An Update on 530A Accounts 

What’s changed for Trump accounts?

A lot has changed in a little over 6 months since I first wrote about 530A accounts. Accounts are being opened, eligible accounts have been funded with $1,000, and the Dell family moved forward with $250 contributions for 25 million children.  

Additionally, in one of the most eye-popping headlines, the Treasury announced every eligible child under 18 with a valid Social Security number will have an account automatically opened for them. If you have a child under the age of 18, this update to 530A accounts is relevant to you. 

How do I claim my child’s account?  

Download the Trump Accounts app or visit their website (https://trumpaccounts.gov/). You’ll need to verify your identity along with your relationship to the child. During this time, you can also claim the one-time $1,000 seed contribution from the Treasury if the child was born after January 1, 2025.  

Who received the $250 Dell contribution?  

Michael and Susan Dell invested $250 to children born between 2016 and 2024 and living in a ZIP code that qualifies based on median family income. Use the website below to check if your ZIP code was eligible. 

Now that my child has a 530A account, should I contribute to it?  

Despite this update to 530A accounts, our recommendation remains unchanged: start by understanding your savings goals first and make sure your savings vehicles are aligned with those goals. For more information about the basics of 530A accounts and how they might be incorporated into a financial plan, check out my previous blog post here. 

If you’re considering whether leveraging a 530A account makes sense for your family, we’d be happy to talk more about your unique situation.