How to open a Trump Account
A Trump Account is opened through your bank or credit union, not through a government office or website. You will need to visit a branch in person or call the financial institution where you already have an account, because most banks require you to be an existing customer before opening a Trump Account. If you do not have a bank account yet, you will need to open one first — bring a photo ID and proof of address (a utility bill or lease works).
The account is held in your child's name but controlled by you as the custodian until your child turns 18. You will provide the child's Social Security number, date of birth, and your own identification. Some banks offer this through their website or app, but many still require a phone call or branch visit to confirm the child's information and set up the account structure correctly.
Once the account is open, you can deposit money immediately. There is no minimum deposit required to open most Trump Accounts, though some banks set a small opening deposit (often $25 or less). After that, you can add money whenever you choose — monthly, yearly, or in lump sums.
Key Takeaways
- Trump Accounts are opened at your bank or credit union, and you must be an existing customer at that institution to open one for your child.
- You will need your child's Social Security number and date of birth, plus your own photo ID and proof of address.
- The account is in your child's name but you control it as custodian; your child gains full control at age 18.
- Most banks allow you to open an account online, by phone, or in person, though some require a branch visit to verify information.
- You can begin depositing money as soon as the account opens, with no required minimum contribution.
What to bring to your bank or credit union
Bring your photo ID (driver's license, passport, or state ID card) and a document showing your current address. A utility bill, lease agreement, or recent bank statement all work. You do not need to bring your child with you, though some banks prefer to see the child in person for accounts opened for minors.
Have your child's Social Security number ready. If your child does not have a Social Security number yet, you can request one from the Social Security Administration before opening the account, or some banks will hold the account temporarily while you obtain the number. Bring any documents that show the child's date of birth — a birth certificate is clearest, but a hospital record or passport works too.
If you are opening the account by phone, the bank will ask you to verify this information verbally. If you are opening it online, you will enter the details directly into the bank's system. Either way, have these documents in front of you so you can answer accurately.
Banks and credit unions that offer Trump Accounts
Most major banks and credit unions offer Trump Accounts, including Bank of America, Chase, Wells Fargo, Citibank, and regional institutions. Credit unions often market them under the same name or call them "custodial savings accounts" or "minor savings accounts." The features and rules are the same across institutions — the difference is in fees, interest rates, and whether the bank requires a minimum balance.
Call your current bank first and ask whether they offer Trump Accounts. If they do not, or if you do not have a bank account yet, you can search for banks and credit unions in your area using the FDIC's bank finder tool (for banks) or the CO-OP Network locator (for credit unions). Many online banks also offer Trump Accounts, though they may require you to open a regular account first before you can add a custodial account.
Interest rates on Trump Accounts vary widely — from nearly zero at some large banks to 4% or higher at some credit unions and online banks. If you plan to keep money in the account for years, comparing rates across institutions can make a real difference in how much your balance grows.
Fees and costs
Most Trump Accounts have no monthly maintenance fee, though some banks charge $5 to $10 per month if the balance falls below a certain amount (often $500 or $1,000). A few banks waive the fee if you set up automatic deposits or keep the account linked to a parent's checking account.
Overdraft fees, ATM fees, and transfer fees may apply depending on your bank's rules. Some banks allow free withdrawals and transfers; others charge $1 to $3 per transaction after a certain number per month. Read the fee schedule before you open the account so you know what to expect.
There are no federal taxes on money you deposit into a Trump Account, and the interest earned is taxed at your child's tax rate (usually lower than yours). You do not pay a fee to the government to open or maintain the account.
How to deposit money into the account
Once the account is open, you can deposit money in several ways. Most banks allow you to transfer money from your own checking or savings account online or through the bank's app — this is usually free and takes one to two business days. You can also deposit cash or a check at a branch, or mail a check to the bank.
Some banks allow you to set up automatic recurring deposits — for example, $50 per month on the first of each month. This happens without you having to do anything after you set it up the first time. Other banks let you deposit through their mobile app by taking a photo of a check.
Ask your bank which methods they offer and whether any have fees. Most do not charge to transfer money between your own accounts or to deposit cash at a branch, but confirm this before you start.
What happens when your child turns 18
When your child reaches 18, the account automatically converts to a regular account in their name, and they gain full control. You will no longer be able to withdraw money or make decisions about the account without their permission. Some banks send a notice before this happens; others do not, so mark your calendar and contact the bank a few weeks before your child's 18th birthday to understand what will change.
Your child can keep the account open, close it, or transfer the money elsewhere. They will also become responsible for any taxes owed on the interest earned. If the account has earned interest, your child may receive a tax form (1099-INT) in January of the year after they turn 18, showing how much interest was earned while they were the account owner.
Some banks offer to convert the account to a student checking or savings account with different features once your child turns 18. Ask what options are available so your child can choose what works best for them.
Frequently Asked Questions
Can I open a Trump Account if I do not have a bank account myself?
Most banks require you to be an existing customer before you can open a Trump Account for your child. You will need to open your own checking or savings account first. This usually takes 15 to 30 minutes and requires a photo ID and proof of address. After that, you can open the Trump Account for your child.
What if my child does not have a Social Security number yet?
You can request a Social Security number from the Social Security Administration before opening the account, which takes about two weeks. Some banks will open the account temporarily and add the number later once you receive it. Call your bank to ask whether they can hold the account while you obtain the number, or whether you must wait until you have it.
Can I withdraw money from my child's Trump Account whenever I want?
Yes, as the custodian you can withdraw money at any time while your child is under 18. There is no penalty for withdrawals. However, the money is legally your child's, so you should use it for their benefit — education, medical care, or other expenses that support their wellbeing.
Do I have to report the Trump Account to the government?
You do not need to report the account itself to any government agency. However, if the account earns interest, your bank will send a tax form (1099-INT) to you and the IRS showing how much interest was earned. You may need to report this interest on your tax return, depending on how much was earned and your tax situation. Consult a tax professional if you are unsure.
Can I open a Trump Account at an online bank?
Yes, many online banks offer Trump Accounts. The process is the same — you open an account for yourself first, then open a custodial account for your child. Everything is done online, and you do not need to visit a branch. Interest rates at online banks are often higher than at traditional banks, so it is worth comparing.