600,000 Families Already Applied for Trump Accounts

Treasury Secretary says strong early interest in new savings program

Jan. 28, 2026 at 10:55am

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Treasury Secretary Scott Bessent announced that 600,000 families have already signed up for the new Trump accounts since the program's launch on Monday. The Trump accounts allow families to open tax-deferred savings accounts for their children, with the government providing a $1,000 contribution for each eligible child born between 2025 and 2028.

Why it matters

The strong early interest in Trump accounts highlights the potential appeal of the program, which aims to help families build wealth and provide financial security for their children. However, there are still many open questions about the long-term impact and implementation of the accounts.

The details

Families can open Trump accounts by making elections on IRS Form 4547 when filing their 2025 tax returns. The accounts allow for tax-deferred growth, and the funds can be used for qualified expenses like education, a first home purchase, or starting a business once the child turns 18. In addition to the $1,000 government contribution, families can deposit up to $5,000 annually, with employers able to contribute $2,500 of that amount.

  • Tax season officially started on Monday, January 27, 2026.
  • The online enrollment tool on Trumpaccounts.gov is expected to be available by mid-2026.
  • The Treasury's authentication process to activate accounts will begin in May 2026.

The players

Scott Bessent

The current U.S. Treasury Secretary.

Donald Trump

The former U.S. President, whose name is associated with the new savings account program.

Jason Ewas

The associate director at the Aspen Institute Financial Security Program, a nonprofit forum.

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What they’re saying

“We want all Americans to start signing up.”

— Scott Bessent, Treasury Secretary

“Low-income families, in particular, tend to file early in the tax season because they rely on tax refunds.”

— Jason Ewas, Associate Director, Aspen Institute Financial Security Program

What’s next

The online enrollment tool on Trumpaccounts.gov is expected to be available by mid-2026, allowing more families to sign up for the program. The Treasury's authentication process to activate accounts will begin in May 2026.

The takeaway

The strong early interest in Trump accounts suggests the program could be popular, especially among low-income families who rely on tax refunds. However, there are still many open questions about the long-term impact and implementation of the accounts, which will need to be closely monitored as the program rolls out.