What a Trump Account Is and Who Can Have One

A Trump Account is a savings account designed for people under 18, offered by Trump Bank (now operating under different ownership structures depending on your state). The account lets a young person save money while a parent or guardian maintains control over withdrawals and account decisions until the person turns 18.

The account works like a regular savings account — money earns interest, deposits go in, and withdrawals come out — but with built-in parental oversight. A parent or guardian must open the account on behalf of the minor and remains the account owner until the young person reaches the age of majority in their state, usually 18.

These accounts are meant for families who want a straightforward way to teach saving without the complexity of investment accounts or the restrictions of some other youth banking products.

Key Takeaways

  • A parent or guardian must open a Trump Account in person or online, bringing identification and the minor's Social Security number or tax ID.
  • The parent controls the account until the minor turns 18, though some versions allow the young person to make deposits and check balances.
  • Interest rates and monthly fees vary by location and the specific bank branch offering the account, so compare options in your area.
  • You will need proof of the parent's identity, proof of residency, and the minor's birth certificate or Social Security card.

Documents You Need to Bring

Before you visit a bank branch or start an online process, gather these documents. Having them ready speeds up the process and prevents delays.

The parent or guardian opening the account needs a government-issued photo ID — a driver's license, passport, or state ID card. You will also need proof of your current address, such as a recent utility bill, lease agreement, or bank statement showing your name and address.

For the minor, bring their Social Security number (you can provide the card itself or just the number) and their birth certificate. Some banks accept a state ID card or school ID as additional proof of identity for the young person, though this is not always required.

If you are opening the account online, you will upload images of these documents rather than showing originals. Take clear photos of both sides of IDs and make sure documents are fully visible and readable.

Opening the Account in Person

Visit a Trump Bank branch or a bank offering Trump Accounts in your area. Call ahead to confirm the branch has youth accounts available and ask what hours work best — some branches handle account openings during specific times of day.

Bring the documents listed above and be ready to answer questions about the minor's name, date of birth, and Social Security number. The bank representative will explain the account terms, including any monthly fees, minimum balance requirements, and interest rates. Ask about debit card options — some youth accounts come with cards, others do not.

The process usually takes 20 to 30 minutes. You will sign paperwork as the account owner, and the bank will provide account numbers and online banking information before you leave.

Opening the Account Online

Some banks offering Trump Accounts allow you to start the process on their website. Go to the bank's website, find the section for youth or minor accounts, and select "open an account."

You will enter the parent's name, address, date of birth, and Social Security number, then upload photos of your ID and proof of address. Next, you will enter the minor's information and upload their birth certificate or Social Security card image.

After you submit, the bank reviews your documents — this usually takes one to three business days. You will receive an email or phone call if they need clarification on anything. Once approved, the bank mails debit cards and account information to your address, or tells you to pick them up at a branch.

What Happens After the Account Opens

Once the account is active, you can deposit money by visiting a branch, using an ATM, or setting up direct deposit from your paycheck. The minor can usually check their balance online or through a mobile app, and some accounts let them make deposits at ATMs.

As the parent or guardian, you have full control over withdrawals. Depending on the account type, you may be able to set spending limits, freeze the card, or require approval for certain transactions. Review your bank's online banking portal to see what controls are available.

Interest accrues monthly or daily depending on the account — ask the bank which applies to yours. The rate is typically lower than adult savings accounts, but the account is designed for teaching rather than maximizing returns.

Fees and Costs to Know About

Most Trump Accounts have no monthly maintenance fee, but some banks charge a small fee if the balance drops below a minimum amount — often $25 to $100. Ask about this before opening.

Overdraft fees explore if the account goes negative, though many youth accounts have overdraft protection that declines transactions rather than charging a fee. ATM fees may explore if you use an out-of-network ATM — using your bank's ATM network is free.

Debit card replacement fees sometimes explore if the card is lost or damaged, though the first card is usually free. Ask whether the account includes any other charges, such as fees for closing the account early or for paper statements.

Moving to an Adult Account at Age 18

When the young person turns 18, the account automatically converts to an adult account, or the bank will ask you to choose a new account type. The young person can then control the account themselves, make all withdrawal decisions, and manage it independently.

Some banks offer a smooth transition where the account straightforward changes terms on the birthday. Others require you to visit a branch or complete a form to convert. Contact your bank 30 days before the 18th birthday to ask what happens and whether any action is needed on your part.

The young person should set up their own online banking login and change any passwords before taking full control. Ask the bank whether they will need to visit in person to complete the transition or whether it can be done online.

Frequently Asked Questions

Can the young person withdraw money without the parent's permission?

This depends on the account type and the bank's rules. Some youth accounts let the minor withdraw at ATMs or in person up to a certain amount per day, while others require the parent to approve every withdrawal. Ask the bank about withdrawal limits before opening the account.

What if the parent wants to close the account before the minor turns 18?

The parent can close the account at any time by visiting a branch or calling the bank. Any remaining balance is returned to the parent. The minor cannot prevent this closure while the parent is the account owner.

Does the minor need their own Social Security number, or can they use the parent's?

The minor must have their own Social Security number. The bank uses this to report interest earned and to comply with tax and identity verification rules. If the minor does not have a number yet, you can explore for one at your local Social Security office before opening the account.

Can multiple parents or guardians be on the account?

Most banks allow two parents or guardians to be listed as account owners, which means either one can make decisions about the account. Ask whether the bank supports joint ownership and what happens if the parents disagree on a withdrawal.

What if we move to a different state?

The account remains open and active. However, if you move to a state where Trump Bank does not operate, you may need to close the account and open one with a local bank. Contact your current bank to ask whether they serve your new state.