American families deposited nearly $125 million into Trump Accounts during the first five days of personal contributions, according to Treasury Department figures released Thursday.
The program, enacted last year as part of President Donald Trump’s One Big Beautiful Bill Act, allows families to build tax-deferred investment accounts for children.
Contributions opened Saturday on the 250th anniversary of American independence. In that period, families opened another 500,000 accounts, bringing the total to more than 6.5 million.
Of the $125 million in new deposits, 70% were under $250 and 60% were under $100. Officials said the distribution shows participation across income levels.
Broad Early Adoption
The government provides a $1,000 seed deposit for each child born between Jan. 1, 2025, and Dec. 31, 2028. Treasury officials said 1.4 million claimed accounts qualify for this payment, which cannot be accessed until the beneficiary turns 18.
Families, relatives, friends, and employers may contribute up to $5,000 per account annually. The accounts function as long-term investment vehicles, with withdrawals permitted after age 18.
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The program has also drawn private support. Michael Dell and his wife Susan committed $6.5 billion, which will add $250 to 25 million accounts for children under 10 in ZIP codes with median household income below $150,000.
App Outperforms Government Tech Precedents
The Trump Accounts mobile app reached the top spot in the Apple App Store and holds a 4.75-star average rating from nearly 3,500 reviews. This performance exceeds that of several established financial apps, including Robinhood.
Administration officials acknowledged isolated technical issues but said 99.9% of users experienced no problems. Average customer support wait times were reported at 0.2 seconds by phone and 0.5 seconds by chat.
The rollout stands in contrast to the 2013 launch of Healthcare.gov, which faced widespread technical failures and enrolled only six people on its first day.
Praise Crosses Party Lines
Maryland Gov. Wes Moore, a Democrat, described the program as an effective tool for addressing child poverty and wealth gaps.
In a SiriusXM interview, Moore compared it to baby bonds proposals and noted that previous administrations from both parties had failed to implement similar measures.
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“It actually got done,” Moore said.
The accounts build on earlier ideas for child savings but operate through private investment options rather than direct government bonds in most cases.
Expansion Under Consideration
President Trump indicated the administration is exploring a similar savings vehicle for adults, referencing systems used in Australia.
“People really like” the Australian model, Trump told reporters earlier this week.
Treasury data shows steady account openings since the program’s initial rollout. Officials continue to solicit additional corporate and philanthropic contributions to supplement the federal seed money.
The program’s structure limits annual contributions while providing tax advantages intended to encourage long-term asset building for younger generations. As of Thursday, the initiative had recorded rapid uptake relative to its short operational window for voluntary deposits.
Critics have raised questions about long-term fiscal costs and potential overlap with existing 529 college savings plans, though early data indicate strong family engagement.
Trump Accounts represent one of the first major domestic policy rollouts of Trump’s current term focused on family economics. Participation rates and contribution levels will be watched closely in coming months as the program moves beyond its initial phase.
