Who can open a Trump Account and what you need to start

A Trump Account is a tax-advantaged savings account for children under 18. To open one, you need to be a parent, legal guardian, or authorized adult with a Social Security number or tax ID. Your child must have their own Social Security number, and you'll need to choose a financial institution that offers this account type — not all banks and brokerages do.

The account itself has no income limits, age limits for the account holder (only the beneficiary), or restrictions on who can contribute. You can open one at most major banks, credit unions, and investment firms. Some institutions offer them online; others require you to visit in person or call.

Before you start, gather your child's Social Security number, your own identification, and proof of address. Some institutions may ask for your child's birth certificate as well. Check with your chosen institution about their specific requirements — they vary.

Key Takeaways

  • You need your child's Social Security number and your own ID to open an account, and the child must be under 18.
  • Not all banks offer Trump Accounts, so contact your bank or credit union first to confirm they provide them.
  • There are no income limits or contribution caps, but some institutions set their own minimum opening deposits.
  • Once open, you control the account as custodian until your child reaches the age of majority, at which point they take full control.

Where to open a Trump Account

Start by calling or visiting your current bank or credit union. Many large institutions — including major national banks and regional credit unions — offer Trump Accounts. Ask specifically whether they have custodial savings accounts or education savings accounts under that name, since some institutions use different terminology.

If your bank does not offer them, try other institutions in your area or online banks that serve your state. Investment firms like Fidelity, Vanguard, and Charles Schwab also offer Trump Accounts, though they may require higher minimum deposits or charge account maintenance fees.

When you call or visit, ask about their specific requirements: minimum opening deposit, annual fees, interest rates or investment options, and whether you can fund the account online or by mail. Some institutions allow automatic transfers from your checking account, which makes regular contributions easier.

Documents and information you'll need to provide

Have these items ready before you contact an institution:

  • Your child's full legal name and Social Security number
  • Your full legal name, Social Security number, and date of birth
  • Your current address and phone number
  • A government-issued photo ID (driver's license, passport, or state ID)
  • Proof of address (utility bill, lease, or bank statement dated within the last 60 days)

Some institutions may also ask for your child's birth certificate or proof of guardianship if you are not the biological parent. If you are opening the account online, you may be able to upload images of these documents. If you are opening in person, bring originals or certified copies.

How contributions work and what you can put in

Once the account is open, you can deposit money whenever you choose. There are no annual contribution limits, and you can contribute as much as you want in a single year. You can fund the account by check, electronic transfer from your bank, or in some cases cash deposit at a branch.

Some institutions allow automatic monthly or weekly transfers, which can help you build the account steadily without having to remember to deposit each time. Set this up during account opening or ask your institution how to add it later.

The money in the account grows through interest (if it is held in a savings account) or investment returns (if you choose an investment option). Your institution will send you statements showing deposits, earnings, and the current balance.

Age and control: when your child takes over

You control the account as custodian from the moment it opens until your child reaches the age of majority in your state — usually 18 or 21. At that point, your child automatically gains full control of the account and all the money in it. They can then withdraw funds, change investment options, or close the account.

Before that age, you can withdraw money from the account, but the funds must be used for the child's benefit. Some institutions allow you to designate the account as restricted, meaning you cannot withdraw without the child's permission once they reach a certain age (often 13 or 14). Ask your institution whether this option is available.

If your child passes away before reaching the age of majority, the account becomes part of their estate. The funds go to whoever you named as beneficiary when you opened the account, or to your child's estate if you did not name one.

Tax treatment and reporting

The earnings in a Trump Account are subject to federal income tax. Your institution will send you a Form 1099-INT (for interest) or Form 1099-DIV (for investment dividends) each year if earnings exceed a certain threshold. You report this income on your tax return.

Some earnings may be taxed at your child's rate rather than yours, depending on your child's age and total income. The rules are complex, so consider speaking with a tax professional if the account balance is large or earning significant returns.

The account itself does not affect your child's may be able to access for need-based financial aid in college, though it may be counted as an asset when aid is calculated. This is different from some other education savings accounts, so check the current rules if college aid is a concern.

What happens if you need to withdraw money early

You can withdraw money from a Trump Account at any time for any reason. There are no penalties or restrictions on withdrawals, and you do not have to prove the money was used for a specific purpose.

However, any earnings you withdraw are subject to income tax in the year you withdraw them. If you withdraw only the money you deposited (your contributions), there is no tax on that portion. Your institution can tell you how much of your balance is contributions versus earnings.

If you are unsure how much you can withdraw without tax consequences, ask your institution for a breakdown of contributions and earnings before you make a withdrawal.

Frequently Asked Questions

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

No. You must have a Social Security number or Individual Taxpayer Identification Number (ITIN) to open an account. Your child must also have a Social Security number. If your child does not have one, you can obtain one through the Social Security Administration before opening the account.

What is the minimum amount I need to deposit to open an account?

This varies by institution. Some banks allow you to open with $1 or $25; others require $100, $500, or more. Contact your chosen institution to find out their minimum. If it is too high, try a different bank or credit union.

Can I open multiple Trump Accounts for the same child?

Yes, you can open accounts at different institutions. However, there is usually no tax advantage to doing so, and you will receive multiple statements to track. One account is typically simpler to manage.

What happens if I do not use the money for my child's education?

A Trump Account has no restrictions on how you use the money. You can withdraw it for any reason at any time. The account is simply a savings tool; it does not require you to prove the funds were spent on education or any other specific purpose.

Can my child's other parent or grandparents contribute to the account?

Yes. Once the account is open, anyone can contribute money to it. You control the account as custodian, but other family members can send you money to deposit, or some institutions allow them to transfer funds directly to the account if they have the account number.