Financial app for managing Trump Accounts set to launch Thursday
Summary
A new financial app for managing Trump Accounts will be available for download starting Thursday. These accounts, created under President Donald Trump’s tax and spending law, provide tax-advantaged savings for children born between 2025 and 2028, with an initial $1,000 government contribution.Key Facts
- Nearly 6 million families have already signed up for Trump Accounts.
- The app is developed by Robinhood and BNY Mellon and will launch July 4.
- Anyone born from January 1, 2025, to December 31, 2028, is eligible for a $1,000 federal government deposit into their account.
- Families, employers, and relatives can contribute up to $5,000 per year.
- Funds must stay invested in broad-based index funds like ETFs tracking the S&P 500.
- Money cannot be withdrawn until the child turns 18 years old.
- The app will include eight financial literacy lessons for families.
- Future plans allow transferring investments to other banks if families wish.
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