What you need to do to open a Trump account

A Trump account is a tax-advantaged savings account for children under 18, created under the ABLE Act framework. To open one, you work directly with a financial institution that offers these accounts — not with a government office. The institution handles the paperwork, and you'll need your child's Social Security number, your own identification, and proof of the child's age and residency.

The process typically takes a few days to a week once you submit your information. You can open an account online, by mail, or in person at a bank or brokerage that participates in the Trump account program. Not all financial institutions offer them, so you'll need to find one in your area or one that accepts applications by mail or online.

Key Takeaways

  • You'll need your child's Social Security number, your identification, and proof of your child's age and residency to open an account.
  • Trump accounts are offered by specific banks and brokerages, not by government agencies, so you choose which institution to use.
  • The account can hold up to $235,000 (the limit varies by year), and money grows tax-free as long as it stays in the account.
  • You can deposit money yourself, and other family members or friends can contribute directly to the account once it's open.
  • Withdrawals for education, disability expenses, or other may have access to uses avoid taxes and penalties, but non-may have access to withdrawals face a 10 percent penalty.

Documents you'll need before you start

Gather these items before you contact a financial institution. You'll need your child's Social Security number, which appears on their Social Security card or birth certificate. You'll also need proof of your child's age — a birth certificate, passport, or state ID works. If the child has a state ID or driver's license, that covers both age and identity.

Bring your own identification — a driver's license, passport, or state ID. You'll also need proof of residency for either you or your child, such as a utility bill, lease, mortgage statement, or bank statement dated within the last 60 days. Some institutions accept a government-issued ID with a current address instead.

If you're opening the account online or by mail, you may need to upload images of these documents or have them notarized. Call the institution first to ask what format they accept — some take photos, others require certified copies.

Finding a financial institution that offers Trump accounts

Not every bank or brokerage offers Trump accounts. Start by searching the ABLE National Resource Center website, which maintains a list of institutions that offer these accounts by state. You can also call your own bank or credit union and ask whether they offer Trump accounts; if they don't, they can often refer you to one that does.

Compare what each institution charges. Some offer accounts with no monthly fee, while others charge $5 to $10 per month. Investment options vary too — some institutions let you choose from stocks and bonds, while others offer only savings or money market options. Read the fee schedule and investment menu before you decide.

If you live in a state where few institutions offer Trump accounts, you can open an account with an out-of-state bank or brokerage that accepts applications by mail or online. This takes slightly longer but is still straightforward.

The account opening process step by step

Once you've chosen an institution, contact them to request an process. If you're opening in person, bring your documents and the process form (which the institution provides). If you're opening online, the institution will walk you through a form on their website, then ask you to upload or mail in copies of your documents.

Fill out the process with your child's name, date of birth, Social Security number, and your own information as the account owner or custodian. You'll declare your relationship to the child and confirm that the child is under 18. Some institutions ask whether you plan to make regular deposits or a one-time deposit.

Sign and date the process. If you're opening by mail, sign in front of a notary public (your bank can direct you to one, or check your local library). If you're opening online, you may sign electronically. Submit the process along with photocopies of your documents.

The institution will review your process and contact you if they need more information. Once approved, they'll send you account details — your account number, routing number, and instructions for making your first deposit. This usually arrives within 5 to 10 business days.

Making your first deposit and setting up contributions

You can deposit money as soon as your account is open. Most institutions let you transfer money from your own bank account online, mail a check, or deposit cash in person. Some also let you set up automatic monthly transfers, which makes saving easier if you want to contribute regularly.

Other people — grandparents, aunts, uncles, or friends — can also contribute to your child's Trump account once it's open. You'll give them the account number and routing number (the same information you'd use to receive a direct deposit). They can transfer money electronically or mail a check.

Keep track of how much you've deposited in the calendar year. The annual contribution limit is $18,000 per person (this amount changes each year). If you're married and file taxes jointly, you and your spouse can each contribute $18,000, for a total of $36,000 per year. Contributions above the limit don't go into the account and may trigger tax reporting requirements.

What happens after the account is open

Once the account is funded, the money grows tax-free. You choose how the money is invested — in savings, money market funds, stocks, bonds, or a mix — depending on what your institution offers. You can change your investment choices once or twice per year without penalty.

You can withdraw money at any time, but withdrawals for non-may have access to purposes (anything other than education, disability expenses, or other specific uses) trigger a 10 percent penalty plus income tax on the earnings. Withdrawals for education — tuition, room and board, books, computers — avoid the penalty and tax.

Keep records of what the money was used for if you withdraw it. The institution doesn't police how you spend the money, but if you're audited, you'll need to show that withdrawals were for may have access to purposes. Save receipts and documentation for at least three years.

Frequently Asked Questions

Can I open a Trump account if my child doesn't have a Social Security number yet?

No. You'll need the Social Security number before you open the account. If your child was born recently and you haven't received their number yet, you can request one from the Social Security Administration or explore for one when you register the birth with your state. Once you have the number, you can open the account.

What if I want to move the account to a different institution later?

You can transfer the account to another institution that offers Trump accounts. Contact the new institution and ask for a transfer form. They'll handle moving the money and closing the old account. The transfer usually takes two to four weeks and doesn't trigger taxes or penalties.

Can I open a Trump account for a grandchild or niece if I'm not the parent?

Yes. You can open an account as a custodian for any child under 18, regardless of whether you're the parent. You'll need the child's Social Security number and proof of their age, plus your own identification. The account belongs to the child, and you manage it until they turn 18 or 21 (depending on your state's rules).

What happens to the account when my child turns 18?

The account transfers to your child's control. They can continue to use it, withdraw money, or close it. Some institutions require you to update the account paperwork when the child reaches the age of majority in your state. Contact your institution to ask what steps you need to take.

Is there a minimum deposit required to open an account?

Minimum deposits vary by institution. Some allow you to open an account with as little as $25, while others require $100 or more. Check with the specific institution you choose before you explore. Some waive the minimum if you set up automatic monthly transfers.