President Donald Trump is promoting Trump Accounts, which offer $1,000 in seed money to every child born during his second term. The accounts, created through Trump’s One Big Beautiful Bill, can be opened for any child under the age of 18. While some parents have reported receiving the money, others are still waiting.
How Trump Accounts Work
The tax-advantaged accounts allow parents, relatives, friends, and employers to contribute to them. The money is then invested in index funds and can’t be accessed until the child turns 18, at which point it can be used for specific purposes like education or buying a home.
Some parents, like Masaki and Kristina McLellan from New Jersey, have signed up for the accounts despite initial reservations. The McLellans’ daughter, Maya, was born in late March, and they were told it would take up to four weeks to receive the $1,000 seed funding.
The Treasury Department says the lag between opening an account and receiving the seed funding is standard processing time, but some parents are still waiting. The department boasts 6.5 million sign-ups for Trump Accounts, with 1.5 million eligible for the $1,000 seed funding.
Original reporting: NBC10 Boston — read the source article.
