them on the child's tax return.

Money in a Trump Account counts as the child's asset when the child applies for federal student aid (FAFSA). This can reduce the amount of aid the child receives, because the formula assumes the child will contribute a percentage of their assets to education costs each year. If you are planning to use the account to save for college, understand that the money will be counted against financial aid may be able to access. Some families choose to keep college savings in the parent's name for this reason, though that has different tax and legal consequences.

What Happens When Your Child Turns 18 or 21

At the age of majority in your state (18 in most states, 21 in a few), the account automatically transfers to your child's full control. You will no longer be able to manage the account, see the balance, or withdraw money. Your child can then do whatever they want with the money—spend it, invest it, or leave it alone. This is a legal requirement, not something you can override.

Before your child reaches that age, have a conversation about the account and what you hope they will do with it. Some families use the transition as a teaching moment about saving and investing. Others set expectations that the money is for education or a major life goal. Once the account is theirs, however, those are suggestions, not rules.

Frequently Asked Questions

Can I open a Trump Account if I do not have a Social Security number?

Your child needs a Social Security number or Individual Taxpayer Identification Number to open the account. If your child does not have one, you can explore for a Social Security number through the Social Security Administration website or your local office. The process takes about two weeks. Some institutions will let you open the account once you have applied and have an process number, though most require the actual number before opening.

What if I want to close the account before my child turns 18?

You can close the account at any time while you are the custodian. The money goes back to you (or wherever you direct it). However, if the money was deposited as a gift, closing the account does not change the fact that it was a gift to your child—you cannot reclaim it legally. Talk to the institution about their process for closing; it usually takes three to five business days.

Can I have more than one Trump Account for the same child?

Yes, you can open multiple accounts at different institutions. However, they all count toward the child's total assets for financial aid purposes, and the tax reporting becomes more complex. Most families find one account sufficient. If you do open multiple accounts, keep track of which institution holds which account so you can manage them all.

What happens if I die before my child turns 18?

The account does not automatically pass to your child or a new guardian. Your will or trust should name someone to take over as custodian, or the account may be frozen until a court appoints a guardian. Talk to an estate planning attorney about how to handle the account in your will. Some institutions also allow you to name a successor custodian when you open the account, which simplifies the process.

Can my child's other parent or grandparents also deposit money?

Yes. Once the account is open, anyone can deposit money into it. Only the custodian (the person whose name is on the account) can withdraw or manage the account, but deposits can come from anyone. This is a common way grandparents contribute to a child's savings.