Earlier this week, the White House — in conjunction with Michael Dell , founder and CEO of Dell Technologies , and his wife, Susan — announced one of the largest donations ever to benefit American children.

The Dells' $6.25 billion pledge goes hand in hand with a new federal government program focused on early wealth building. The money will go into a new child savings account for children under 18.

Those who qualify can receive a $250 grant from the Dells' commitment or a one-time $1,000 initial deposit from the government to seed the so-called Trump accounts .

Here's what families need to know about how the program works:

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