Treasury Secretary Scott Bessent said Sunday that there will be no restrictions on how children can use “Trump accounts.”

“So, in essence, it is a trust fund. It is a piece of the American economy for every child, and they will be able to take it out when they’re 18, or they can convert it to a more IRA-type program and keep it for their retirement,” Bessent told host Margaret Brennan on CBS News’s “Face the Nation.”

Qualifying children and newborns will gain access to the accounts, established under the One Big Beautiful Bill Act, next year. Parents or guardians can start contributing to accounts starting July 4, 2026.

The accounts, available to any child in the U.S. with a Social Security number, will be invested in the stock market as a child grows and will be treated similarly to individual retirement accounts, or IRAs, according to the IRS.

“This is going to bring a whole group of new investors into the market,” Bessent added. “We’re going to couple it with a big amount of financial literacy, so that children understand what they own.”

Individuals can deposit $5,000 into the accounts annually, while employers can contribute $2,500 to the account of an employee’s child. The latter contribution will count against the individual cap, the IRS said earlier this week.

The Treasury Department will also make a one-time deposit of $1,000 to accounts for children born between Jan. 1, 2025, and Dec. 31, 2028.

Billionaires Michael and Susan Dell announced earlier this week they are donating $6.25 billion for the accounts of 25 million children — ages 10 and younger — who do not qualify for the one-time Treasury Department deposit. The funds, amounting to $250 per child, will be available to children within zip codes where the median household is under $150,000.

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