In a White House announcement, President Trump announced a major expansion of the “Trump Accounts” children’s savings program, fueled by a $6.25 billion donation from philanthropists Michael and Susan Dell that will extend benefits to millions of children beyond those originally eligible.

The original “Trump Account” program, which aims to give newly born U.S. children a $1,000 head start in investing for the future, was passed into law as part of the One Big Beautiful Bill signed into law earlier this year.

Under the plan, any child born between January 1, 2025, and December 31, 2028, who is a U.S. citizen with a valid Social Security number qualifies for a one-time $1,000 deposit from the U.S. Department of the Treasury into a Trump Account, provided a parent or guardian, both of whom also need valid social security numbers, opens the account.

Beginning July 4, 2026, parents, guardians or other individuals — including relatives or friends — as well as employers can make additional contributions. The law allows up to $5,000 per child per year overall, including up to $2,500 per year from an employer. Donations from nonprofits or government entities for eligible groups of children are also permitted.

The funds in Trump Accounts must be invested in authorized mutual funds or exchange-traded funds that track broadly U.S. stock-market indexes. Withdrawals are not allowed until the child turns 18, at which point the account is treated much like a traditional individual retirement account. Taxes are deferred on growth until the money is withdrawn.

The rollout received a major boost this week from the Dell couple, who pledged $6.25 billion to the program — enough to deposit $250 into the accounts of 25 million children who are not eligible for the $1,000 government deposit, expanding the program for many children ages 10 and under who were born before January 2025.

To be eligible, children must reside in ZIP codes where the median income is less than $150,000. The median household income level for the 08701 area is approximately $62,811.

Treasury officials said the additional gift is intended to encourage families to open accounts for younger children and help expand participation across income levels.

To sign up, parents or guardians will use IRS Form 4547 which is not yet available, but is expected to be released in the next few days.