The Trump administration launched an app on Thursday that will enable minors to build savings with an investment account. The initiative, known as the “Trump Accounts,” applies to children born between January 2025 and December 31, 2028.

Parents can use the app to oversee tax-advantaged investment accounts for their children. On July 4, the government will deposit $1,000 into qualifying accounts, with those funds going into the stock market. The app can be accessed through the Google Play Store or the Apple App Store.

“This groundbreaking new app will make it easy for millions of Americans to sign up, contribute and watch their investments grow in value,” Treasury Secretary Scott Bessent said in a post to X.

Outside of the government’s initial deposit, yearly contributions are limited to $5,000 per child.

“The Trump Accounts app delivers a simple, secure way for households to begin engaging with a program designed to build long-term financial strength from day one,” Treasury Secretary Scott Bessent added.

Those who have already registered will receive email guidance from the Treasury Department on downloading the app. However, parents can still apply for their child if they have not.

“Parents, guardians, and other authorized individuals can elect to open an account at any time by submitting IRS Form 4547, Trump Account Election(s), including enrollment in the pilot program,” the department said in a press release.

“Treasury will not contact you by text message or phone call about Trump Account activation,” the department said. “If you receive a call or text about a Trump Account, do not respond, it is likely a scam.”

To be eligible, children must be US citizens born between January 1, 2025, and December 31, 2028. Until a child turns 18, a parent or guardian must oversee the account.

Many different parties may contribute to the funds, including parents, employers, and charitable organizations. Described as a “rainy day fund,” kids can use it when they reach adulthood. Withdrawals before age 18 are generally prohibited, with narrow exceptions.