A new type of savings account for children is officially here. Created by the 2025 tax legislation commonly known as the One Big Beautiful Bill Act — and now referred to by the IRS as the Working Families Tax Cuts — Trump Accounts are designed to give children an early start on long-term investing.

Funding began July 4, 2026. Families have moved quickly: the IRS announced in early July that more than 4 million children had already been signed up, with over 1 million covered by elections for the $1,000 federal contribution.