Dell Foundation to Distribute $250 Gift Cards to Eligible Trump Account Holders Starting This Week
Quick Look
- The Dell Foundation will begin distributing $250 gift cards to eligible Trump Account holders starting this week, with initial deposits going to children in Texas.
- The grant is part of a $6.25 billion commitment by Michael and Susan Dell to support lower-income families through the Trump Accounts program, which provides savings accounts for U.S. children under 18.
- Over 7 million children have enrolled so far.
AI-generated summary
Why It Matters
Trump Accounts, also known as 530A accounts, are savings accounts open to any U.S. child under 18 with a Social Security number. Children born from 2025 through 2028 can receive a one-time $1,000 deposit from the U.S. Treasury as part of a pilot program. The Dell Foundation's $6.25 billion commitment targets children born between 2016 and 2024 who do not qualify for federal seed money.
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Eligible Trump Account holders will begin receiving the $250 Dell gift this week, according to the Dell Foundation.
The Dell grant will be automatically deposited as soon as Monday, Aug. 31, a foundation spokesperson told CNBC. Parents or guardians can check eligibility for the grant through Invest America, a nonprofit advocacy group partnered with the Dells, and track account activity with the Trump Accounts app.
"I'm very proud to say that, as of this morning, the first funds are already moving to activated accounts for children here in the great state of Texas, with children across the country to follow soon," Michael Dell, the CEO of Dell Technologies, said Monday at an event in Austin with Sen. Ted Cruz, R-Texas.
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Trump Accounts, also known as 530A accounts, are open to any U.S. child under 18 with a Social Security number.
Children born from 2025 through 2028 can receive a one-time $1,000 deposit from the U.S. Department of the Treasury as part of a pilot program designed to jump-start long-term savings.
Michael Dell and his wife, Susan, committed $6.25 billion to provide additional funds for children born between 2016 and 2024 who don't qualify for the federal seed money.
The Dell grant is aimed toward lower-income children. To be eligible, families must live in ZIP codes where the median income is $150,000 or less.
The couple's donation is the largest ever devoted to U.S. kids, according to Invest America.
"What the research shows us, pretty clearly, is that when a kid has even a small account in their name, they start to see themselves differently, and that shows up in graduation rates, in homeownership, in the businesses they start," Dell previously told CNBC in an emailed statement.
"That's not just a financial outcome — it's a mindset shift," Dell said. "And when you think about every kid growing up with that sense of ownership in the American economy, the compounding effect on this country over 10, 20, 30 years is tremendous and what excites Susan and me the most."
The commitment could fund investment accounts for some 25 million American children, according to the Dell Foundation.
So far, about 7 million children have been signed up for Trump Accounts, according to latest figures from the Treasury Department.
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Open Questions
- How will the $250 Dell gift cards be distributed to eligible families?
- What specific criteria determine eligibility beyond ZIP code median income?
- How will the long-term impact of these accounts be measured?
