Bessent says Trump Accounts launch with $1,000 federal contribution

Treasury Secretary Scott Bessent said Trump Accounts were set to launch with a $1,000 federal contribution for eligible children, even as his wider affordability message rests on gas prices and wages that remain tied to forces outside the administration’s reach. The accounts began account activation ahead of the July 4 rollout, and Treasury said millions of families were already being emailed in phases with instructions to finish setup through the new Trump Accounts app.

The program gives eligible children a one-time $1,000 pilot contribution, allows families to add up to $5,000 a year, and generally locks the money until age 18, when it converts into a traditional IRA. Treasury says children born from 2025 through 2028 qualify for the federal deposit, while some children born between 2016 and 2024 may also receive a $250 Dell Foundation contribution if they live in a ZIP code with median income of $150,000 or less. Bank of New York Mellon will manage the initial accounts, and the app was designed in partnership with Robinhood.

Bessent has framed the accounts as a long-horizon wealth-building tool, saying a $1,000 deposit invested in an index fund could grow to at least half a million dollars by retirement if historical growth rates continue. That is a projection, not a guarantee, and it depends on market returns over decades. The immediate question for families is simpler: the federal money arrives once, while the benefits are largely deferred for 18 years or more.

He has also said the program should reach foster youth, with states able to direct survivor and Supplemental Security Income benefits into Trump Accounts. Treasury has said it is trying to enroll foster youth nationwide, making the accounts part savings vehicle and part benefits channel for children who often have the least family financial cushion.

Bessent’s broader economic pitch is less certain at the kitchen table. He has said he was optimistic gas prices could fall back to about $3 a gallon, but that depends on negotiations around Iran and the Strait of Hormuz, two factors the White House does not control. A recent report put the national average price of regular gasoline at $3.83 a gallon on Thursday, and some coverage said prices had topped $4.50 at the height of the war before easing.

Wages tell a similarly mixed story. One recent CBS report said inflation was running at 3.8% year over year while wage growth was 3.6%, leaving prices ahead of paychecks again. The Federal Reserve Bank of Atlanta’s Wage Growth Tracker remains a key gauge of nominal pay gains, while Bureau of Labor Statistics data show compensation costs rose 3.4% year over year from December 2025 to March 2026. For households, that means the promise of better budgets still depends on lower fuel costs and faster real wage growth, not just a new savings account.