Since the accounts opened on July 4, 7 million children have been signed up, but many more are still eligible.
Trump Accounts are tax-advantaged investment accounts sponsored by the federal government.
To sign up, you have to be a U.S. citizen, under 18-years-old, and have a valid Social Security number.
If your child was born sometime between 2025 and 2028, the Treasury Department will put a $1,000 deposit into your Trump Account, but you have to sign up.
"People need to know that. You have to sign up for it proactively. It's not automatic," said Chuck Minnich of Foundation Capital Management, Inc.
To open a Trump Account, you have to file IRS form 4547.
You can fill out and submit that form in the Trump Account app, when your file your taxes, or through the secure IRS website.
Financial experts say if you have a child born between 2025 to 2028, you should enroll to get that $1,000 in free seed money. It could easily grow to $3,000 or $4,000 by the time your child is over 18.
However, if you are not in that category, it's possible a Trump Account might not be the best financial move.
Minnich says other investment vehicles might be better.
"529 plans are still a better vehicle if the money is specifically for education," he said.
Contributions to Trump Accounts are limited to $5,000 per year, but families can contribute $19,000 a year to 529 plans.
"Parents retain control of the 529 account. That's not the case with the Trump accounts," said Minnich.
With Trump Accounts, the young adult gains full control at the age of 18, but if a 529 has unused funds, parents can transfer money to a sibling or a future grandchild, or convert the funds into a Roth IRA for the benefit of the child.
"The biggest difference is if you withdraw money for education in a 529 plan, the earnings are tax free. In the Trump accounts, they're taxable," Minnich said.
Also, in Pennsylvania, there's a state tax deduction for 529 contributions, and 529 accounts provide more investment choices compared to Trump Accounts.
Be aware that Trump Account funds cannot be withdrawn prior to age 18. At 18, penalty-free withdrawals can be made for certain expenses like higher education, job training, or the purchase of a first home.
"If parents haven't adequately funded their own retirement, they should prioritize that before making further contributions into a Trump account," said Minnich.