What you need to do to open a Trump Account

A Trump Account is a state-sponsored savings account for children under 18, designed to let you set aside money that grows tax-free until the child reaches adulthood. To open one, you need the child's Social Security number, proof of your identity, and proof of your address. You then contact the financial institution or state program that administers Trump Accounts in your state — this varies by location, as not all states offer them through the same provider.

The process itself is straightforward: you complete an process form (either online or on paper), submit the required documents, and the account opens within a few business days. Some states let you start with as little as $25; others have no minimum. Once the account is open, you can deposit money whenever you want, and the balance grows according to the investment options available in your state's program.

The key difference from a regular savings account is that the money is held in the child's name but controlled by you as the custodian until they turn 18 or 21, depending on your state. At that point, the account transfers to them, and they can use it for any purpose — college, a car, a house down payment, or anything else.

Key Takeaways

  • You will need the child's Social Security number, your government-issued ID, and proof of your address to open an account.
  • Trump Accounts are offered through different institutions in different states, so you need to find the program in your state first.
  • Most accounts can be opened online or by mail, and the process takes a few business days from submission to set up.
  • Money in a Trump Account grows tax-free and is held in the child's name, but you control it until they reach the age of majority in your state.
  • Minimum deposits vary by state and program, but many allow you to start with $25 or less.

Finding the Trump Account program in your state

Not every state offers Trump Accounts, and those that do may run them through different organizations. Your first step is to confirm whether your state has a program and which institution manages it. The easiest way is to search "[your state] Trump Account" or "[your state] child savings account" online, or contact your state's treasurer's office directly — they oversee most education and savings programs.

Some states run Trump Accounts through their state treasurer's office. Others partner with private financial institutions or nonprofit organizations. A few states have closed their programs or never opened them. Once you identify the right program, that organization will tell you exactly what documents you need and whether you can open an account online, by mail, or in person.

If you cannot find information online, call your state's 529 plan administrator or education savings program office. They often manage Trump Accounts alongside other child savings products and can direct you to the right place.

Documents you will need to gather

Before you start the process, collect these items: the child's Social Security number, your government-issued photo ID (driver's license, passport, or state ID), and a document showing your current address (a utility bill, lease, or bank statement dated within the last 60 days usually works). Some programs also ask for the child's birth certificate, though this is less common.

If you are opening the account online, you may be able to upload these documents directly. If you are explore by mail, make copies — do not send originals. Check the program's website or process form to see exactly which documents they accept, as requirements vary slightly between states and institutions.

Have this information ready before you start: your full legal name, date of birth, and address; the child's full legal name, date of birth, and Social Security number; and your relationship to the child (parent, guardian, grandparent, etc.). Some programs ask for your employment information as well.

The online process process, step by step

If your state's program offers online applications, the process usually takes 10 to 15 minutes. Go to the program's website and look for a button labeled "Open an Account," "New Account," or "get your free guide." You will be asked to create a login with an email address and password — use an email you check regularly, as the program will send you confirmation messages and account statements there.

Fill in your personal information first: name, date of birth, address, phone number, and Social Security number. Then enter the child's information in the same way. The form will ask you to confirm your relationship to the child and may ask whether you are the sole custodian or whether another adult shares control of the account.

Next, you will upload or attach copies of your ID and address proof. The system will tell you if the image is too blurry or cut off — if so, retake the photo and try again. Once everything is submitted, you will see a confirmation message with a reference number. Save this number; you may need it if you have questions about your process.

The program will review your submission within one to three business days. If anything is missing or unclear, they will email you and ask you to resubmit. Once approved, you will receive a confirmation email with your account number and instructions for making your first deposit.

Opening an account by mail if online is not an option

Some states still accept paper applications only, or you may prefer to explore by mail. Request an process form from the program's website (there is usually a downloadable PDF) or call and ask them to mail one to you. Fill it out completely in black or blue ink — do not use pencil.

Make copies of your ID and address proof, and include them with the form. Write your name and the child's name on the back of each copy so they do not get separated. Put everything in an envelope and mail it to the address listed on the form. Include a cover letter with your phone number and email so they can contact you if they have questions.

Mail typically takes five to seven business days to arrive, plus another one to three days for the program to process it. So expect the full timeline to be two to three weeks from the day you mail the process to the day your account opens. Once approved, they will mail you an account statement and deposit instructions.

Making your first deposit and choosing investments

After your account opens, you can deposit money when ready. Most programs let you set up automatic monthly transfers from your bank account, make a one-time deposit by check, or transfer money online if you have linked a bank account. The program's website will show you all available deposit methods.

When you make your first deposit, you will also choose how the money is invested. Trump Accounts typically offer several options: conservative portfolios (mostly bonds and stable funds), moderate portfolios (a mix of stocks and bonds), or aggressive portfolios (mostly stocks). Some programs also let you choose individual funds. If you are unsure which to pick, the program usually has a default option based on the child's age — younger children often default to more aggressive growth, while older children default to more conservative options.

You can change your investment choice once a year, or more often if the program allows. The money you deposit starts earning returns based on your choice, and those returns are not taxed as long as the money stays in the account.

What happens after the account is open

Once your account is active, you can log in anytime to see the balance, make deposits, or change your investment choices. The program will send you statements — usually quarterly or annually — showing deposits, earnings, and the current balance. Keep these for your records.

You can add money to the account as often as you want, in any amount. There is no annual limit on deposits (though the IRS does have a lifetime gift tax limit, which is very high and rarely affects individual savers). The money grows tax-free as long as it stays in the account.

When the child turns 18 or 21, depending on your state, the account transfers to them and they gain full control. At that point, they can withdraw the money for any reason. If they withdraw it before reaching the age of majority, you as the custodian can still manage the account and decide when withdrawals happen.

Frequently Asked Questions

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

No. The child must have a valid Social Security number to open an account. If your child does not have one yet, you can obtain one from the Social Security Administration before you explore. The process takes about two weeks.

What if I am a grandparent or guardian, not the parent?

Most states allow grandparents, legal guardians, and other relatives to open Trump Accounts for children. You will need to provide proof of your relationship — a birth certificate, guardianship papers, or a custody order. Check your state's program to confirm what documentation they require.

Can I withdraw money from the account before the child turns 18?

Yes, but the rules vary by state. Most programs let you withdraw money at any time, though some charge a small fee or penalty. The earnings may be taxed if you withdraw before the child reaches the age of majority. Check your state's program rules before you withdraw.

What if I move to a different state?

You can keep your Trump Account open in your original state even if you move. Some states let you transfer the account to their program; others require you to close it and open a new one. Contact your original program to ask about their transfer policy.

Is there a limit to how much I can deposit?

There is no annual deposit limit for Trump Accounts themselves. However, the IRS has a lifetime gift tax exemption that is very high — currently over $13 million per person. For most families, this will never be a concern. Check with a tax professional if you plan to deposit very large amounts.