On Saturday, President Donald Trump’s administration plans to launch Trump Accounts, tying the 250th anniversary of the signing of the Declaration of Independence to an effort to spice up financial independence for American youngsters.

Under the program, mother and father can open particular investment accounts for any little one born during Trump’s second time period and routinely obtain $1,000 from the authorities. Accounts will be opened for older kids — as long as they don’t flip 18 before the end of the calendar 12 months — however they won’t obtain the $1,000. The accounts are set to open for deposits July 4, which is also the day the Treasury Department plans to switch the $1,000 bonus.

That money — and anything deposited by employers, philanthropies and family — is invested in the stock market by personal companies. Children can’t entry the money until they flip 18, and then only for particular functions, like paying for a home or school.

The accounts already have gotten a increase from billionaires past the $1,000 from the authorities. Michael Dell, the founder of Dell Technologies, and his spouse, Susan, pledged to offer $6.25 billion to the accounts of some youngsters who don’t qualify for the authorities’s $1,000. On Wednesday, Trump announced on Truth Social that Sanjay Mehrotra, CEO of Micron Technology, would give $250 million.

The donation “will help jumpstart the American Dream for these fabulous children as we celebrate America’s 250th Anniversary! This MASSIVE Investment will help MILLIONS of American children and families get a strong start in life, and give them REAL Financial Security,” wrote Trump, a Republican.

Trump declared the program “fabulously successful” in the same put up. According to the Treasury Department, accounts have already been opened for five.5 million kids, with 1.4 million of them eligible for the $1,000 contribution. About 86% of those accounts have been opened by households that earn less than $200,000 yearly.

Here’s what you need to know about Trump Accounts and how to assert the money: It’s a new financial savings tool that invests money in the stock market on a little one’s behalf. The little one can’t entry the money until they flip 18 and might use it only for particular functions, such as paying tuition, beginning a business or making a down cost on a home. Families can already signal up at trumpaccounts.gov.

After a guardian or guardian opens an account, the U.S. Treasury Department will contribute $1,000 for newborns. Private banks and brokerages will handle the money, which must be invested in U.S. equity index funds that observe the stock market and charge the accounts no more than 0.10% in annual fees.

Parents can contribute up to $2,500 yearly in pretax income, very like they do for retirement accounts. Parents’ employers, family, buddies, local governments and philanthropic teams can also pitch in. Yearly contributions are capped at $5,000, however contributions from governments and charities don’t rely towards that complete.

“We’re doing something much better than giving the next generation a handout,” Trump said. “We’re giving them ownership of America’s future.”

As half of the initiative’s launch, mother and father of older kids also are inspired to open accounts, however they received’t get the $1,000 bonus. That money is reserved for infants born during the calendar years of the current Trump administration.

To qualify for the $1,000 seed money, a child must be a U.S. citizen, have a Social Security quantity and be born between Jan. 1, 2025, and Dec. 31, 2028. Any guardian can open an account for a qualifying little one, regardless of the guardian’s immigration standing.