The ability of the cosmic‐ray neutron albedo mechanism to account for geomagnetically trapped electrons is investigated quantitatively. Injection as a function of energy, pitch angle, and altitude is computed from a reasonable neutron albedo model. Loss mechanisms (slowing down and pitch‐angle diffusion) based on Coulomb interactions with the residual atmosphere are considered to act both independently and simultaneously. It is found that slowing down is generally dominant. The resulting electron belt has the following features: (a) an intensity whose energy spectrum shows a peak at ∼200 kev; (b) an angular distribution that is approximately ‘isotropic’ up to the loss cone; and (c) an omnidirectional, integral intensity in the geomagnetic equatorial plane that is approximately constant vs. altitude. The absolute intensities depend directly on the atmospheric model used in the calculation; namely, rv−2.7, where atmospheric density is taken as ρ0r−v. These results agree only poorly with spectrometer observations which show an energy spectrum with a peak at a much lower energy. However, the quantitative agreement as to intensity is good at energies ≳400 kev. It is concluded that only a small fraction of the trapped electrons can be accounted for in terms of neutron albedo, essentially all trapped electrons >400 kev. An ‘auroral’ component of low‐energy electrons is also present. The energy of this low‐energy component probably derives from local acceleration, and ultimately from the sun. The effect of the Capetown magnetic anomaly is investigated and shown to produce a ‘slot’ of only 2 per cent in the equatorial plane in the vicinity of 2.7 earth radii.