What to Know About Trump Accounts as More Than 60 Million Children Are Auto-Enrolled

Nearly all American children now have a new savings account with their name on it, as well as someone else’s: President Trump’s.

The Treasury Department said on Thursday that it automatically enrolled more than 60 million children into Trump accounts, the tax-deferred savings vehicles also called 530A accounts that were introduced in July.

The 530A accounts are essentially starter individual retirement accounts: Parents, guardians and others can contribute up to $5,000 annually. But other relatives, employers, philanthropists, governments and charitable groups can also make deposits, which grow tax-deferred in an ultralow-cost stock index fund.

Once all children have accounts, the hope is that nonprofits and government donors will be more likely to make contributions.

Article source: https://www.nytimes.com/2026/10/01/business/trump-accounts-auto-enrollment.html