Trump accounts are a new type of tax-preferred investment vehicle for U.S. children, created by President Trump's "big, beautiful bill" tax and spending bill , which promises $1,000 seed contributions from the federal government for eligible kids.

Here's what to know, including who qualifies for a Trump account, how to set one up and how they compare to other savings plans geared to children.

Who is eligible for a Trump account?

Children who are U.S. citizens and who are born between Jan. 1, 2025, and Dec. 31, 2028, are eligible to have a Trump Account, according to a fact sheet from the Department of the Treasury. Households of any income may open an account, and all such accounts qualify for a one-time $1,000 contribution from the U.S. government.

Families with children under 18

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