What you need to open a Trump account

A Trump account is a tax-advantaged savings account for a child's education, opened in the child's name with a parent or guardian as custodian. To open one, you need the child's Social Security number, your own identification and tax ID, proof of your relationship to the child, and the initial deposit amount (which varies by provider but is often $25 to $100 minimum).

You can open a Trump account through a brokerage firm, a bank, or a mutual fund company. Each institution sets its own minimum deposit, fee structure, and investment options. Some allow you to open online in minutes; others require you to visit a branch or speak with a representative by phone.

The account itself is free to open. You pay fees only if you choose investments that carry them—some mutual funds charge annual expense ratios, and some brokerages charge account maintenance fees if your balance falls below a threshold. Many institutions waive fees for accounts under $25,000 or for accounts that receive automatic monthly deposits.

Key Takeaways

  • You need the child's Social Security number, your ID, and proof of your relationship to open the account.
  • Different institutions have different minimum deposits, ranging from $25 to $100 or more, and different fee structures.
  • You can open most accounts online, by phone, or in person, depending on the provider.
  • Money in the account grows tax-free as long as it is used for education expenses; withdrawals for other purposes trigger taxes and a 10 percent penalty on earnings.

Step-by-step process to open an account online

Most major brokerages and mutual fund companies let you open a Trump account on their website without leaving home. Start by visiting the provider's website and looking for the link labeled "Open an Account," "New Account," or "Trump Account." You will be asked to enter your name, address, date of birth, Social Security number, and employment information.

Next, you will provide information about the child: full name, date of birth, and Social Security number. The system will ask you to confirm your relationship to the child (parent, guardian, or custodian). You will then choose your investment option—this might be a single mutual fund, a target-date fund that shifts from stocks to bonds as the child approaches college age, or a self-directed brokerage account where you pick individual stocks or bonds.

After you review and sign the account agreement (usually electronically), you will link a bank account or provide a credit card to make your initial deposit. The account is typically active within one to three business days, though some providers activate it immediately. You will receive a confirmation email with your account number and login credentials.

Opening an account in person or by phone

If you prefer to speak with someone, call the brokerage or bank's customer service line and ask to open a Trump account. A representative will walk you through the same information—your details, the child's details, your relationship, and your investment choice. They may mail you forms to sign and return, or they may complete the process over the phone with an electronic signature.

Some banks and credit unions allow you to open an account at a local branch. Bring your ID, the child's birth certificate or Social Security card, and your initial deposit (check or cash). A banker will fill out the paperwork with you and may discuss investment options if the institution offers them.

Phone and in-person openings typically take longer than online—expect one to two weeks for the account to be fully set up and funded, since forms may need to be mailed and processed.

Documents and information to have ready

Gather these items before you start the application, whether online or in person:

  • Your government-issued photo ID (driver's license, passport, or state ID)
  • Your Social Security number or tax ID
  • The child's full legal name
  • The child's date of birth
  • The child's Social Security number
  • Proof of your relationship to the child (birth certificate, adoption papers, or guardianship documents)
  • Your current address
  • Your phone number and email address
  • Your bank account number and routing number (if funding by transfer) or credit card number (if funding by card)
  • Your employment information (employer name and your job title)

If you are opening the account as a guardian rather than a parent, bring the guardianship order or court document that establishes your legal authority. Some institutions will ask for this before opening the account; others will request it later.

Choosing investments for the account

When you open the account, you will choose how the money is invested. The most common options are age-based portfolios (also called target-date funds), which automatically shift from stocks to bonds as the child gets closer to college age; static portfolios, which stay in the same mix of stocks and bonds regardless of the child's age; and individual investments, where you pick specific mutual funds, stocks, or bonds yourself.

Age-based portfolios are the simplest choice if you do not want to think about rebalancing. A portfolio for a newborn might be 90 percent stocks and 10 percent bonds; by age 15, it might shift to 50 percent stocks and 50 percent bonds. The fund manager handles the rebalancing automatically.

If you want more control, you can choose a static portfolio—for example, 70 percent stocks and 30 percent bonds—and keep it the same throughout. Or you can open a self-directed account and buy individual mutual funds or exchange-traded funds (ETFs) yourself. Self-directed accounts give you the most flexibility but require you to make your own decisions about when to buy, sell, or rebalance.

The investment choice does not lock you in. You can change your investment option once per calendar year for free at most institutions, or more often if you pay a small fee.

Funding the account after opening

Your initial deposit happens when you open the account. After that, you can add money whenever you want. Most institutions let you make additional deposits by bank transfer, check, or credit card. Some offer automatic monthly transfers if you link a bank account.

There is no annual limit on how much you can deposit into a Trump account, but there is a aggregate limit per beneficiary—the total amount you can have across all Trump accounts for one child. This limit varies by state but is typically between $200,000 and $550,000. Once you reach your state's limit, you cannot deposit more until the balance drops below the limit.

You can deposit money from multiple people—grandparents, aunts, uncles, and friends can all contribute to the same child's account if they have the account number. Each contributor makes their own deposit directly to the account; there is no central pool or gift-splitting mechanism.

What happens after the account is open

Once your account is active, you will receive a statement (usually quarterly or monthly, depending on the provider) showing the balance, deposits, investment performance, and any fees charged. You can also log into your online account anytime to check the balance and see how your investments are performing.

You remain the custodian and make all decisions about the account until the child reaches the age of majority (18 or 21, depending on your state). At that point, the account transfers to the child's control, though the money must still be used for education or the earnings will be taxed and penalized.

If you need to withdraw money before the child goes to college, you can do so, but you will owe income tax on the earnings plus a 10 percent penalty. The contribution itself (the money you deposited) can always be withdrawn tax-free. Only the earnings are subject to tax and penalty if used for non-education purposes.

Frequently Asked Questions

Can I open a Trump account if I do not have a Social Security number?

No. The child must have a Social Security number to open a Trump account, and you must provide your own tax ID (Social Security number or employer ID number). If the child does not have a Social Security number yet, you can apply for one at your local Social Security office or online at ssa.gov. Once you receive the number, you can open the account.

What if I want to change the investment option after I open the account?

Most institutions allow one free change per calendar year. After that, you may be charged a small fee (typically $25 to $50) for each additional change. Log into your account online or call customer service to request a change. The switch usually takes one to three business days to process.

Can I open a Trump account for a grandchild or niece if I am not the parent?

Yes. You can open a Trump account as a custodian for any child, as long as you have a legal relationship to them (parent, grandparent, guardian, or other custodian). You will need to provide proof of that relationship—a birth certificate, adoption papers, or guardianship order. The child's parent does not need to be involved or give permission.

What is the minimum deposit to open a Trump account?

The minimum deposit varies by institution. Most brokerages and mutual fund companies require $25 to $100 to open. Some have no minimum at all. Check with your chosen provider before you start the application to confirm their minimum.

Can I open multiple Trump accounts for the same child?

Yes, but the total across all accounts cannot exceed your state's aggregate limit (usually $200,000 to $550,000 per child). You might open multiple accounts to take advantage of different investment options or to let different family members manage separate contributions. Each account is tracked separately, but they all count toward the same limit.