Financial app for managing Trump Accounts set to launch Thursday
Millions of American families will be able to download a new app to manage so-called Trump Accounts starting Thursday, a Treasury Department spokesperson confirmed to ABC News.
Nearly 6 million families have already signed up for the tax-advantaged accounts, which will officially go live on July 4.
The new app, created by financial technology company Robinhood and bank BNY Mellon, will be available to download from Apple and Google app stores.
Parents will be able to schedule contributions to the tax-advantaged accounts for their children through the app. The app will also already include financial literacy content for families, the Treasury spokesperson said.
Every United States citizen born between January 1, 2025, and December 31, 2028, is eligible to receive a $1,000 contribution from the federal government into their accounts starting on July 4.
The accounts were created as part of the president’s signature tax and spending law last year. Their goal is to kickstart investments in the stock market at birth to compound savings over time.
Families, employers and other relatives can contribute up to $5,000 into the accounts per year and money cannot be withdrawn until children turn 18 years old. The money must stay invested in a broad-based index fund, like an ETF that tracks the S&P 500.
A Treasury Department spokesperson also said that the app will feature eight "exclusive financial literacy modules."
The Treasury Department has said that families will eventually be able to transfer the investments into another bank if they prefer.
The news of the new app was first reported by the Wall Street Journal.
