Bessent: 500,000 Already Signed Up for Trump Accounts

Secretary of the Treasury Scott Bessent announced during the Trump Account Summit on Wednesday that more than 500,000 families have registered for Trump Accounts, as a growing number of major companies commit to matching contributions once the accounts become available this summer.

The summit, which included comments from President Donald Trump, revealed little new information about how the accounts, created by the passage of 2025’s One Big Beautiful Bill Act, might work. Instead, the summit focused on drawing more interest to the accounts, including several announcements from companies that pledged to match the U.S. government’s initial $1,000 contribution to ‌the accounts.

The pilot program for the accounts is set to launch in January, offering $1,000 from the U.S. Treasury to U.S. citizens born between January 1, 2025, and December 31, 2028, when accounts are opened for them. According to a December 2025 notice from Treasury, accounts can receive contributions from five sources:

• The $1,000 federal pilot payment;
• Qualified general contributions from states, nonprofits or tribal governments for specific groups of children;
• Employer contributions up to $2,500 annually under new Internal Revenue Code Section 128, “Trump Account contribution programs”;
• Rollovers from a previous Trump Account; and
• Voluntary contributions from parents or others up to $5,000 annually, indexed for inflation after 2027.

During a speech of about one hour, Trump said the creation of the accounts might be the OBBA’s primary achievement, despite the same law extending most of his 2017 tax-cut package. Trump insisted that with steady contributions, each account holder should have at least $50,000 by the time the beneficiary turns 18.

He called on all employers to make matching contributions to the accounts, spending much of his speech lauding those who have already pledged to do so.

Bank of America, Bank of New York Mellon, Charter Communications, Intel, JPMorganChase and other large employers pledged to make matching contributions to the accounts prior to Trump’s remarks. Other major firms have previously announced they would make matching contributions.

Trump also praised entrepreneurs and financiers who previously committed and more recently pledged donations to support families eligible for the accounts.

Billionaire hedge fund founder Ray Dalio and his wife, Barbara, announced a $75 million commitment to support 250,000 to 300,000 Connecticut children younger than 10 who live in ZIP codes where the median household income is less than $150,000. Investor Brad Gerstner pledged $250 to every child younger than 5 in Indiana, Trump said during his speech.

Michael and Susan Dell previously pledged $6.25 billion to provide $250 each to 25 million children.

Trump Accounts are planned to function as traditional individual retirement accounts under Section 408 of the Internal Revenue Code.

Until the account holder turns 18, special “growth period” restrictions apply. During that time, funds must be invested exclusively in low-cost, index-tracking investments. Withdrawals are prohibited, except for qualified rollovers or upon the beneficiary’s death.

Once the account holder reaches age 18, the Trump Account automatically converts to a standard IRA.