The fintech reports hundreds of thousands of members initiating custodial IRA accounts for children, eligible for $1,000 Treasury seed funds.
Chime Financial CEO Christopher Britt said hundreds of thousands of its members are setting up Trump Accounts, a new custodial IRA for children under 18. The accounts, debuting July 4, allow investments in low-cost index funds and ETFs tracking broad US equity indexes like the S&P 500, with no withdrawals permitted before age 18.
Eligible US citizen children born between 2025 and 2028 receive a $1,000 seed contribution from the Treasury. Over 6 million Trump Accounts have been signed up nationwide, according to recent government data. Chime began offering enrollment during this year’s tax season as it expands into investing.
Chime plans to launch broader investment accounts, including individual stock and ETF trading and robo-advisory services, in the coming months. The move positions the fintech against competitors like Robinhood.