‘Trump accounts’ for children go live today: What parents need to know

Trump accounts-primarily a savings vehicle named after the US President and endorsed by House and Senate Republicans are set to go live today. They offer Americans a novel way to save money for their children by investing in index funds managed by prominent Wall Street firms.

The major accounts created for minors from January 2025 through December 2028 will receive a $1,000 government deposit.

This will allow parents, friends and employers to deposit up to $5,000 a year into the accounts. Trump has associated the accounts both with the 250th independence celebration and his own personal brand on Saturday.

The Internal Revenue Service instructs families to complete Form 4547-an reference to Trump’s position as the 45th and 47th president. Its debut comes as Republicans prepare for November’s midterm elections in the US, in which they will fight to maintain their control of Congress amid voters who have grown concerned about the president's handling of the ceremony.

The government’s effort has drawn in sponsorship from billionaires, including Dell Technologies founder Michael Dell and his wife Susan who last year contributed $6.25bn to ensure that 25million children under the age of 10 living in underprivileged areas will receive an extra $250 deposit into their accounts.

Recent polls found that US voters disapprove of the president’s handling of the economy. In fact, a survey revealed last month found that two-thirds of participants rejected his performance on the issue.