Trump accounts official open, parents can sign up newborns when registering for Social Security Nos.

Trump accounts officially opened for contributions on Saturday, and the Social Security Administration said on Friday it was adding a process to allow newborns to enroll. 

The accounts were created as part of the tax and spending plan that President Trump signed into law last summer, the New York Times reported. Contributions to the accounts, which are invested in low-cost index funds, become I.R.A.s when children turn 18. 

Like individual retirement accounts, people and employers can deposit money into the accounts, which grow tax-free. The money can then be withdrawn for things like college, buying a home or retirement. Withdrawals for many other uses will incur a penalty. 

Parents of newborns will be able to sign them up when they register them for Social Security numbers. The Treasury Department will make a one-time $1,000 deposit to accounts for children who were born from Jan. 1, 2025, to Dec. 31, 2028, and who have Social Security numbers.