The U.S. Treasury will officially launch Trump Accounts on July 4. The tax-advantaged investment accounts are for American babies born between Jan. 1, 2025, and Dec. 31, 2028. At launch, the U.S. Treasury will deposit $1,000 into eligible accounts for children whose parents have already submitted Form 4547.
The account will be in the child’s name, and the parents will be the sole custodians until the child turns 18. No contributions necessary—but parents can deposit up to $5,000 per year to maximize growth.
Who is managing and administering Trump Accounts?
The U.S. Department of the Treasury designated the Bank of New York Mellon Corporation (BNY) as the primary financial agent to manage and administer Trump Accounts for American children. The bank then announced its partnership with financial services company Robinhood to help develop an app and facilitate the user experience.
Are credit unions eligible for rollover accounts?
Credit unions are not eligible to serve as initial trustees, so the July 4 launch will not affect credit unions.
Details are still forthcoming, but there is language in the One, Big, Beautiful Bill Act that credit unions will be a qualified trustee for future rollovers.
What if a member asks about Trump Accounts? Where do I direct them?
Direct members to the U.S. Treasury’s Trump Accounts webpage that includes a link to Form 4547 and a link to download the app.
Where can I learn more?
CUSO Magazine—Trump Accounts: What Credit Unions Should Know
America’s Credit Unions—Compliance Blog: Trump Accounts
America’s Credit Union—Treasury Launches Trump Accounts Mobile App
Stay Tuned for More Information
This is a developing story! We’ll continue to monitor to share more information as it becomes available.
