Trump Accounts: What Credit Unions Should Do Now

Nearly 70 million children now have an investment account. Their credit union did not open it.

Trump Accounts put a federally created investment account in every eligible child’s name. Here is what credit unions and community banks can do before rollover rules arrive.

Key takeaways

• Treasury completed automatic enrollment on 1 October 2026; nearly 70 million children now have a Trump Account.

• Roughly 164,000 of about 60 million auto-created accounts were claimed in the first week: under 1%.

• Credit unions cannot yet hold these accounts. Rollover guidance is still pending, and a CUSO or third-party provider will be needed.

• The window before rollovers is for education, household mapping and readiness, not selling.

On 1 October 2026, the U.S. Treasury completed automatic enrollment for Trump Accounts. Every eligible child under 18 with a valid Social Security number now has a tax-advantaged investment account in their name. The White House puts the total at nearly 70 million accounts, more than 60 million of them created automatically.

For credit unions and community banks, this is one of the biggest changes to children’s finances in a generation. It is also happening largely outside their walls. The IRS lists BNY as the program’s financial agent and Robinhood Securities as brokerage provider and initial trustee. Parents claim accounts through a federal app. A member’s child can now hold an investment account that their own credit union neither opened nor sees.

What has actually happened

A Trump Account is a new type of IRA for children. According to the IRS instructions for Form 4547, contributions from parents, relatives and others are capped at $5,000 a year in total, employers can contribute up to $2,500 within that limit, and investments are generally limited to funds that track an index of primarily U.S. companies. Children born from 2025 through 2028 can receive a one-time $1,000 Treasury contribution, but a parent must claim the account and elect it.

The money is real. The White House reports more than $4.5 billion deposited since the 4 July launch: $1.3 billion in $1,000 seed contributions, $2.6 billion in philanthropic gifts and over $600 million from family and friends. Michael and Susan Dell’s $250 deposits for nearly 25 million children are a large part of that philanthropy.

The gap is engagement, not eligibility

The accounts exist. Most families have not engaged with them yet. A Treasury official told an American Bar Association meeting that roughly 164,000 automatically created accounts had been claimed in the first week, out of about 60 million, according to Bloomberg Law. That is under 1%.

An unclaimed account cannot receive the $1,000 seed or family contributions. Closing that gap takes trusted, local and repeated explanation: what the account is, how to claim it, how it differs from a savings account and who can contribute. Credit unions and community banks already do this kind of work for members every day, at branch counters, in schools and at community events. It is hard for an app alone to replicate.

Where credit unions stand today

Credit unions cannot hold these accounts yet. In July, America’s Credit Unions said credit unions “do not have a role to play yet” because Treasury had not set out how accounts move from the initial provider. Once that guidance arrives, credit unions should be able to act as trustees for rollover accounts. They will need a CUSO or third-party provider, which Treasury may need to approve.

The temporary regulations published on 30 September describe a rollover Trump account as a trustee-to-trustee transfer of the entire balance from the child’s existing account. The institution that earns a family’s trust before rollovers open is best placed to receive that transfer later.

Five moves to make before rollover guidance arrives

1. Educate first, without selling

Publish a plain-language guide and train frontline staff to explain claiming, the $1,000 election and contribution limits. Point members to official IRS guidance. For now, education is the product.

2. Map the families you already serve

Identify member households with children under 18. Most institutions hold this context in fragments across separate accounts. A household view shows where a conversation is relevant and welcome.

3. Give grandparents and relatives a role

Trump Accounts are designed for many contributors. Grandparents also matter to the wider picture: Cerulli projects $124 trillion will transfer through 2048, with $105 trillion flowing to heirs. Institutions that connect generations now will be better placed for both.

4. Prepare your rollover readiness

Talk to your core provider, CUSO and compliance team now about trustee requirements, permitted investments and reporting. Ask which partners intend to seek approval, and what member data would need to move with a rollover. Treat it as an operational project with a named owner, not a marketing campaign.

5. Measure relationships, not accounts

Track household engagement: families helped to claim, relatives invited, teens enrolled in financial education and members who return for the next conversation. These measures show whether the relationship is growing, whichever institution holds the account today.

Why this matters beyond one program

The rules for Trump Accounts may change. The underlying shift is unlikely to reverse: children now start life with an investment account, and families expect to build around it together. The question for every community institution is whether it will be part of that family’s financial story from the beginning, or meet the child for the first time at 18, when they arrive with a balance managed elsewhere.

That is the problem NestiFi was built to solve. Our white-label family wealth platform lets credit unions, community banks and wealth managers bring parents, children and relatives together to save, learn and invest inside the institution’s own app and brand. For credit unions, that means being the institution a member’s children grow up with.

Ready to plan?

Want to pressure-test your Trump Accounts readiness plan? Book a demo with the NestiFi team.

Meet us at Web Summit in Lisbon on Tuesday, 10 November, where NestiFi is exhibiting as part of the startup programme. Come and find us.

Frequently asked questions

Can credit unions offer Trump Accounts?

Not yet. Initial accounts are held through Treasury’s program, with Robinhood Securities as initial trustee. Once Treasury issues rollover guidance, credit unions are expected to be able to act as trustees for rollover accounts, working with a CUSO or third-party provider.

What is a Trump Account rollover?

A rollover Trump account is funded by a trustee-to-trustee transfer of the entire balance of a child’s existing Trump Account to a new trustee, under the temporary IRS regulations published on 30 September 2026.

How much can be contributed to a Trump Account?

Up to $5,000 a year in total from parents, relatives and others, including up to $2,500 from an employer. Eligible children born 2025 to 2028 can also receive a one-time $1,000 Treasury contribution, which does not count toward the limit.

This article is for general information only and is not tax, legal or investment advice. Program details may change; check current IRS and Treasury guidance.

Sources and further reading

IRS: Trump Accounts

IRS: Frequently asked questions

White House: accounts and deposits, 7 October 2026

Bloomberg Law: first-week account claims, 8 October 2026

IRS: temporary regulations, effective 30 September 2026

Watch the official IRS webinar (2 hours; July 2026 guidance)

Read the IRS webinar transcript

Watch: official IRS guidance

IRS webinar, July 2026 (approximately two hours). This recording predates the October developments discussed above. Consult the current IRS guidance linked in this article for updates.