On July 6, 2026, President Trump rang the opening bells of the New York Stock Exchange and NASDAQ to mark the official launch of Trump Accounts, a tax-advantaged investment account for children. The accounts function similarly to Individual Retirement Accounts (IRAs) in that they offer certain tax advantages, but they're designed to help families build long-term wealth for the next generation-with some notable exceptions.
Unfortunately, whenever the government introduces a new financial program, scammers are quick to follow. Criminals know that unfamiliar programs create confusion, which makes people more likely to click a link, answer a text message, or share personal information without stopping to ask questions. We saw it happen with student loan forgiveness programs, pandemic relief programs, and various tax credits.
Trump Accounts are likely to follow the same pattern. As public awareness of the program grows, fraud experts expect criminals to employ common tactics like fake enrollment websites, phishing emails and texts, and other schemes designed to steal money and personal information.
What Are Trump Accounts?
Trump Accounts are a type of investment account that is established for the benefit of a child.
A Trump Account and the $1,000 seed deposit are not the same thing. Most U.S. children under 18 can have a Trump Account opened on their behalf, but only those born between January 1, 2025, and December 31, 2028, who meet the program's eligibility requirements, receive the one-time $1,000 Treasury contribution.
Here’s what to be on the lookout for:
1. Fake Enrollment Websites
One of the most likely tactics we’ll see is fake Trump Account websites or websites claiming to help families enroll in the program, verify eligibility, or locate additional seed funding and employer or charitable contributions.
These websites will likely promise to help you "claim" your child's $1,000 government contribution or verify eligibility with just a few clicks. Some may even use official-looking logos, government language, or web addresses that closely resemble legitimate sites.
As of July 2026, the only way to open a Trump Account is by filing IRS Form 4547. You can complete and submit the form in the Trump Accounts app, when you file your federal tax return, or through the IRS’s secure website called Individual Online Accounts (IOLA).
Any other website claiming to enroll you in a Trump Account may be designed to collect Social Security numbers, banking information, passwords, or other sensitive personal information.
Before entering any information online, double-check the web address. Avoid clicking links in emails, text messages, social media posts, or online advertisements. And, whenever possible, navigate directly to official government websites by typing the address into your browser.
2. Phishing Emails and Text Messages
The Treasury department has also warned that scammers may impersonate government agencies, financial institutions, or investment companies by sending convincing emails or text messages about enrolling or “fixing” Trump Account issues.
If the scams follow previous patterns, these messages are likely to claim your enrollment is incomplete or that you need to submit personal data (like a Social Security number) to claim the $1,000.
These messages are likely phishing attempts designed to steal personal information, with language meant to pique your curiosity and create a sense of urgency. They may encourage you to click a link, open an attachment, or call a phone number controlled by the scammer.
Remember, no child is automatically enrolled in a Trump Account. So, if you haven't submitted Form 4547 on behalf of your child, be extremely skeptical of any email or text referencing enrollment or contributions.
Even if you have already submitted the form, don’t click on links in unexpected messages. Instead, check your account status through the official IRS or Treasury website.
The Treasury also released a statement reminding families that the department and its authorized service providers will “never ask you to disclose passwords, one-time verification codes, or other sensitive account credentials by email, text message, or phone call.”
3. “Processing Fees” and Other Fake Charges
We've seen the "processing fee" tactic before. Scammers have used fake processing fees, administrative fees, and identity verification charges in connection with student loan forgiveness programs, pandemic relief payments, tax credits, grants, and other government benefit programs. These scams convince victims to pay a small amount or share sensitive information in exchange for a much larger benefit that never arrives.
As a general rule, be skeptical whenever someone asks you to pay money to receive government money, unlock an account, verify your eligibility, or speed up an enrollment process. There is currently no government fee to open a Trump Account or receive the $1,000 Treasury contribution.
It's also important to remember that government agencies generally don't require payment through gift cards, cryptocurrency, wire transfers, or payment apps to receive federal benefits. If anyone asks you to make a payment using one of these methods, it's a strong indication that you're dealing with a scam.
4. Misinformation and Sketchy Investment Advice
The Trump Accounts program is still relatively new, and as information continues to evolve, so do rumors. So, take any information you see about these investment accounts on social media with a grain of salt. Outdated or inaccurate information spreads quickly and sticks around.
Also, because Trump Accounts are investment accounts, families may encounter people claiming they can maximize returns or guarantee exceptional growth.
Before making financial decisions, verify what you've heard using official government resources or trusted financial professionals. Be skeptical of anyone who promises guaranteed investment returns, pressures you to act immediately, or requests sensitive financial information before explaining the program.
Keep in mind that every investment carries some degree of risk, and no legitimate financial professional can guarantee future investment performance.
Protecting Yourself
Whenever you’re asked to share financial or personal information, take a moment to verify who you’re dealing with.
To protect yourself and your family:
- Be skeptical of unsolicited emails, text messages, or phone calls.
- Navigate directly to official websites instead of clicking links.
- Never share passwords or verification codes.
- Don’t pay unexpected fees to claim government benefits.
- Contact your financial institution or the appropriate government agency if something doesn’t seem right.
As with many scams, slowing down is often your best defense. Taking a few extra minutes to verify a website, message, or phone call can help protect both your family's finances and your child's future savings.
Trump Account FAQs
What are Trump Accounts?
Trump Accounts are a new type of tax-advantaged investment account established by the federal government to help children build long-term wealth. They are designed for long-term investing rather than short-term savings. These accounts function similarly to Individual Retirement Accounts (IRAs), but they have different contribution limits, investment rules, and eligibility requirements. And, unlike minor IRAs, there are no earned income requirements.
Do Trump Accounts come funded?
No. However, children born between January 1, 2025, and December 31, 2028, qualify for a one-time seed contribution of $1,000 from the U.S. Treasury.
Who qualifies?
Any U.S. citizen under 18 with a valid Social Security number may be eligible to have a Trump Account opened on their behalf. However, only children born between January 1, 2025, and December 31, 2028, qualify for the federal government's one-time $1,000 seed contribution.
Does every child who opens a Trump account get $1,000?
No. Not every child who is eligible for an account will qualify for the federal government’s one-time $1,000 contribution.
Children will not receive the $1,000 seed deposit if they:
- Were born before January 1, 2025. Children born before that date can still have a Trump Account opened for them (provided they meet the general eligibility requirements), but they are not eligible for federal seed money.
- Will be born after December 31, 2028. Unless Congress changes the law, the pilot program ends with children born in 2028.
- Are not U.S. citizens. The $1,000 contribution is limited to eligible U.S. citizen children only.
- Do not have a valid Social Security number. A valid SSN is required for both the account and the Treasury contribution.
- Do not have a parent or guardian (or other qualifying individual) to file the required election. The Treasury does not automatically deposit $1,000 for every eligible newborn. Someone must establish the account and submit the required paperwork (currently via IRS Form 4547 or the applicable enrollment process) for the child to receive the contribution.
How do I open a Trump Account?
To open a Trump Account, file IRS Form 4547 or apply through the online portal at trumpaccounts.gov. You must do this before January 1 of the year your child turns 18.
Can I open a Trump Account at Maps?
No. At this time, Trump Accounts can only be opened through the official Treasury/IRS enrollment process. Financial institutions like Maps do not currently open or administer these accounts.
Who controls the account?
Although the account belongs to the child, it is managed by a parent, legal guardian, or another authorized adult until the child reaches age 18. Once the child turns 18, control of the account transfers to them, and they become responsible for making investment and withdrawal decisions.
Who can contribute?
Parents, guardians, grandparents, other relatives, friends, or even the child themselves can help grow the child's account. Families can use the account much like they would any other long-term savings goal, with multiple people contributing (subject to the annual contribution limits). Individual contributions must be made with after-tax dollars.
Can my employer help fund my child’s Trump Account?
Yes. Employers may contribute to Trump Accounts as an employee benefit, provided the contributions meet program requirements. In fact, several large employers have already announced programs or commitments to help fund Trump Accounts for eligible employees' children.
If your employer offers this benefit, be sure to ask about eligibility requirements, enrollment deadlines, and whether any matching or additional contributions are available.
Can charities or community organizations contribute?
Yes. Qualified charitable organizations, certain government entities, and philanthropic organizations may also contribute to Trump Accounts—and those contributions are tax-deductible.
Unlike family contributions, these donations generally aren't made to individual children chosen by the donor. Instead, they are made on behalf of a qualified class of beneficiaries, such as children living in a particular community or those who meet other eligibility criteria established by the organization.
Several philanthropic organizations have already announced plans to provide seed funding to eligible children. As an example, Michael and Susan Dell (of Dell Technologies), announced a $6.25 billion gift to provide an additional $250 to qualified children 10 and younger who live in ZIP codes with a median family income of $150,000 or less and who won’t get the $1,000 seed money from the Treasury.
As more organizations participate, families may see additional opportunities become available through employers, nonprofits, schools, or community programs.
Are there annual contribution limits?
Yes. Families, friends, and employers can collectively contribute up to $5,000 per year per child/account. An employer may contribute up to $2,500 per year (which counts against the $5,000 annual limit), and the contribution will not count toward the employee's taxable income. The annual contribution limits are, however, indexed to inflation and will adjust starting after 2027.
Contributions from governments and nonprofits do not count toward the limit.
When can my child use the money?
When your child turns 18, control of the account transfers to them. In most cases, withdrawals cannot be made before the year the child turns 18. At that point, funds may be withdrawn without penalty for qualified expenses such as education, starting a business, or purchasing a first home. The account can also be transferred to a traditional IRA after the child turns 18.
Individual contributions are made with after-tax dollars, so those contributions generally aren't taxed again when they're withdrawn. Investment earnings may, however, be subject to federal income tax depending on how and when withdrawals are made. So, families should consult with a qualified tax professional regarding their specific situation.
How does the money get invested?
Unlike a savings account, money in a Trump Account is invested in a low-cost U.S. stock market index fund. Because the account is invested in the stock market, its value may increase or decrease over time depending on market performance. The goal is long-term growth over the course of a child's lifetime.
Where will the accounts be held?
During the initial rollout, Trump Accounts are being administered through the U.S. Treasury Department’s designated financial agent, Robinhood Markets, Inc. Treasury has indicated that additional financial institutions may participate in the future.
What happens if the market goes down?
Like any investment account, a Trump Account can lose value when the stock market declines. Market fluctuations are a normal part of investing, and there is no guarantee the account will increase in value every year. However, because these accounts are intended to remain invested for many years, they are designed to weather the market's normal ups and downs.
How do I manage a Trump Account?
During the initial rollout phase, families can track their investment accounts via an app created by Robinhood and the Bank of New York, both of which were selected by the Treasury Department to manage the initial phase of Trump Accounts.
The app also offers account tracking and interactive financial education modules for kids and parents. The modules cover concepts like saving, investing, compound growth, diversification, and capitalism.
That said, additional providers will likely participate over time. So, families should refer to the official Trump Accounts website for the most current list of participating institutions.
How is this different from a 529 plan?
Although both are designed to help families save for the future, they serve different purposes. A 529 plan is intended primarily for education expenses and offers tax-free withdrawals for qualified educational costs. If the funds are used for non-qualified expenses, earnings may be subject to federal income tax and a penalty.
Trump Accounts are broader investment accounts that can be used for education and other qualifying purposes, like purchasing a first home or starting a business, but generally do not receive the same tax-free treatment for education withdrawals.
How is this different from a savings account?
A traditional savings account earns interest and is federally insured, meaning the money doesn't fluctuate with the stock market (within applicable insurance limits). A Trump Account, on the other hand, is an investment account. Rather than earning a fixed interest rate, the money is invested in the stock market, with the potential for greater long-term growth. It can also lose value.