What a Trump Account is and who can open one
A Trump Account is a savings account designed for minors, offered through Trump Bank or partner financial institutions. The account lets parents or guardians open a savings vehicle in their child's name, with the parent or guardian controlling the account until the child reaches the age of majority (usually 18 or 21, depending on your state and the bank's rules).
To open a Trump Account, you must be the parent, legal guardian, or authorized representative of the minor. The child does not need to be present for the initial setup, though some banks require a signature or verification from the child depending on their age. Requirements vary by institution—some allow accounts for children as young as newborns, while others have a minimum age of 13 or 16.
These accounts typically come with features like parental controls, the ability to set savings goals, and sometimes a linked debit card once the child is old enough. Interest rates and fees depend on which bank offers the account and what type of Trump Account product you choose.
Key Takeaways
- You need to be the parent, legal guardian, or authorized representative to open a Trump Account for a minor in their name.
- Different banks and institutions offer Trump Accounts with different age minimums, so check with your chosen provider before starting.
- You will need the child's Social Security number, proof of your identity, and proof of your relationship to the child (such as a birth certificate).
- Most Trump Accounts let you control the account until the child reaches 18 or 21, at which point they can take over or the account converts to an adult account.
- Setup can usually be done online, by phone, or in person at a branch, depending on the bank.
Documents and information you will need to gather
Before you start the signup process, collect the following items. You will need the child's Social Security number (SSN)—if the child does not have one, you can obtain one from the Social Security Administration before opening the account. You will also need a copy of the child's birth certificate or other proof of the child's identity and age.
Bring a government-issued photo ID for yourself (a driver's license, passport, or state ID card). Some banks also ask for proof of your address, such as a recent utility bill or lease agreement. If you are the legal guardian but not the biological parent, bring documentation of guardianship, such as a court order or custody agreement.
Have the child's date of birth and current address ready. If you are opening the account online, you may be able to upload documents directly; if you are opening it in person or by phone, have the physical copies or be ready to describe them to the bank representative.
Opening a Trump Account online
Most banks that offer Trump Accounts allow you to start the process on their website or mobile app. Go to the bank's homepage and look for a link labeled "Open an Account," "New Account," or "Kids Accounts." Select the Trump Account or minor savings account option from the menu.
You will be asked to enter your personal information (name, date of birth, address, phone number, email) and the child's information (name, date of birth, Social Security number). The bank will ask you to verify your identity, usually by answering security questions based on your credit history or by uploading a photo of your ID.
Once your identity is verified, you will review the account terms and conditions, choose any optional features (such as a linked debit card), and sign electronically. The bank will then send you a confirmation email. Some banks fund the account immediately; others require you to link a bank account or make an initial deposit before the account becomes active.
Opening a Trump Account in person or by phone
If you prefer to open the account without going online, visit a branch of the bank or call their customer service line. Ask to speak with an account representative about opening a minor's savings account or Trump Account. Have your documents and the child's information ready.
In person, the representative will review your ID and the child's birth certificate, ask you to sign account paperwork, and may ask you to make an initial deposit on the spot. By phone, the process is similar, but you will need to mail or upload copies of your documents after the call. The representative will guide you through each step and answer questions about fees, interest rates, and features.
In-person and phone openings usually take 15 to 30 minutes. The account may be active the same day or within one to three business days, depending on the bank's processing time.
What happens after the account is open
Once the account is active, you will receive a welcome packet in the mail with the account number, routing number, and any debit cards or checks associated with the account. Log into your online banking portal or app to confirm the account is set up correctly and to set up parental controls if the bank offers them.
Parental controls typically let you set spending limits, restrict certain types of transactions, or require your approval before the child can withdraw money. Some banks also let you set savings goals and track progress toward them. Review these features and configure them according to your preferences.
You can now deposit money into the account by transferring funds from your own bank account, setting up automatic deposits from your paycheck, or depositing cash or checks at a branch. The child's money will earn interest at the rate set by the bank—rates vary widely, so check your account documents or log into your portal to see what rate applies to your account.
Transitioning the account when your child turns 18
As your child approaches the age of majority (usually 18), contact the bank to learn what happens next. Some banks automatically convert the account to a standard adult account; others require you to close the minor account and open a new one. A few banks let the child take over the account while you remain as a co-owner if you choose.
The bank will send you and your child information about the transition at least 30 days before it occurs. Review this information carefully, as the new account may have different fees, interest rates, or features. If your child wants to keep the account open, they may need to sign new paperwork or verify their identity.
If you want to close the account instead, the bank will return any remaining balance to you or to your child, depending on your instructions and your state's laws. Some states require that the money go to the child once they reach 18, even if you opened and funded the account.
Frequently Asked Questions
Can I open a Trump Account if I do not have a Social Security number for my child yet?
No, banks require a Social Security number to open any account. If your child does not have one, you can obtain one from your local Social Security Administration office or online at ssa.gov. The process usually takes one to two weeks. Once you have the SSN, you can open the Trump Account.
What if I am the child's grandparent or aunt or uncle, not the parent?
You can open a Trump Account if you are the legal guardian. If you are not the legal guardian, you will need written permission from the parent or guardian, and the account will likely be in the parent's or guardian's name, not yours. Contact the bank to ask about their specific rules for non-parent relatives.
Can my child access or withdraw money from the Trump Account without my permission?
That depends on the bank and the parental controls you set up. Most banks let you restrict withdrawals and require your approval for transactions. However, once your child reaches 18, they typically have full access to the account regardless of your settings. Check your bank's parental control options during setup.
Is there a minimum deposit required to open a Trump Account?
Minimum deposits vary by bank and account type. Some banks require no minimum; others ask for $25 to $100 to open the account. Check the bank's website or call customer service to confirm the minimum for the specific Trump Account product you want to open.
What fees should I expect with a Trump Account?
Fees vary widely. Some Trump Accounts have no monthly maintenance fee; others charge $5 to $10 per month. Common fees include overdraft fees (if the account goes negative), ATM fees outside the bank's network, and fees for certain services like wire transfers. Review the fee schedule on the bank's website or ask a representative before opening the account.