The Trump Accounts app launches today. Here's what to know.

Americans can download the Trump Accounts app starting today, as part of the rollout of a new federal program to help children save money before they reach adulthood.

The app will allow parents or guardians to manage the tax-preferred investment accounts on behalf of their kids. Beginning July 4, the U.S. government will make a $1,000 contribution to eligible children with accounts, with funds to be invested in the stock market. Account holders can also start making personal contributions that day.

Excluding the government's donation, annual contributions are capped at $5,000 per child, with certain exceptions.

"The Trump Accounts app delivers a simple, secure way for households to begin engaging with a program designed to build long-term financial strength from day one," Treasury Secretary Scott Bessent said in a statement on Thursday.

The Treasury Department said that parents who signed up for an account for their children will receive emails with instructions on how to set up the Trump Accounts app, which they can download from the Apple App Store, Google Play or TrumpAccounts.gov.

The agency will send emails to activate the accounts in phases between now and July 4. Messages will use the address [email protected].

"Treasury will not contact you by text message or phone call about Trump Account activation," the department said. "If you receive a call or text about a Trump Account, do not respond, it is likely a scam."

Children who are U.S. citizens and who are born between Jan. 1, 2025, and Dec. 31, 2028, are eligible for a Trump Account. The accounts must be set up and managed by parents or guardians until the child turns 18. At that age, children can tap the money to pay for qualified expenses, such as education, buying a home or starting a business.

Parents, employers, charitable organizations and other parties can all contribute money to the accounts, which Bessent has touted as a "rainy day fund" kids can use when they reach adulthood.

Millions of Americans have already signed up for Trump Accounts, according to the Treasury Department. Enrolling requires logging in to an individual's IRS account and completing Form 4547, a specific tax form to open a Trump Account. The accounts are free to set up.

No. Families may not withdraw funds from a Trump Account before a child turns 18, except for the following reasons:

• A rollover of the entire account to a Trump Account with another brokerage
• Certain rollovers to an "Achieving a Better Life Experience" account in the year the child turns 17
• Distribution when the individual dies

After age 18, standard IRA withdrawal rules apply.