Age and Residency Requirements for Trump Savings Accounts
A Trump Savings Account can be opened for a child from birth through age 17. The child must be a U.S. citizen or resident alien with a valid Social Security number. Some providers also require the account holder (usually a parent or guardian) to have a U.S. address and a valid ID.
The account remains open after the child turns 18, but new contributions stop at that point. Once the child reaches adulthood, they take control of the account and can continue to hold it, though they cannot add new money to it under the Trump Savings Account rules.
If you are opening the account as a custodian—a parent, grandparent, or legal guardian—you will need to provide your own identification and tax ID. The financial institution will verify both your identity and the child's Social Security number before the account opens.
Key Takeaways
- Children from birth through age 17 can have a Trump Savings Account opened in their name by a parent, grandparent, or legal guardian.
- The child must have a valid Social Security number and be a U.S. citizen or resident alien.
- Contributions can only be made until the child turns 18; after that, the account exists but cannot receive new deposits under this program.
- The account custodian (usually a parent) must provide their own ID and tax information to open the account.
- Different financial institutions may have slightly different documentation requirements, so check with your chosen provider before opening.
Who Can Open an Account on a Child's Behalf
A parent, grandparent, or court-appointed legal guardian can open a Trump Savings Account for a child. The person opening the account is the custodian and has control over deposits and withdrawals until the child reaches the age of majority (usually 18 or 21, depending on state law).
If you are not the child's parent or legal guardian, you will need written permission from a parent or guardian before opening the account. Some financial institutions require this permission in writing; others may accept it verbally but will document it in their records.
The custodian does not need to be related to the child. An unrelated adult can open and manage the account if they have legal authority to do so, though this is less common and may require additional documentation.
Social Security Number and Identification Documents
The child must have a Social Security number to open a Trump Savings Account. If the child does not yet have one, you can request it from the Social Security Administration before opening the account, or some financial institutions will hold the application until you provide the number.
You will need to provide the child's full Social Security number when you open the account. The financial institution will verify it against Social Security Administration records. If the number does not match or cannot be verified, the account opening will be delayed or denied.
The custodian (the adult opening the account) must also provide a valid form of ID—typically a driver's license, passport, or state ID card. Some institutions also require an Individual Taxpayer Identification Number (ITIN) if the custodian does not have a Social Security number.
Citizenship and Residency Status
The child must be a U.S. citizen or resident alien. U.S. citizens include children born in the United States or born abroad to at least one U.S. citizen parent. Resident aliens are non-citizens who have been granted permanent resident status (a green card).
Children with other visa statuses—such as student visas or temporary work visas—typically do not meet the residency requirement for a Trump Savings Account. Some financial institutions may make exceptions, but this is not standard.
The custodian opening the account must also be a U.S. citizen or resident alien. You will need to provide proof of your status when you open the account, usually in the form of a passport, green card, or birth certificate.
What Happens When the Child Turns 18
When the child reaches age 18, the account transitions from a custodial account to an account in the child's own name. The child now has full control and can withdraw money, close the account, or continue to hold it.
No new contributions can be made to the account after the child turns 18, even if the child or custodian wants to add more money. The funds already in the account remain there and can be used or invested as the child chooses.
Some states allow custodial accounts to remain under custodian control until age 21 or 25, depending on state law and the type of account. Check with your financial institution about your state's rules before the child's 18th birthday so there are no surprises.
Special Circumstances: Guardianship and Adoption
If you are a legal guardian but not the child's parent, you can still open a Trump Savings Account. You will need to provide court documents showing your guardianship when you open the account. The financial institution will verify these documents before proceeding.
If a child has been adopted, the adoptive parent can open the account using the child's current legal name and Social Security number. If the child's name has changed as part of the adoption process, you may need to provide adoption papers or a court order showing the name change.
If custody or guardianship changes after the account is opened, the new custodian can take over the account by providing updated court documents. The financial institution will update their records and transfer control of the account.
Documentation Checklist for Opening an Account
Before you visit a financial institution or apply online, gather these documents:
- The child's Social Security number (or application for one if not yet issued)
- The child's birth certificate or proof of citizenship
- Your valid government-issued ID (driver's license, passport, or state ID)
- Proof of your address (utility bill, lease, or bank statement dated within the last 60 days)
- Your Social Security number or ITIN
- Court documents if you are a guardian but not the parent
Different financial institutions may ask for additional documents. Call ahead or check the institution's website to see what they specifically require. Having everything ready before you apply will speed up the process.
Frequently Asked Questions
Can I open a Trump Savings Account for a child who does not yet have a Social Security number?
Some financial institutions will hold your application until you provide the Social Security number; others will not open the account without it. Contact your chosen institution first. You can request a Social Security number from the Social Security Administration online or at your local office, and it typically arrives within two to four weeks.
Can a grandparent open a Trump Savings Account for a grandchild without the parent's permission?
No. If you are not the child's parent or legal guardian, you need written permission from a parent or guardian. Some institutions require this in writing; others will accept verbal permission but will document it. Always check with the institution about their specific requirements.
What if the child's parents are divorced or separated?
Either parent can open a Trump Savings Account for the child without the other parent's permission, as long as they have legal custody or parental rights. If custody is shared, either parent can open the account. If one parent has sole custody, only that parent can open it without the other parent's consent.
Can I open a Trump Savings Account for a foster child?
Yes, if you are the child's legal guardian or have court-ordered guardianship. You will need to provide court documents showing your guardianship status. The child must have a Social Security number and be a U.S. citizen or resident alien.
Does the child need to be present when I open the account?
No. The child does not need to be present. You, as the custodian, can open the account online or in person. The child will not need to sign anything until they reach age 18 and take control of the account themselves.