The Trump Savings Account is for children under 18 with a Social Security number

A Trump Savings Account (also called a TESA, or Tax-Exempt Savings Account) is a savings account designed specifically for children. To open one, your child must be under 18 years old and have a Social Security number. That is the core requirement — there is no income limit, no test of family wealth, and no other financial condition that would prevent you from opening one.

The account is held in your child's name, but you manage it as the parent or legal guardian until your child turns 18. At that point, the account becomes theirs to control. The main appeal is that money in the account grows tax-free, meaning your child does not owe federal income tax on the interest or earnings the account generates.

These accounts became available in 2024, so they are new. Not every bank offers them yet, and the rules are still being clarified by the Treasury Department. Before you open one, check whether your bank has them and what the minimum deposit is — this varies by institution.

Key Takeaways

  • Your child must be under 18 and have a Social Security number to open a Trump Savings Account.
  • You manage the account as the parent or guardian, and your child takes control when they turn 18.
  • Money in the account grows tax-free, so your child pays no federal income tax on interest or earnings.
  • Not all banks offer these accounts yet, so you will need to contact your bank or shop around to find one that does.
  • There is no income limit or wealth test — any parent with a child under 18 can open one.

What documents you need to open an account

To open a Trump Savings Account, you will need your child's Social Security number and proof of their age. A birth certificate is the standard document for this. You will also need to provide your own identification — a driver's license, passport, or state ID — and proof that you are the legal parent or guardian.

If you are not the biological parent but are the legal guardian (for example, a grandparent or relative with custody), you may need additional documents showing guardianship. The exact paperwork depends on your bank, so call ahead and ask what they require. Some banks let you start the process online and upload documents; others require you to come in person.

Bring your Social Security number as well. The bank will use it to verify your identity and set up the account properly in the banking system.

Age limits and what happens when your child turns 18

Your child must be under 18 when you open the account. Once they turn 18, the account does not close — it straightforward transitions from your control to theirs. At that point, you no longer have authority to make deposits, withdrawals, or decisions about the account unless your child gives you permission.

Some banks may ask your child to confirm they want to keep the account open once they reach 18, or they may require a new signature. Check with your bank about their specific process. The tax-free growth continues after your child turns 18, so there is no penalty or loss of benefit when the account changes hands.

If your child is already 18 or older, they cannot open a Trump Savings Account. These accounts are only for minors.

Income and wealth requirements

There are no income limits or wealth tests for Trump Savings Accounts. It does not matter how much money your family makes or how much you already have in savings — your child can open one. This is different from some other savings programs that are only for lower-income families.

Similarly, there is no minimum or maximum amount you must deposit. Some banks set their own minimums (for example, $25 or $100 to open), but this is a bank policy, not a federal rule. Check with your bank about what they require to get your free guide.

How the tax-free growth works

The main benefit of a Trump Savings Account is that money in it grows without federal income tax. When your child earns interest on the balance, that interest is not taxed. If the account earns $100 in interest over a year, your child keeps all $100 — they do not owe federal income tax on it.

This is different from a regular savings account, where your child would owe tax on the interest earned. Over time, especially if you deposit regularly and the account grows, the tax savings can add up. The longer money sits in the account, the more it benefits from tax-free growth.

State income tax rules vary. Some states do not tax savings account interest at all; others do. Contact your state's tax authority or ask your bank whether your state taxes the interest in these accounts.

Where to open a Trump Savings Account

Not all banks offer Trump Savings Accounts yet. Start by calling or visiting your own bank's website to ask whether they have them. If your bank does not offer them, ask whether they plan to in the future — many banks are still deciding whether to add them.

If your current bank does not have them, you can shop around. Credit unions, online banks, and regional banks may offer them even if large national banks do not. A quick search for "Trump Savings Account" plus your state name can help you find banks near you that offer them.

When you contact a bank, ask three things: whether they offer the account, what the minimum deposit is, and what interest rate they pay. Interest rates vary, so comparing a few banks can help you find the best rate for your child's money.

Frequently Asked Questions

Can I open a Trump Savings Account for a child who does not have a Social Security number yet?

No. Your child must have a Social Security number to open the account. If your child does not have one, you can request one from the Social Security Administration. The process takes a few weeks, so plan ahead if you want to open an account soon.

What if I am a grandparent raising my grandchild — can I open an account?

Yes, if you are the legal guardian. You will need to show proof of guardianship, which usually means court documents. Call your bank first to ask what documents they need, because requirements vary.

Can my child have both a Trump Savings Account and a regular savings account?

Yes. There is no rule against having both. Some families use a regular account for everyday spending and a Trump Savings Account as a dedicated savings tool for long-term goals, since the tax-free growth rewards money that stays in the account.

Do I have to report the account to the government?

Your bank will report the account to the IRS as part of normal banking procedures. You do not need to file any special paperwork to open one. When your child files their own tax return later, they may need to report the interest earned, depending on how much it is — ask a tax professional about your specific situation.

What happens if I need to withdraw money before my child turns 18?

You can withdraw money from the account at any time while you are the account holder. There is no penalty for early withdrawal. However, once you withdraw money, it is no longer in the account earning tax-free interest, so withdrawals reduce the long-term benefit of the account.