Treasury Secretary Scott Bessent said Sunday that there will be no restrictions on how children can use their "Trump accounts," once they turn 18, and that it will act as a sort of trust fund or Individual Retirement Account people can invest in.

The "Trump accounts" were established under the One Big Beautiful Bill Act earlier this year. The pilot program will begin next year and allows parents, guardians and family members to invest up to $5,000 a year starting in July. 

The Treasury Department will also make a one-time deposit of $1,000 to accounts for American children born between Jan. 1, 2025, and Dec. 31, 2028. The money can only be withdrawn once the person is 18-years-old.

“So, in essence, it is a trust fund," Bessent told CBS News' Margaret Brennan. "It is a piece of the American economy for every child, and they will be able to take it out when they’re 18, or they can convert it to a more IRA-type program and keep it for their retirement."

The accounts will also be invested in the U.S. stock market as children grow up and the recipients will be taught how to manage and invest the money on their own.

"[President Trump] is bringing a new generation of investors into the economy through Trump Accounts, which harness the compounding power of the American stock market," Bessent said on X. "These accounts are paired with financial literacy so kids grow up understanding how to build, manage, and benefit from their own investments."

The comments come the same week that Dell CEO Michael Dell and his wife, Susan, said they would commit $6.2 billion in funds to the administration's "Trump accounts" to help give 25 million American children a financial head start.

The Dells' investments will go to children 10 years old and younger who do not qualify for the Treasury Department's $1,000 deposit, and will amount to $250 per child. The funds will also only go to children within zip codes where the median household is under $150,000.

Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.