Alongside 529 plans and custodial accounts, there is now another way to save for kids: the Trump Account. These investment accounts, introduced as part of the tax and spending bill signed into law this summer, will allow parents and others to contribute up to $5,000 a year on their child's behalf, which will then grow tax-deferred until they turn 18. And for certain kids who meet eligibility requirements, there is an added bonus: a free $1,000 automatically deposited into their account to get it started.

But given the multitude of savings options that already exist for kids, parents may wonder: What sets the Trump Account apart, and is it worth it?

What are Trump Accounts?

The Trump Account is a "special trust designed to give children a head start financially," said NerdWallet . Pa

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