Trump accounts explained: How they work, who qualifies

President Trump’s One Big Beautiful Bill Act ushered in many tax changes, including a new saving and investing vehicle for families known as Trump accounts. As trumpeted in a White House press release in August, Trump accounts are intended to “give the next generation a jumpstart on saving.” In layman’s terms, they function as a type of tax-deferred savings account for those under 18, and they come with a starter package for any U.S. citizen born between Jan. 1, 2025, and Dec. 31, 2028: a $1,000 deposit ...