Michael Dell donates over $6 billion to ‘Trump accounts’ for kids: Here’s who’s eligible to claim $250 per child

Michael Dell and his wife Susan have announced a donation of $6.25 billion to the so-called "Trump accounts" program, which provides $1,000 of "free money" from the federal government to children in the US born between 2025 and 2028. The Dells' contribution will allocate about $250 per child to 25 million children, and the accounts will serve as long-term savings vehicles. The program is part of President Donald Trump's One Big Beautiful Bill Act, which was signed into law last summer. The accounts will be managed and activated through the US Treasury, and parents will be able to contribute to them starting in July 2026. The contributions will be invested in stock market mutual or index funds, and parents and community members can collectively contribute up to $5,000 per year to an Invest America account. There is no cap or limit for philanthropists, charitable organizations, or state or local government contributions. Children with these accounts can use a portion of the savings for education, job training, starting a business, or buying a first home starting at age 18. The accounts automatically convert into traditional IRAs at age 18, allowing any unused funds to continue to grow. The Dell Foundation will also provide a separate $250 contribution to children born between 2016 and 2024 in zip codes with median household incomes below $150,000 per year. More information about the "Trump accounts" can be found on the website for investment firm Charles Schwab, although it is currently unclear who will open the accounts or where they will be held.