Trump accounts sign up 5 million kids, with 1.2 million eligible for $1,000 seed money, Bessent says

Trump accounts have signed up 5 million children, and 1.2 million are eligible for a $1,000 pilot program contribution, Treasury Secretary Scott Bessent said during CNBC's Invest in America Forum on Wednesday.

Enacted via President Donald Trump's "big beautiful bill," the new tax-deferred investing accounts for children will officially launch on July 4.

While all U.S. children under age 18 with a Social Security number can open a Trump account, the $1,000 Treasury seed money is available to babies born between 2025 and 2028.

"The $1,000 is just the starting point," Bessent said.

A growing number of companies have pledged to match the $1,000 Treasury deposit, and philanthropists in multiple states have committed to seed the accounts for qualifying families.

After pledging $6.25 billion to fund Trump accounts last year, tech CEO Michael Dell said Wednesday more commitments could be coming. "We have others joining us," Dell said at the event.

The accounts can receive contributions from multiple sources, including qualifying charitable organizations and state and local governments.

"You can sponsor a zip code, you can sponsor a school district, an individual school, 10 kids in your neighborhood," Dell said.

"We have a city that is talking about... if you are involved in community service, they'll add to your account. If you get good grades, they'll add to your account," Dell said.

Bank of New York Mellon will manage the initial accounts and has partnered with Robinhood to develop a Trump accounts app, according to an earlier announcement.

"It basically becomes a platform for investing and teaching kids about capital and capitalism," Dell said Wednesday.