What you need to open a Trump account
A Trump account is a tax-advantaged savings account for children under 18, offered through participating financial institutions. To open one, you need to be the parent, legal guardian, or authorized representative of the child, and you'll need the child's Social Security number and date of birth.
The account itself belongs to the child, but a parent or guardian controls it until the child reaches the age of majority (usually 18 or 21, depending on your state and the financial institution). You'll also need to provide your own identification and tax information when you set up the account.
Most banks and investment firms that offer Trump accounts require a minimum opening deposit, though this varies widely—some have no minimum, while others ask for $25 to $100. Check with your chosen institution for their specific requirements before you start the process.
Key Takeaways
- You need the child's Social Security number, date of birth, and your own identification to open an account.
- Trump accounts are offered through banks, credit unions, and investment firms, not through a single government program.
- The account is in the child's name but controlled by the parent or guardian until the child reaches adulthood.
- Contribution limits and tax treatment depend on the specific account structure your institution offers.
- You can open an account at any time during the child's minority, and contributions can begin when ready.
Where to open a Trump account
Trump accounts are not issued by a federal agency. Instead, they are offered by individual financial institutions—banks, credit unions, and investment firms—that have chosen to create this product. There is no central registry or single place to open one.
Start by contacting banks and investment firms in your area or online to ask whether they offer Trump accounts. When you call or visit their website, ask specifically about the account structure, minimum deposit, annual fees, and investment options. Some institutions may call the account by a slightly different name, so mention that you're looking for a tax-advantaged savings account for minors.
If you're unsure which institutions near you offer this product, ask your current bank whether they have one, or whether they can refer you to a partner institution that does. Credit unions sometimes offer these accounts to their members, so check with any credit union you belong to.
Documents and information to have ready
Gather these items before you contact a financial institution or visit in person:
- The child's full legal name, date of birth, and Social Security number
- Your full legal name, date of birth, and Social Security number (or tax ID if you're not a U.S. citizen)
- A government-issued photo ID for yourself
- Proof of your address (a recent utility bill, lease, or mortgage statement)
- The child's birth certificate or passport (some institutions request this; others do not)
If you are the legal guardian but not the biological parent, have a copy of the guardianship order or court document that establishes your authority. If you are opening the account on behalf of a parent who cannot be present, ask the institution what power-of-attorney or authorization documents they need.
Some institutions now allow you to open accounts online. If you choose that route, you may be able to upload documents directly, or you may need to visit in person to verify your identity. Ask the institution which documents they accept electronically and which require an in-person visit.
The account opening process and timeline
The process typically takes one to three business days if you open the account in person or online with when ready verification. If the institution needs to verify documents by mail or requires additional information, it may take one to two weeks.
When you open the account, you will sign paperwork that names the child as the account owner and you as the custodian or guardian. You will also choose how the account is invested—for example, in a savings account earning interest, in stocks or mutual funds, or in a mix of both. Ask the institution to explain the investment options and the risks of each before you decide.
Once the account is open, you can deposit money when ready. Some institutions allow you to set up automatic monthly transfers from your checking account, which can make regular saving easier. Ask whether the institution charges monthly maintenance fees or requires a minimum balance to avoid fees.
Contribution limits and tax rules
Trump accounts do not have annual contribution limits set by federal law, though individual institutions may set their own limits. The account is not a retirement account, so there are no restrictions on when the child can withdraw the money.
The tax treatment of the account depends on how the institution structures it. Some Trump accounts are set up as custodial accounts under the Uniform Transfers to Minors Act (UTMA) or Uniform Gifts to Minors Act (UGMA), which have specific tax rules. Others may be structured differently. Ask the institution to explain in writing how earnings in the account will be taxed and whether there are any tax advantages.
In general, earnings on money in the account are taxable to the child. The first portion of earnings may be tax-free depending on the child's total income for the year, but you should consult a tax professional if the account grows significantly or if the child has other income.
What happens when the child turns 18 or 21
The age at which the child takes control of the account depends on your state law and the institution's rules. In most states, this happens at age 18, but some states allow it to be delayed until age 21. The institution will tell you the specific age when you open the account.
When the child reaches that age, the account transfers to their control. You will no longer be able to make decisions about the money or how it is invested. The child can then withdraw the funds, leave them invested, or transfer them to another account.
If you want to maintain some control over the money after the child reaches adulthood, you can discuss other options with the institution—such as setting up a trust or having the child sign a power of attorney. These are separate legal arrangements and are not part of the Trump account itself.
Frequently Asked Questions
Can I open a Trump account if I'm not the biological parent?
Yes. Legal guardians, grandparents, and other authorized adults can open Trump accounts for children. You will need to provide documentation of your legal relationship to the child—such as a guardianship order, adoption papers, or a power of attorney—depending on your situation and the institution's requirements.
What happens if I don't use the account for a long time?
If the account sits inactive, the institution may charge monthly maintenance fees or close it if the balance falls below a minimum. Check the account agreement for the institution's policy on inactive accounts. Some institutions waive fees for accounts under a certain balance or with no activity for a set period.
Can the child withdraw money from the account before age 18?
As the custodian, you control withdrawals until the child reaches adulthood. You can withdraw money for the child's benefit—such as for education, medical care, or other expenses—but the money must be used for the child's benefit, not your own. Check your institution's withdrawal rules and any tax implications before you withdraw.
What if the child's Social Security number changes?
Contact the institution when ready and provide the new number. The institution will update the account records. You may need to provide documentation of the change, such as a new Social Security card or a letter from the Social Security Administration.
Can I open more than one Trump account for the same child?
Yes, but there is no tax advantage to doing so. Multiple accounts will straightforward be more difficult to track and manage. One account per child is usually sufficient unless you have a specific reason to separate the funds—for example, if different family members are contributing to different accounts.