Parents of eligible kids won't have to lift a finger to open Trump Accounts anymore. The Treasury Department on Wednesday said it will begin automatically creating the child investment accounts for as many as 60 million minors, with new rules taking effect immediately and auto-enrollment starting on Oct. 1, reports CBS News, citing guidance from the Federal Register. The tax-deferred accounts—set up under President Trump's One Big Beautiful Bill—cover US citizens born between Jan. 1, 2025, and Dec. 31, 2028, who qualify for a $1,000 government "seed" deposit.
The Wall Street Journal reports that the accounts are being handled by Robinhood and the Bank of New York Mellon, with a dedicated phone app and website for the accounts, though it's not yet clear how parents can access them once their kids are auto-enrolled. Administration officials from Treasury and the IRS had previously said that legalities kept them from doing automatic enrollments, but in the new guidance they now note that they've "found a path to overcome those constraints."
Others under 18 that don't fall within the stated deadlines can still open accounts, but they won't get the upfront $1,000 boost. Treasury says automatic enrollment, based on data from tax returns and other records, could sharply boost participation and unlock billions in annual class-wide contributions from wealthy donors and corporations.
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