The administration’s Trump Accounts officially went live July 4, available for parents to enroll, download the mobile app and even play an incongruous Trump Accounts Tycoon game in the White House Arcade website. While the target audience for the game remains to be seen, the U.S. Department of the Treasury’s mobile app lets parents finalize enrollment and claim the $1,000 seed on their personal devices. Parents can also log in through the official Trump Accounts website, which provides multiple buttons encouraging app download. Previously, Trump Accounts seemed to be mobile only, and desktop login remains difficult to find, available only via a Support link on the desktop homepage. As of Oct. 1, the U.S. Department of the Treasury finalized automatic enrollment of these 530A accounts.
The account setup process through the mobile app is thorough, requiring multiple identity checks and echoing the parent website’s new minimalist design with gold accents. A bulleted screen explains preliminary information about the account including the necessary step of IRS Form 4547. In addition to providing their contact information, participants must enter their and their child’s information, including: SSN, date of birth, relationship and verification that the parent is authorized to open the account. For identity verification, parents also need to submit images of their state ID and take pictures of themselves.
The app experience displays its progress with enrollment processing, informing the parent that the account was processed, whether their child is eligible for the $1,000 Treasury contribution, and a certificate image for credibility. A screen with personalized messaging and certificate imagery—Congratulations! [Child’s Name] Is Eligible for a $1,000 Contribution from the U.S. Treasury—notifies the parent of the accepted enrollment before they are prompted with a last Trump Account Application Agreement screen. The latter provides links to agreements and informs the parent that they will be opening an account with the Robinhood brokerage firm. Robinhood partnered with BNY for this program and acts as “broker and sole initial trustee.”
The simple mobile app experience offers conventional financial app features: parents can view the status of their $1000 seed, contribute money and project their account value. The Contributions screen includes a piggy bank chart for a childlike theme and reminds the parent of the annual $5,000 contribution limit. The transaction screen lets parents select their preferred amount and payment method, which conveniently includes Apple Pay.
The website offers a similar experience, and the homepage also provides information about the investment process. The What Happens Next? tile notes that all contributions will be automatically invested in the SPYM index fund and includes icons of large American companies.
On October 1, the U.S. Treasury set up automatic enrollment for these accounts after proposing it just two days prior, which according to Edward Rueda creates “a near-universal child-savings and investment program.” Jessica Dickler and Kate Dore also wrote that Trump Accounts will now be able to receive individual stock donations, which diverges from initial contribution rules. They also note that despite automatic enrollment, parents must claim the account to receive the $1,000 government contribution, and that some families in lower tax brackets may be unable to finalize this process due to unclear rules about its impact on other government aid or tax breaks.
Corporate Insight’s brokerage research team will continue to track the rollout of these new accounts, as well as the partnership between Trump Accounts, Robinhood and BNY.
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Rowan Kurz
Rowan Kurz is an analyst on CI's retirement and workplace finance team.