Trump Accounts at Schwab: Funds, Fees & How to Open

Yes, you are expected to be able to open a Trump Account at Charles Schwab. Schwab is anticipated to be an approved trustee for Trump Accounts under IRC Section 530A. As one of the largest brokerages in the country, Schwab already handles millions of IRAs and custodial accounts. Once the IRS publishes the final trustee list, Schwab is widely expected to be on it. You will still need to file IRS Form 4547 first to elect into the program before opening an account at any brokerage.

Can You Open a Trump Account at Schwab?

Schwab is expected to be one of the first brokerages to offer Trump Accounts. The firm already supports traditional IRAs, Roth IRAs, and custodial accounts for minors. Adding Trump Account support would be a natural extension of its existing infrastructure.

But here is the important part: you cannot just walk into Schwab and open a Trump Account. You need to file IRS Form 4547 with the IRS first. This is the Trump Account Election form. It tells the IRS that you want to create a Trump Account for your child.

There are three ways to file:

1. With your 2025 tax return — include IRS Form 4547 when you file by April 15, 2026.
2. Through trumpaccounts.gov — the online portal is expected to launch in mid-2026.
3. By mail — send IRS Form 4547 directly to the IRS.

Once the IRS processes your election, you can then select Schwab (or any approved trustee) to hold the account and choose your fund. For the full walkthrough, see How to Open a Trump Account (2026).

Schwab's Eligible Trump Account Funds

Trump Accounts must be invested in mutual funds or ETFs that track the S&P 500 or a broad U.S. equity index. Expense ratios must be at or below 0.1%. Schwab offers two standout options:

Both funds are well below the 0.1% expense ratio cap. SWPPX is the cheaper option and tracks the S&P 500 specifically. SWTSX gives you broader exposure to the entire U.S. stock market, including small and mid-cap companies, for just 0.01% more.

For a deeper look at eligible funds, see Trump Account Index Fund Requirements.

How to Open a Trump Account at Schwab

Here is the step-by-step process:

1. Get your child's SSN. Your child must be a U.S. citizen with a valid Social Security Number.
2. File IRS Form 4547. Include it with your 2025 tax return or submit it through trumpaccounts.gov when the portal launches.
3. Wait for IRS confirmation. The IRS will process your election and activate the Trump Account.
4. Select Schwab as your trustee. Once your account is active, designate Charles Schwab as your custodian.
5. Choose your fund. Pick SWPPX (0.02%) or SWTSX (0.03%) — or both, depending on your preference.
6. Make your first contribution. You can contribute up to $5,000 per year. If your child was born between 2025 and 2028, the $1,000 federal pilot deposit will also be deposited into the account.

You can do this entirely online, by phone, or by visiting a Schwab branch in person. For the complete guide, see How to Open a Trump Account (2026).

Schwab Trump Account Fees

Schwab is known for low fees. Here is what to expect:

• Account maintenance fee: $0. Schwab does not charge annual fees on brokerage or IRA accounts.
• Trading commissions: $0. Schwab offers commission-free trading on stocks, ETFs, and Schwab mutual funds.
• Fund expense ratio: 0.02% for SWPPX, 0.03% for SWTSX. This is the only ongoing cost.
• Account minimums: $0. Schwab has no minimum balance requirement to open an account.

On a $10,000 balance, SWPPX costs just $2 per year. On $50,000, it costs $10 per year. That is about as cheap as investing gets. For a full breakdown of how fees affect long-term growth, see Trump Account Fees and Expense Ratios.

Schwab vs Fidelity vs Vanguard for Trump Accounts

All three major brokerages are expected to offer Trump Accounts. Here is how their lowest-cost eligible funds compare:

The expense ratio differences between these three brokerages are tiny — fractions of a penny per dollar per year. All three are excellent choices. The real differentiators are service, features, and convenience.

For a detailed ETF-level comparison, see Best S&P 500 ETFs for Trump Accounts.

Why Schwab for a Trump Account?

Here is why many parents will choose Schwab:

• Physical branches. Schwab has hundreds of branch locations across the U.S. If you prefer face-to-face help, this is a major advantage. Vanguard has no branches. Fidelity has some, but fewer than Schwab.
• Strong customer service. Schwab consistently ranks high in customer satisfaction surveys. You can call, chat, or walk into a branch.
• No account minimums. You can open an account with $0. No minimum balance required.
• Ultra-low fund costs. SWPPX at 0.02% is tied for the lowest S&P 500 fund expense ratio among major brokerages.
• All-in-one platform. If you already have a Schwab checking account, brokerage account, or IRA, managing your child's Trump Account in the same place is convenient.
• Commission-free trading. No fees to buy or sell Schwab mutual funds or any ETFs.

The Bottom Line

Charles Schwab is expected to be an excellent choice for a Trump Account. With SWPPX at 0.02%, no account fees, no minimums, and physical branches for in-person support, it checks every box. The process starts with filing IRS Form 4547 — not with calling Schwab. Once the IRS activates your child's account, you can then designate Schwab as your trustee and start investing.

Your child's Trump Account grows from birth through age 18, then converts to a traditional IRA. Schwab's low costs help maximize every dollar of that growth.

To compare all eligible funds and their costs, visit our fee breakdown or S&P 500 ETF comparison.