The World Is Watching: What Comes Next for 530A Accounts (“Trump Accounts”)

Although we’re just a few weeks into tax season, early reporting shows a surprising trend: 530A Accounts (aka Trump Accounts) are gaining more traction than many anticipated. According to U.S. Treasury Secretary Scott Bessent, more than one million families have already signed their children up for these early wealth building accounts. In the world of opt-in investment accounts, this is a promising  take-up rate. 

And that reporting was before Invest America’s ad aired during the Super Bowl. Tens of millions watched the 30-second spot, which promoted 530As as a powerful tool for achieving the American Dream.

This early enrollment data has surprised many in the investment and retirement industry—present company included. One helpful comparison is Maine’s My Alfond Grant program, which provides $500 in a 529 to all babies in Maine. The program launched on an opt-in basis, reaching a participation rate of 40 percent after four years. Another comparison: according to Vanguard’s How America Saves, opt-in retirement savings plans see a 64 percent participation rate. Just by straightlining the current uptake rate of 530As, they’re on track to reach a 40 percent participation rate (Maine’s watermark) in just two years and a 64 percent participation (the 401(k) opt-in baseline) in 3.5 years. A crude, but surprising, growth trajectory.

When 530As were first introduced, few would have predicted this level of uptake. It’s early days for 530As, and we would expect to see spikes and dips in the account claiming pattern. (Super Bowl football spike, perhaps?) And time will tell who is signing up for these accounts so early—because lower income families tend to file earlier, it could be that many of the accounts claimed have been opened for children whose families need the accounts most. But even if households with low income are signing up for accounts, that doesn’t mean that the need for automatic enrollment in 530As is suddenly obsolete. It means the way we design the enrollment process should reflect how people actually make decisions, not how we assume they do.

We got an early hint of this insight from the UK. Last November, we met with a small group of practitioners who led the country’s early wealth-building experiment, Child Trust Funds, to learn from their experience designing and operating a national program at scale. Like 530As, Child Trust Funds were available to every child born between 2002 and 2011 and were seeded at birth with at least £250, plus an additional £250 for children from low-income households. Families could open accounts with one of roughly 25 approved financial providers—and many did. 

By one provider’s count, 76 percent of families proactively opened accounts, a success they also attributed, in part, to “the power of advertising.” Financial services firms’ marketing dollars played a critical role in driving awareness and participation.

In advertising terms, it doesn’t get much bigger than the Super Bowl. The early trajectory of 530As suggests they may be benefiting from a similar surge in visibility. But at least for now, 530As lack one critical feature the UK program included: an automatic enrollment backstop. In the UK, families were encouraged to open accounts themselves, but if they didn’t act, the government stepped in within a year to open one on the child’s behalf. 

That’s one of many ways to ensure 530As are universally adopted—a core goal we’ve held at Aspen FSP from the start and have written about extensively (see: Aspen FSP senior policy advisor Ray Boshara’s most recent op-ed in The Hill). But there is another corner to see around. If and when 530As achieve universal adoption, the challenge shifts to sustainability. On this point, our UK counterparts were unequivocal. In our view, sustained engagement requires several things: 

First, continued contributions. A $1,000 seed deposit at birth for babies in the pilot program is a strong start. But it is additional, ongoing contributions—from families, employers, communities, and governments—that will allow these accounts to grow to meaningful sums, especially for those who need it most. Here again, UK leaders expressed envy of the U.S. opportunity: 530As are statutorily designed to accept multiple contribution sources and, culturally, American families–especially grandparents—are far more comfortable talking about money and making intergenerational transfers.

Second, sustained engagement requires thoughtful design. These accounts must engage people across a lifetime. User experience matters, as does integration into the rest of a family’s financial life. Transfers and contributions must be easy, intuitive, and seamless. The U.S. appears to be off to a promising start. The newly created National Design Studio has made 530As a top priority, and the look and feel of trumpaccounts.gov may signal what’s possible once accounts are opened later in 2026—potentially through high-quality mobile tools that encourage ongoing engagement. This vision has already inspired my colleagues Jason Ewas and Karen Andres to draft an Open Banker op-ed envisioning a fintech ecosystem for 530As (something that hasn’t been possible for any previous early wealth-building program). 

Finally, sustained engagement requires political durability. The UK experience is a cautionary tale, proving that even programs with strong uptake can disappear when political priorities shift. When austerity took hold in 2011, Child Trust Funds were eliminated. Without a concerted, bipartisan effort spanning policymakers, philanthropy, the private sector, advocacy groups, and others, 530As risk becoming what critics fear: another tax-advantaged savings vehicle primarily benefiting the wealthy.

We will continue to be clear-eyed and data-informed in our assessment of the policy and approach to the work ahead. But we will also continue pushing for 530As to fulfill the promise made in that Super Bowl commercial: that every child starts life with a meaningful asset—and a fair shot at the American Dream.