Millions of Kids Enrolled in Trump Accounts: Who Gets the $1,000 Payment?

President Donald Trump highlighted one of his administration’s signature financial initiatives on Wednesday, hosting an Oval Office event to celebrate the automatic enrollment of millions of American children into Trump Accounts. The White House says nearly 70 million Trump Accounts have now been created, including more than 60 million through a recently completed auto-enrollment process that automatically established accounts for eligible children with valid Social Security numbers. Meghan Markle’s Web Traffic Slumps Ahead of Crucial Sales Period The president told reporters Wednesday in the Oval Office, “There are those that say this is one of the most important things that I will have done, that this administration, with these incredible people, will have done. We’ve done some amazing things, but this is really something we’re very proud of.” The event focused not only on the enrollment milestone but also on what parents and guardians need to do next. While accounts have now been created automatically, families must still claim them before they can manage the accounts, contribute money or access certain benefits available through the program. Who is Eligible for Trump Accounts? Every child under the age of 18 with a valid Social Security number is eligible for a Trump Account. As of October 1, the Treasury Department has automatically created accounts for eligible children who did not already have one, meaning millions of families now have an account waiting to be claimed. However, eligibility for a Trump Account is broader than eligibility for the program’s one-time $1,000 federal contribution. While all eligible children under 18 can have an account, the government payment is available only to U.S. citizen children born between January 1, 2025, and December 31, 2028. Parents or guardians must still claim the account through the official Trump Accounts platform before they can manage it, make contributions or allow others to contribute. Eligible families must also take additional steps to receive the $1,000 Treasury seed contribution. The Trump Accounts program was established through the One Big Beautiful Bill Act, incorporating legislation written by Republican Senator Ted Cruz of Texas that sought to expand investment ownership among American children. Cruz, who attended Wednesday’s announcement, has argued that the accounts are designed to create a generation of Americans with an early stake in the stock market and the opportunity to build wealth over time through compound returns. “For decades, we’ve talked about how to teach young Americans the value of saving, investing, and building wealth. Trump Accounts actually gives them the tools to do it,” Cruz said in a post on X. “When a young person turns 18 and looks at an account that has been growing alongside them their entire life, capitalism is no longer an abstract concept. They’re an investor. They’re an owner. They have skin in the game.” Trump Accounts Login: How Parents Can Claim a Child’s Account Parents and guardians must claim a child’s Trump Account before they can take control of it, manage investments or enable contributions from relatives, employers and other approved sources. The process is handled through the official Trump Accounts app, which is available on mobile devices, as well as through a web-based platform. To claim an account, an adult must verify their identity and demonstrate their relationship to the child. Treasury guidance says parents, legal guardians and certain other adults with legal authority over a child’s finances may be eligible to complete the process. After the account is claimed, the authorized adult must accept the account agreement and activate the account. Families with multiple children can manage those accounts through a single login by linking them within the platform. Once activated, account holders can begin making contributions, connect bank accounts and receive deposits from approved contributors. The account also becomes eligible to receive any federal, employer or philanthropic contributions for which the child qualifies. “Trump Accounts are a life-changing initiative that will jump-start the American dream for generations to come,” White House spokeswoman Taylor Rogers said in a statement shared with Newsweek. “With automatic enrollment now complete, every American child under the age of 18 has a Trump Account in their name, making it easier than ever for families to participate. Nearly 70 million Trump Accounts have already been created, giving young Americans a new opportunity to build lifelong financial security.”