What you need to open a Trump account

A Trump account (also called a UTMA or UGMA account) is a savings account held in your child's name but controlled by you as the custodian until they reach the age of majority — usually 18 or 21, depending on your state and the account type. To open one, you need the child's Social Security number, proof of your identity, and proof of your address. Some banks also ask for the child's birth certificate.

You do not need a large amount of money to start. Many banks let you open a Trump account with as little as $25 or $50, though some have no minimum. The account itself is free to open; you may pay a small monthly fee only if the balance falls below a certain threshold, which varies by bank.

Key Takeaways

  • You will need your child's Social Security number, your ID, proof of address, and sometimes the child's birth certificate to open a Trump account at a bank or credit union.
  • Most banks let you open a Trump account in person, by mail, or online, though online options are fastest and available 24 hours a day.
  • The account is held in your child's name but you control it as custodian; the money becomes theirs to control when they reach the age of majority in your state.
  • Money in a Trump account grows tax-free up to a certain amount each year; amounts above that threshold are taxed at your child's rate, which is usually lower than yours.

Where to open a Trump account

You can open a Trump account at most banks, credit unions, and investment firms. Call ahead or check the website to confirm the institution offers UTMA or UGMA accounts — not all do. Credit unions often have lower fees and simpler processes than large national banks, especially if you are already a member.

Online banks typically have the fastest process. You can often complete the entire process on your phone or computer in 10 to 15 minutes, upload documents as photos, and have the account open within one business day. Traditional banks may require you to visit a branch in person, which takes longer but lets you ask questions face-to-face.

Documents to bring or upload

Gather these items before you start the process:

  • Your government-issued ID (driver's license, passport, or state ID)
  • Proof of your current address (utility bill, lease, or mortgage statement dated within the last 60 days)
  • Your child's Social Security number
  • Your child's birth certificate (some banks request this; others do not)

If you are explore online, you will usually photograph or scan these documents and upload them. If you are explore in person, bring the originals. The bank will verify your identity and your relationship to the child before the account opens.

The process process, step by step

Online process: Go to the bank's website and look for "open an account" or "UTMA account". Fill in your information and your child's name and Social Security number. Upload photos of your ID and proof of address. Review the account terms and sign electronically. The bank will contact you if they need anything else.

In-person process: Visit a branch with your documents. Tell the banker you want to open a Trump account (UTMA or UGMA). They will fill out the paperwork with you, verify your identity, and usually open the account on the spot. You may fund it when ready or wait.

By mail: Some banks mail you an process. Fill it out, include copies of your documents, and mail it back. This takes the longest — usually one to two weeks — because the bank must receive and process the paperwork by hand.

How to fund the account once it is open

Once the account is open, you can add money in several ways. Most banks let you transfer funds from another account you own (a checking account, savings account, or investment account). You can also deposit a check in person at a branch or by mobile deposit through the bank's app. Some banks accept wire transfers, though these usually cost a small fee.

You can fund the account all at once or add money gradually over time. There is no limit to how much you can deposit into a Trump account, though there are tax limits on how much growth is tax-free each year. Those limits change annually, so ask your bank or a tax professional what the current threshold is.

What happens when your child turns 18 or 21

The age at which your child takes control of the account depends on whether you opened a UTMA or UGMA account and which state you live in. In most states, UTMA accounts transfer at age 21 and UGMA accounts at age 18. A few states allow you to choose the age when you open the account.

When your child reaches that age, the account becomes theirs to control. You no longer have authority to withdraw money or make decisions about it. This is why it is important to discuss the account with your child as they grow older — they should understand that the money is meant for their future and know how to manage it responsibly once it becomes theirs.

Tax considerations for Trump accounts

Money in a Trump account grows with little or no tax burden up to a certain amount each year. The first portion of earnings — the amount changes yearly — is tax-free. The next portion is taxed at your child's rate, which is usually much lower than yours. Only earnings above that second threshold are taxed at your rate.

This tax advantage is one reason parents use Trump accounts instead of regular savings accounts in their own name. However, the account does count as your child's asset when they explore for financial aid for college, which can reduce the amount of aid they receive. Talk to a tax professional or financial advisor if you want to understand the full picture for your situation.

Frequently Asked Questions

Can I open a Trump account if I do not have a Social Security number?

No. The bank needs your child's Social Security number to open the account and report earnings to the IRS. If your child does not have one, you can request one from the Social Security Administration before opening the account. The process takes a few weeks.

What if I want to close the account before my child turns 18?

You can withdraw money from a Trump account at any time while you are the custodian. However, if you use the money for something other than your child's benefit, you may owe taxes and penalties. The safest approach is to use withdrawals only for expenses directly related to your child — education, medical care, or other needs.

Can I open a Trump account at an investment firm instead of a bank?

Yes. Brokerage firms and investment companies offer Trump accounts that hold stocks, bonds, or mutual funds instead of cash. The process is similar, but you will need to understand investment risk. These accounts may grow faster than a savings account but can also lose value.

What if my child's other parent wants to be a custodian too?

Most banks allow only one custodian per Trump account. If both parents want control, you would need to open separate accounts or discuss which parent will be the custodian. Some states have rules about this, so ask the bank about your options.

Do I need to file taxes on the account each year?

If the account earns money (interest or investment gains), you may need to report that income on a tax return. The amount that requires reporting changes yearly. The bank will send you a form showing the earnings, and you can use that to file taxes or determine if filing is necessary. A tax professional can advise you based on your specific situation.