Trump accounts, a savings vehicle named after the US president and authorized by congressional Republicans, are set to go live on Saturday, offering American parents a new way to save money for their children by investing in funds managed by major Wall Street firms.

All accounts established for children born between January 2025 through December 2028 – nearly the entirety of Donald Trump’s second term – will receive $1,000 from the government. Parents, friends and employers will be able to deposit as much as $5,000 a year into the accounts.