What you need to do to open a Trump account

A Trump account is a custodial savings account for children under 18, held in the child's name but controlled by a parent or guardian until the child reaches the age of majority. To open one, you will need the child's Social Security number, proof of the child's identity (usually a birth certificate), your own identification, and your Social Security number. You then contact the financial institution offering Trump accounts—typically a bank or credit union—and complete their account opening process, which usually takes 15 to 30 minutes in person or online.

The specific documents and steps vary slightly by bank, so call ahead or check their website to confirm what they require before you visit. Some banks let you open the account entirely online; others require an in-person visit. Once the account is open, you can deposit money immediately, and the funds begin earning interest or returns according to the account terms.

Key Takeaways

  • You will need the child's Social Security number, birth certificate, and your own ID to open a Trump account at a bank or credit union.
  • The account is held in the child's name but you control it as the custodian until the child reaches age 18 or 21, depending on state law.
  • Most banks can open a Trump account in 15 to 30 minutes, either online or in person.
  • Money in a Trump account grows tax-deferred, meaning you do not pay taxes on the earnings until the child withdraws the money.
  • When the child reaches the age of majority, the account transfers to their control and they become responsible for managing it.

Which documents to bring or provide

Bring the child's birth certificate or passport as proof of identity. The bank will use this to verify the child's name, date of birth, and Social Security number. You will also need your own government-issued ID—a driver's license or passport—and your Social Security number so the bank can verify you as the custodian.

Some banks also ask for proof of your current address, such as a recent utility bill or lease. If you are opening the account online, you may be able to upload these documents through the bank's website rather than printing them. Call your bank ahead of time to confirm the exact list; requirements differ between institutions.

How to choose a bank or credit union

Not all banks offer Trump accounts, so start by calling banks and credit unions in your area or checking their websites for "custodial accounts" or "Trump accounts." Compare the interest rate or investment options each one offers, because the rate determines how much the money will grow over time. A bank offering 4% annual interest will generate more growth than one offering 1%, especially over many years.

Also ask about fees. Some institutions charge a monthly maintenance fee, an inactivity fee if you do not make deposits for a certain period, or a fee to close the account. A few banks waive fees if you maintain a minimum balance or set up automatic deposits. If you already bank somewhere, start there—many institutions offer better rates or lower fees to existing customers.

Opening the account in person versus online

Opening in person at a bank branch takes 15 to 30 minutes and lets you ask questions face-to-face. The banker can explain the account terms, show you how to make deposits, and answer questions about what happens when the child turns 18. You leave with the account open and ready to use the same day.

Opening online is faster if the bank supports it—you can complete the process in 10 to 15 minutes from home. You will upload photos of the documents, enter information about yourself and the child, and sign electronically. The account usually opens within one business day. Online opening works well if you are comfortable with digital forms and do not have questions that require a conversation.

What happens to the account when the child turns 18

When the child reaches the age of majority—18 in most states, 21 in a few—the custodial account automatically converts to an account in the child's name alone. You lose control of the account, and the child can withdraw all the money or manage it however they choose. Some banks notify you and the child in writing before this happens; others do it silently. Check with your bank about their notification process so you and the child are not surprised.

If you want to discuss what the child should do with the money—save it for college, a car, or a house down payment—have that conversation before the account transfers. Once it is theirs, the decision is theirs to make.

How money grows in a Trump account

Money in a Trump account grows through interest or investment returns, depending on the type of account. A savings account earns interest at a fixed rate set by the bank. A money market account may offer slightly higher interest but requires a larger minimum balance. Some Trump accounts are investment accounts that let you buy stocks, bonds, or mutual funds, which can grow faster but also carry more risk.

The growth is tax-deferred, meaning you do not owe federal income tax on the earnings until the child withdraws the money. When the child does withdraw, they may owe tax on the earnings at their own tax rate, which is often lower than yours. This tax advantage is one reason custodial accounts are popular for saving for a child's future expenses.

Making deposits and managing the account

Once the account is open, you can deposit money by transferring it from your bank account, depositing a check at an ATM or branch, or setting up automatic monthly transfers. Many parents set up a small automatic deposit—$25 or $50 per month—so the account grows steadily without requiring them to remember to deposit each time.

You can withdraw money from the account at any time, but the withdrawal should be for the child's benefit—education, medical care, activities, or other expenses that directly help the child. Withdrawing money to pay your own bills or expenses is not permitted under the law. Keep records of what you withdraw and what it was used for, in case questions arise later.

Frequently Asked Questions

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

No. The bank needs your Social Security number to verify your identity and report the account to the IRS. If you are not a U.S. citizen or resident, ask your bank whether they offer alternative account types or whether an Individual Taxpayer Identification Number (ITIN) is accepted.

What if the child's other parent wants to be a custodian too?

Yes, most banks allow two custodians on a single account. Both parents can make deposits and withdrawals, and both have equal control. Discuss this with your bank when you open the account, as the process varies slightly depending on whether both parents are present or whether one is added later.

Can I transfer money from one bank's Trump account to another bank?

Yes. Contact the new bank and ask them to initiate a transfer from the old bank. Provide them with the old account number and the old bank's routing number. The transfer usually takes three to five business days. The money stays in the account during the transfer and continues to earn interest.

What happens if I die before the child turns 18?

The account becomes part of your estate and passes according to your will or state law. If you have named a guardian for the child, that guardian can take over as custodian of the account. Discuss this with your lawyer or estate planner to make sure your wishes are clear in your will.

Does a Trump account affect the child's ability to get financial aid for college?

Yes, money in a custodial account is counted as the child's asset when calculating financial aid. This can reduce the amount of aid the child is offered, because the government assumes the child should use their own savings first. Talk to a financial aid advisor at the college about how the account will affect aid before the child applies.