What a Trump Child Savings Account is
A Trump Child Savings Account is a savings account created through an executive order signed in December 2024. The program gives families a way to open a dedicated savings account for children under 18, with the federal government making an initial deposit of $100 to help get the account started. The account is held in the child's name, and the money belongs to the child once they turn 18.
The program is administered through participating banks and financial institutions, not through a government office. You open the account at a bank that has joined the program, provide information about the child, and the $100 federal deposit is added automatically. The account works like a regular savings account — you can add money whenever you want, and the child can see the balance grow.
Key Takeaways
- You open a Trump Child Savings Account at a participating bank, not through a government website, and the process takes about 15 to 30 minutes.
- The federal government deposits $100 into the account automatically once it is opened, with no action needed from you.
- You will need the child's Social Security number, date of birth, and proof of the child's identity or birth certificate to open the account.
- The account is owned by the child, and they gain full control of the money when they turn 18.
- Not all banks participate in the program, so you will need to find a participating institution in your area or online.
Which banks offer Trump Child Savings Accounts
The program launched through a network of participating banks and credit unions. Major national banks including Bank of America, Wells Fargo, Chase, and others have joined, along with many regional and community banks. Credit unions in your area may also participate. The list of participating institutions changes as more banks join the program.
To find a participating bank near you, visit the official program website or call your current bank to ask if they offer Trump Child Savings Accounts. If your bank does not participate, you can open an account at any participating institution, even if you do not have other accounts there. Some banks allow you to open the account online; others require you to visit a branch in person.
Documents and information you will need
Before you go to the bank or start an online process, gather the following items: the child's full legal name, date of birth, and Social Security number. You will also need a form of identification for the child — either a birth certificate, passport, or state ID card. If you are the parent or legal guardian opening the account, you will need your own ID and Social Security number as well.
Some banks may ask for proof of address, such as a utility bill or lease agreement in your name. Have your phone number and email address ready, as the bank will use these to contact you about the account. If you are opening the account online, you may be able to upload documents directly; if you are visiting a branch, bring physical copies.
How to open the account step by step
Start by finding a participating bank. Call ahead or check the bank's website to confirm they offer Trump Child Savings Accounts and whether you can open one online or need to visit a branch. If opening online, go to the bank's website and look for a link labeled "Open a Trump Child Savings Account" or similar language.
Enter the child's information: full legal name, date of birth, and Social Security number. Then enter your information as the parent or guardian. The bank will ask you to verify the child's identity — you may need to upload a photo of the birth certificate or passport, or answer security questions based on public records. This process usually takes 10 to 20 minutes.
Once the bank approves the account, it will be opened in the child's name. The $100 federal deposit will be added within a few business days. You will receive confirmation by email or mail with the account number and instructions for accessing it online or by phone.
How the account works once it is open
The Trump Child Savings Account functions as a regular savings account. You can deposit money whenever you want by transferring funds from your own bank account, making a deposit at a branch, or setting up automatic monthly transfers. There is no minimum balance requirement, and you can withdraw money at any time if you need it.
The account earns interest, though the rate varies by bank and changes over time. Check with your bank about the current interest rate on the account. Interest is added to the account monthly or quarterly, depending on the bank's policy, and the money grows tax-free as long as it stays in the account.
You can monitor the account online through the bank's website or app, or by calling the bank. You will see the $100 federal deposit, any money you have added, and the interest earned. The child can also view the account once they are old enough to understand it, which helps teach them about saving.
What happens when the child turns 18
When the child reaches 18 years old, they gain full legal control of the account. At that point, they can withdraw money, close the account, or continue saving. The bank will notify you and the child as the 18th birthday approaches, and the child will need to confirm their identity to take over the account.
The money in the account belongs entirely to the child at that point — you no longer have access to it or control over how it is used. This is why the account is designed as a teaching tool: it shows the child how savings grow over time and gives them experience managing their own money.
Frequently Asked Questions
Can I open more than one Trump Child Savings Account per child?
Most banks limit you to one account per child to prevent fraud and keep the program manageable. However, you may be able to open accounts at different banks if you want to. Check with your bank about their specific policy on multiple accounts.
What if I lose the child's Social Security number or birth certificate?
You can request a replacement Social Security card from the Social Security Administration, and a replacement birth certificate from your state's vital records office. Both can take several weeks, so explore as soon as you realize you need them. In the meantime, contact the bank to ask if they can hold your process or accept alternative forms of identification.
Can I open a Trump Child Savings Account for a child who is not my biological child?
You can open an account for a stepchild, adopted child, or grandchild if you are the legal guardian. You will need to provide proof of guardianship, such as adoption papers or a court order. If you are not the legal guardian, the child's parent or guardian must open the account.
Is the money in the account protected if the bank fails?
Yes. Accounts at banks insured by the Federal Deposit Insurance Corporation (FDIC) are protected up to $250,000 per depositor per bank. Since the account is in the child's name, the $100 federal deposit and any money you add are covered by FDIC insurance. Credit union accounts are similarly protected by the National Credit Union Administration (NCUA).
Can I use the money for the child's expenses before they turn 18?
As the account owner before the child turns 18, you can withdraw money from the account if you need it. However, the account is designed to teach the child about saving, so withdrawing money defeats that purpose. Some families treat it as off-limits except for true emergencies or for the child's education or major life events.