A new federal investment program backed by President Donald Trump is launching this week, creating tax-advantaged accounts for children and providing a $1,000 government-funded deposit for eligible newborns as part of an effort to encourage long-term saving and investing.

The accounts, known as Trump Accounts, were established under the sweeping tax and spending law signed by Trump and are available Saturday. Administration officials have described the program as a way to help families build wealth over time by giving children an early start in the financial markets.

Under the program, children younger than 18 who have a Social Security number are eligible to have an account opened in their name by a parent or legal guardian.

However, only children born between Jan. 1, 2025, and Dec. 31, 2028, qualify for the one-time $1,000 federal contribution during the program's initial pilot period.

The accounts are invested in broadly diversified stock index funds designed to track the overall U.S. market rather than individual companies.

Lawmakers who crafted the program said the investment restrictions are intended to keep costs low while allowing savings to grow over time.

Parents, relatives, employers, and other approved contributors may add money to the accounts each year, subject to annual contribution limits established by law.

The funds generally must remain in the account until the beneficiary reaches adulthood, when withdrawals may be made under rules set by the federal government.

Initially, the Treasury Department will oversee the accounts before families have the option of transferring them to participating financial institutions.