Parents opened more than 7 million Trump Accounts in the program’s first weeks. Treasury Secretary Scott Bessent said sign-ups reached 7 million in late July, a few weeks after the accounts went live on July 4, 2026. That milestone has since been dwarfed by a much larger number: 70 million. Our breakdown of Trump Account rules overs how the accounts work.
On October 1, Treasury finished automatically enrolling every eligible child under 18 with a valid Social Security number. That step gave over 60 million more children an account. A Treasury official told a tax conference that about 10 million accounts existed before auto-enrollment, which brings the total to roughly 70 million.
We covered the plan to auto-open Trump Accounts starting October 1 before it launched.
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Why It Matters
An automatically opened account does very little until a parent claims it. Treasury benefits tax counsel Helen Morrison said only about 164,000 of the roughly 60 million auto-opened accounts were claimed in the first week. Bloomberg Law reported her remarks from an American Bar Association tax meeting.
By our math, that is about 0.3% of the new accounts, so families with a baby born in 2025 or 2026 should read how to claim the $1,000 Trump Account baby bonus now.
Claiming matters because nothing else works without it. The IRS says a parent must claim an automatically opened account before managing it. Treasury adds that family, friends and employers can’t contribute until the account is claimed. The $1,000 federal seed for eligible children won’t arrive either.
Under the tax code, these are 530A accounts that work like an IRA for kids, and an unclaimed one can sit empty for years.
How Many Trump Accounts Have Been Opened In 2026?
About 70 million Trump Accounts exist as of October 2026, but only about 10 million were set up before auto-enrollment. Treasury opened the other 60 million-plus on its own, as we reported ahead of auto-enrollment. The table below tracks how the count grew.
| When | What Happened | Accounts |
|---|---|---|
| April 2026 | IRS reports accounts opened through sign-up forms | 4 million+ |
| July 4, 2026 | Accounts go live | Launch |
| Late July 2026 | Treasury Secretary Scott Bessent says sign-ups reach 7 million | 7 million |
| Before Oct. 1, 2026 | Accounts established before auto-enrollment | About 10 million |
| Oct. 1, 2026 | Treasury auto-enrolls every eligible child under 18 | 60 million+ |
| First Week Of October | Auto-opened accounts claimed by a parent | About 164,000 |
| Total | Trump Accounts in existence | About 70 million |
The 7 million figure counted families who chose to sign up, mostly by filing IRS Form 4547. That pace was already climbing in the spring, when our report found the IRS had counted more than 4 million Trump Accounts. The jump to 70 million came from auto-enrollment, which skipped the sign-up step entirely.
How Do You Claim An Automatically Opened Trump Account?
Parents claim an auto-opened account in the official Trump Accounts app, and Form 4547 isn’t needed to open it. Our walkthrough on claiming the $1,000 baby bonus covers the seed election in more detail. The IRS lays out these steps:
- Download the Trump Accounts app from the Apple App Store or Google Play.
- Verify your identity and your authority to manage your child’s account.
- Review your child’s information and accept the account terms.
- For a child born from January 1, 2025, through December 31, 2028, submit Form 4547 and select the $1,000 pilot program option. You can file it in the app, on the Trump Accounts website or through your IRS Individual Account.
The IRS says families must elect the $1,000 even when Treasury opened the account automatically. The child also needs to be a U.S. citizen with a valid Social Security number. Kids born before 2025 still get a Trump Account, though they don’t qualify for the seed. Our Trump Account eligibility rules spell out who gets what.
Watch out for copycat websites. The official program site is trumpaccounts.gov. CNN reports that TrumpAccounts.com is run by Saving For College, not the government. Families weighing other options can also compare custodial investment accounts before adding money anywhere.
What Happens After You Claim A Trump Account?
Once claimed, the account can take up to $5,000 a year in combined contributions from family, friends and employers. Employers can add up to $2,500 a year per employee, and that amount counts toward the $5,000 cap. Government and nonprofit money doesn’t count toward it, including the $1,000 seed. For college money specifically, it’s worth reading how Trump Accounts stack up against 529 plans.
The money must sit in low-cost index funds with fees capped at 0.10%. According to Treasury, the default fund is the State Street SPDR Portfolio S&P 500 ETF, which charges 0.02%. Withdrawals generally aren’t allowed until the year the child turns 18. That’s stricter than 529 plans, which allow tax-free withdrawals for qualified education costs at any age.
Some children will get outside money too. Michael Dell and Ray Dalio have pledged, through their foundations, one-time $250 contributions for children from middle- and lower-income households. That money comes on top of the federal $1,000 baby bonus for eligible newborns.
Here is what claiming is worth, using a hypothetical 7% average annual return. A $1,000 seed left alone for 18 years grows to about $3,380. Add $1,000 a year from family and the account reaches about $37,380 by age 18. An unclaimed account gets neither the federal seed nor family contributions. The same compounding math is why we push parents to start a 529 plan early.
How This Connects
The College Investor has tracked Trump Accounts since they moved forward in Congress. The count went from 4 million in April to 7 million in July, then to 70 million in October. Today’s headline number reflects Treasury’s auto-enrollment more than parent demand. Families comparing a Trump Account with a Uniform Transfers to Minors Act account should know that a Trump Account locks the money up longer.
What’s Next
Watch for Treasury to release updated claim counts, since the 164,000 figure covers only the first week. Treasury expects about 2 million new accounts each year and has promised four more fund options in the coming months. The $5,000 contribution limit adjusts for inflation starting in 2027. Parents of a newborn can claim the account now and still pick a 529 plan in their state for college costs.
Editor: Colin Graves
Robert Farrington is the founder of The College Investor and is widely recognized as one of the nation’s leading voices on student loan debt and saving for college. He holds an MBA from UC San Diego Rady School of Management and has spent over 15 years researching, writing, and advising on student loans, 529 plans, financial aid programs, and saving and investing for young professionals.
Robert has been featured in the The New York Times, The Wall Street Journal, The Washington Post, NBC News, and Forbes, where he has been a regular personal finance contributor for over a decade. His work combines both professional expertise and personal experience – he successfully navigated his own student loan repayment journey and has helped thousands of readers do the same.
He is committed to making the intersection of personal finance and education transparent and accessible. You can learn more about Robert on the About Page or on his personal site RobertFarrington.com.