Trump Accounts are available now, but only in certain states and through specific financial institutions
A Trump Account is a tax-advantaged savings program for children under 18. Availability depends on where you live and which bank or brokerage offers the account in your state. Not every state has launched the program yet, and not every financial institution participates. You need to check both your state's status and which providers operate there before you can open one.
The program is administered at the state level, which means each state decides whether to offer it and which financial institutions can participate. Some states launched accounts in 2024, while others are still in planning stages. A few states have not announced plans to launch at all. Your first step is to find out whether your state has an active program.
Key Takeaways
- Trump Accounts are only available in states that have launched the program, and availability varies by state and by financial institution within that state.
- You can check your state's status by contacting your state's treasurer's office or visiting the state's official website for the program.
- Once your state has the program, you will need to open an account through a participating bank, brokerage, or investment firm.
- Account holders must be under 18, and a parent or legal guardian typically opens and manages the account on their behalf.
- Contribution limits, investment options, and tax treatment vary by state, so you should review your state's specific rules before opening an account.
How to learn about your state offers Trump Accounts
Start by contacting your state's treasurer's office or checking your state's official website. Many states have a dedicated page for the Trump Account program that lists current status, participating financial institutions, and how to open an account. If you cannot find information online, call your state treasurer's office directly — they can tell you whether the program is active in your state and which institutions you can use.
Some states use a specific name or acronym for the program on their website, so searching for "Trump Account" plus your state name may not always return results immediately. Try searching for your state treasurer's office first, then look for a section on savings programs or child savings accounts. If your state has not launched yet, the treasurer's office can tell you when it expects to do so.
Which financial institutions offer Trump Accounts in your state
Once you confirm your state has an active program, you need to find a participating financial institution. Banks, brokerages, and investment firms apply to participate in the program, so not every institution in your state will offer accounts. Your state's program website should list all participating providers.
Different institutions may offer different investment options, fee structures, and account features. Some may allow you to invest in stocks or mutual funds, while others may limit you to savings accounts or money market funds. Compare the options available through each provider before you choose where to open the account. You can open an account with any participating institution, regardless of whether you already bank there.
What you need to open a Trump Account
A parent or legal guardian opens the account on behalf of the child. You will typically need the child's Social Security number, proof of the child's age and identity, and proof of your own identity. Some institutions may ask for additional documentation such as proof of residency or a copy of the child's birth certificate.
The specific documents required vary by financial institution and by state. When you contact the institution to open an account, ask what documents you need to bring or submit. Many institutions allow you to open accounts online, by mail, or in person — ask which method is fastest for your situation.
Contribution limits and how much you can save
Trump Account contribution limits vary by state. Some states set annual limits on how much you can contribute in a single year, while others set lifetime limits on the total amount in the account. A few states have no contribution limit at all. Check your state's specific rules before you start saving.
Money in the account grows tax-free as long as it stays in the account and is used for may have access to expenses when the child turns 18. If you withdraw money for non-may have access to purposes, you may owe taxes and penalties on the earnings. Your state's program website should explain which expenses count as may have access to and what happens if you withdraw early.
What happens when the child turns 18
When the account holder reaches 18, the account typically transfers to their control. At that point, they can withdraw the money for may have access to expenses, continue saving, or transfer the funds to another account type. The specific rules depend on your state's program.
Some states allow the account to remain open indefinitely, while others require the funds to be withdrawn or transferred by a certain age. Review your state's rules about what happens at age 18 so you understand your options before the account holder reaches that milestone.
Frequently Asked Questions
Can I open a Trump Account if my state has not launched the program yet?
No. The program only operates in states that have officially launched it. Contact your state treasurer's office to find out when your state expects to launch, or check the state's website for updates. Some states may launch in the coming months or years.
Can I open more than one Trump Account for the same child?
Rules vary by state. Some states allow one account per child, while others allow multiple accounts as long as total contributions do not exceed the state's limit. Check your state's rules before opening a second account.
What if I move to a different state after opening a Trump Account?
You can usually keep the account open and continue contributing, even if you move. However, some states have different rules for accounts opened by residents who later move away. Contact your account provider to ask whether your account remains active if you relocate.
Can a grandparent or other relative open a Trump Account for a child?
Rules vary by state. Some states allow any adult to open an account for a child, while others limit it to parents or legal guardians. Check your state's program rules or ask the financial institution directly.
What is the difference between a Trump Account and a 529 college savings plan?
Trump Accounts are designed for general savings and can be used for any may have access to expense when the child turns 18. 529 plans are specifically for education expenses. Trump Accounts may have lower contribution limits and different tax treatment. Your state's program website should explain how the two differ.