President Donald Trump declared the largest expansion of his signature children's savings program complete on Wednesday, announcing that Trump Accounts auto-enrollment has now reached nearly 70 million American kids. Standing in the Oval Office with tech billionaire Michael Dell and his wife Susan beside him, Trump said every eligible minor child with a valid Social Security number now holds a government-created investment account — more than 60 million of them opened through automatic enrollment alone.
“Today, I’m pleased to announce that every single eligible minor child in America has now been automatically enrolled in a Trump Account,” Trump said, as reported by Times Now. The announcement lands less than a month before the November 3 midterm elections, with the White House framing the program as proof it is tackling the cost of living.
What Trump announced: 70 million accounts, enrollment complete
Before this week, Trump Accounts were strictly opt-in — and uptake was slow. Only about 8 million accounts had been opened since the July launch, roughly 10 percent of eligible children, the New York Post reported. The Treasury Department completed automatic enrollment on October 1 for every eligible child who did not already have an account, and Trump used Wednesday’s event to declare the job done.
Since July 4, more than $4.5 billion has already been deposited into Trump Accounts, Trump said. Treasury Secretary Scott Bessent and Senator Ted Cruz — who authored the legislation — joined the president at the event. Trump handed out challenge coins to children invited into the Oval Office, then turned serious: “Very simply, this money is your child’s future,” he said, urging parents to get involved.
Trump Account $1,000 eligibility: who actually gets federal money
Here’s the catch: automatic enrollment creates the account, but it does not deliver the headline $1,000 contribution. That one-time federal deposit goes only to U.S. citizen children born between January 1, 2025, and December 31, 2028 — and only after a parent or guardian claims the account and makes the election. A 10-year-old gets an account but not the seed; a baby born this year can get both.
White House officials estimate roughly 80 percent of Trump Accounts are linked to families earning less than $200,000 a year, Fox Business reported — the program is aimed at households the financial system usually reaches last.
How to claim your child’s Trump Account
Claiming is a deliberate step. A parent or guardian must verify their identity and their relationship to the child through the official Trump Accounts mobile app, review the child’s information, and accept the terms. Families can also file IRS Form 4547, the “Trump Account Election,” with their tax return or online through the IRS portal.
Until someone claims it, the Bank of New York Mellon acts as trustee and the money sits in a single S&P 500 index fund, compounding on its own — so even a child whose parents never hear about the program could claim the account at 18 and find years of growth waiting.
The Dells’ $250 gift: amount, timeline, and income limit
The day’s other headline belonged to Michael and Susan Dell. The Dell Technologies founder and his wife pledged roughly $6.25 billion to fund $250 deposits into 25 million children’s accounts — and Michael Dell said every deposit would land by the end of this week.
“So, to every child across the country, these accounts are for you. We believe in you, and we want you to dream big because we know you can make your dreams come true,” Susan Dell said, adding: “parents and grandparents, please claim your child’s account. These accounts are ready. They’re waiting for you, and they have money in them.”
The Dell deposits target children born between 2016 and 2024 in ZIP codes with a median family income of $118,000 or less — about 71 percent of children under 10 — plus children on military bases regardless of ZIP code, per an Investopedia analysis. Parents need take no action; Treasury says the money lands automatically. Trump named Uber, Intel, Nvidia, and Steak n’ Shake as other contributing companies: “Some of the biggest companies in America are giving hundreds of millions of dollars.”
Trump Account withdrawal rules: when the money can be touched
Trump Accounts are long-haul vehicles, not piggy banks. Families can contribute up to $5,000 a year, and funds stay locked until January 1 of the year the child turns 18. After that, withdrawals are penalty-free for qualifying purposes such as college or a first home — though taxed as ordinary income. Trump’s pitch: “Now every member of the next generation will have an investment account and will benefit from our booming economy. Now they’ll be potentially very rich.”
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Why it matters
The U.S. has never opened investment accounts for essentially every child by default. Treasury’s own analysis found voluntary sign-up would have reached only about half of eligible children — automatic enrollment pushes access close to universal, with the biggest gains flowing to lower-income households. The open question is political: with midterms four weeks out, will voters credit the White House for money their children can’t touch for a decade?
Related: Fed Minutes October 2026: Another Rate Hike Likely by Year-End — plus Trump Signs Executive Order to Reclassify Marijuana and Trump Warns Iran: ‘Easy Way or Hard Way’.
What happens next
The test now is claiming. Tens of millions of accounts exist but sit dormant until a parent steps forward — watch Treasury’s next data release on claim rates. The Dell deposits landing this week are the first real proof of the philanthropic model, and employer contributions (up to $2,500 a year within the $5,000 cap) will decide whether Trump Accounts become a genuine wealth engine or a symbolic gesture.
Key Takeaways
- Trump announced October 7 that Trump Accounts auto-enrollment is complete: nearly 70 million U.S. children under 18 with valid Social Security numbers now have accounts.
- Only ~8 million accounts had been opened voluntarily since July; more than 60 million came through automatic enrollment, completed by Treasury on October 1.
- Parents must claim the account via the app or IRS Form 4547 — enrollment alone does not deliver the $1,000 federal seed contribution.
- The $1,000 one-time federal deposit goes only to U.S. citizen children born January 1, 2025, through December 31, 2028.
- The Dells pledged ~$6.25 billion for $250 deposits to 25 million children, landing by end of this week; Uber, Intel, Nvidia, and Steak n’ Shake are also contributing.
- Funds stay locked until January 1 of the year the child turns 18, then can be withdrawn penalty-free for college or a first home; withdrawals are taxed as income.
Frequently Asked Questions
What are Trump Accounts?
Trump Accounts are tax-deferred investment accounts for children, created under the One Big Beautiful Bill Act. Every eligible child under 18 with a valid Social Security number now has one, after Treasury finished automatic enrollment on October 1, 2026. Unclaimed accounts sit in an S&P 500 index fund, giving the next generation a head start on long-term wealth.
How do I claim my child’s Trump Account?
A parent or guardian claims it through the official Trump Accounts mobile app — verifying identity and the relationship to the child, reviewing the child’s information, and accepting the terms — or by filing IRS Form 4547 with a tax return or online. Claiming unlocks account management, contributions, and the $1,000 federal deposit for eligible children.
Who is eligible for the $1,000 Trump Account contribution?
The one-time $1,000 federal contribution goes only to U.S. citizen children with valid Social Security numbers born between January 1, 2025, and December 31, 2028 — and only after an authorized adult claims the account and makes the election. Older children still get an account and can benefit from family, employer, and philanthropic contributions, just not the federal seed money.
Who gets the Dells’ $250 Trump Account deposit?
Michael and Susan Dell pledged about $6.25 billion for $250 deposits into 25 million children’s accounts, landing by week’s end. They target children born 2016–2024 in ZIP codes with median family income of $118,000 or less (lowered from the $150,000 originally announced) — roughly 71 percent of under-10s — plus military-base children regardless of ZIP code. Treasury says no parental action is needed.
When can money be withdrawn from a Trump Account?
Funds stay locked until January 1 of the year the child turns 18. After that, withdrawals are penalty-free for qualifying purposes like college or a first home, but taxed as ordinary income. Families may contribute up to $5,000 per year until the year before the child turns 18, on top of the federal seed and philanthropic deposits.
What if I never claim my child’s account?
The account still exists and keeps growing: the Bank of New York Mellon acts as trustee and the money stays invested in an S&P 500 index fund. Your child can claim it at 18 and collect the growth. But unclaimed accounts miss the $1,000 federal seed and can’t receive family or employer contributions until a parent or guardian claims them.
Sources
- New York Post, “Trump celebrates all kids under 18 having a Trump Account — but parents must claim it for financial benefits,” October 7, 2026 — nypost.com
- Fox Business, “President celebrates automatic enrollment of 70 million Trump Accounts for children,” October 7, 2026 — foxbusiness.com
- Washington Examiner, “Trump expands Trump Accounts access: Here’s how you can claim it on behalf of your child,” October 7, 2026 — washingtonexaminer.com
- Investopedia, “$250 May Already Be in Your Child’s Trump Account. Here’s Who Gets It,” October 7, 2026 — investopedia.com
- Times Now, “Trump Says Every Child Now Has A Trump Account: How To Claim, Who Is Eligible For $1,000,” October 7, 2026 — timesnownews.com
- Political.org, “Trump Touts 70 Million ‘Trump Accounts’ for Children,” October 7, 2026 — political.org
By GlobalDeskNews Staff