July 4 (UPI) — The Trump administration officially launched “Trump Accounts” on July 4, which have been set up for parents to save money for their children.

The accounts, which include $1,000 for each child who is born between Jan. 1, 2025, and Dec. 31, 2028 — President Donald Trump’s current term in office — can now be set up by parents after their authorization in last year’s “Big Beautiful Bill.”

The federal savings program is available for any child under 18, and can accept up to $5,000 in contributions per year, although the $1,000 seed funds for the accounts are only available to children born during Trump’s current term.

The Treasury Department said in a press release that more than 50 companies have committed to also contributing to accounts established for their employees’ children, regardless of their eligibility for the government contributed $1,000.

“Trump accounts are now live, giving every child a stake in the American Dream from day one,” Treasury Secretary Scott Bessent said in a statement on X.

“The Trump Accounts app is now updated with the full suite of account capabilities: you can start funding your child’s account, exploring financial education modules and more,” Bessent said.

The administration said that the accounts are aimed at “helping children start with a foothold in the American from birth or early childhood” with an investment account, which is part of a program that includes educational programs for both parents and children on how investment markets work.