Trump Account for Kids Explained | Durham News

Durham News Today | 2 Min News | The Daily News Now! · Jul 3, 2026 · 1m

Starting July 4th, kids under 18 get a new government-backed savings account called the Trump Account — with a $1,000 boost for newborns born between 2025 and 2028. Designed to harness the magic of long-term compounding, it lets families save for college, housing, or retirement, with annual contributions capped at $5,000 (the initial $1,000 doesn’t count). Employers can add up to $2,500, and private donations are welcome. But financial pros caution: for college, a 529 plan might still be better due to tax-free withdrawals and state benefits. Investments are limited to low-cost index funds…