President Donald Trump marked the formal trading debut of the new Trump Accounts on Monday. From the Oval Office, he rang the opening bell for both the Nasdaq and the New York Stock Exchange, spotlighting one of his administration’s signature child-savings initiatives.

A golden bell engraved with “Trump Accounts” sat on the Resolute Desk for the ceremonial bell ringing. Nine children stood in front of the desk, while officials including Sen. Ted Cruz and Kevin Hassett stood nearby beside a lectern bearing the presidential seal.

“We’re thrilled to officially launch the Trump Accounts,” Trump said.

The accounts, which became operational on July 4, are a new tax-advantaged savings and investment vehicle designed to help children build long-term financial assets from an early age. They now join an already complex field of youth-focused savings tools, including 529 college savings plans and custodial Roth IRAs, each with its own rules, limits and tax implications.

Supporters of the program say Trump Accounts could encourage more families to begin investing for children at birth. The accounts also allow relatives, employers and other third parties to contribute to a child’s future, and include a federal pilot contribution of $1,000 for eligible newborns.

According to the Treasury Department, more than 6 million Trump Accounts have been opened so far for children under 18. Of those, 1.4 million are expected to receive the federal $1,000 pilot contribution.

Speaking from the Oval Office, Trump called the accounts “absolutely incredible for children,” casting the program as both a family savings tool and a long-term investment in the US economy.

“This will be one of the president’s most enduring legacies, and the great bounty of this will go for generations to come,” Bessent said.

Under the law, money held in Trump Accounts must be invested in mutual funds or exchange-traded funds that track the S&P 500 or another index focused primarily on US equities. Annual fees are capped at 0.1% of assets, meaning the cost cannot exceed $1 per year for every $1,000 invested.

Families will be able to monitor the accounts through an app developed by Robinhood and the Bank of New York, both of which were selected by Treasury to manage the initial phase of the program. The app is available through the Apple and Google app stores, as well as through TrumpAccounts.gov.

Parents, legal guardians and other authorized adults who want to open an account for an eligible child must submit Form 4547 to the IRS. To qualify for the $1,000 federal pilot contribution, children must be US citizens with valid Social Security numbers and must have been born between January 1, 2025, and December 31, 2028.

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