What to know about the new Trump Accounts program.

A new federal savings program known as Trump Accounts is now available, giving families a tax-advantaged way to save for a child’s future.

Under the program, the U.S. Treasury will deposit $1,000 into an account for children born between Jan. 1, 2025, and Dec. 31, 2028. Parents and legal guardians can also open accounts for children under 18 and contribute up to $5,000 per year, subject to contribution rules.

The money grows until the child turns 18, when it can be used for qualified expenses such as higher education or a first home. In addition, some children who don’t qualify for the $1,000 government deposit may receive $250 through a donation from the Michael and Susan Dell Foundation, depending on household income and ZIP code.

Read Ittai Sopher’s full story at WFAA.com.