According to the White House, 6 million accounts had been requested as of July 6. That's less than 10 percent of those who are eligible.
Because some children qualify for a free $1,000 deposit into their account, we wanted to provide a quick recap of who is eligible and how to sign up.
Trump Accounts are tax-deferred investment accounts aimed at building long-term wealth and retirement savings. Think of them like kid IRAs.
The accounts are available to all children under 18, as long as they are U.S. citizens and have a valid Social Security number.
The accounts must be opened by a parent, legal guardian, grandparent, or sibling on the child's behalf.
And here's an important distinction -- not every account will receive the $1,000. Only children born between Jan. 1, 2025, and Dec. 31, 2028, will receive an automatic $1,000 seed investment from the federal government.
So how do you sign up?
The IRS has Form 4547. You can fill one out online -- or, the Social Security Administration recently announced they would be making a new way to easily sign up your newborn, right from the hospital.
7 On Your Side reached out to Social Security to ask when the streamlined hospital signups will be available; the SSA responded but did not provide an update.
Take a look at more stories and videos by 7 On Your Side.
7OYS's consumer hotline is a free consumer mediation service for those in the San Francisco Bay Area. We assist individuals with consumer-related issues; we cannot assist on cases between businesses, or cases involving family law, criminal matters, landlord/tenant disputes, labor issues, or medical issues. Please review our FAQ here. As a part of our process in assisting you, it is necessary that we contact the company / agency you are writing about. If we believe we can be of assistance, we will reach back out in response.