President Donald Trump onstage at the Treasury Department’s Trump Accounts Summit, in Washington, Jan. 28, 2026.
Kevin Lamarque | Reuters
The U.S. Department of the Treasury said Monday that Bank of New York Mellon will be the designated financial agent for Trump accounts.
BNY will officially manage the initial accounts and has partnered with Robinhood to develop a yet-to-be-released Trump accounts app, according to an announcement on CNBC’s “Squawk on the Street.”
Launching on July 4, the tax-deferred investing accounts for children include a one-time $1,000 deposit from the Treasury for kids born between 2025 and 2028.
BNY, along with several other large employers, previously pledged to match the Treasury’s $1,000 seed money for children of U.S. employees.
“We are honored to be selected as financial agent for Trump Accounts,” Robin Vince, BNY’s CEO, said in a statement about the announcement.
“In collaboration with Robinhood, a leading financial technology platform committed to democratizing the markets for investors, we are helping to expand access to financial opportunity for all Americans,” he said.
In a statement, Vlad Tenev, chairman and CEO of Robinhood Markets, said the company is “proud to power Trump Accounts with Robinhood’s technology, and to work alongside a historic and trusted institution like BNY.”
“Our task is clear: to provide the next generation of Americans with a world-class, intuitive platform to jumpstart their financial future,” Tenev said.
As of March 31, taxpayers had signed up more than 4 million children for Trump accounts, and more than 1 million were eligible for the Treasury’s $1,000 pilot program contribution, according to the IRS.
“The IRS has been working closely with the Treasury Department to make the election process as simple and easy as possible by permitting taxpayers to fill out a one-page form when they file their tax return,” IRS CEO Frank Bisignano said in a statement.
Parents or guardians can enroll in Trump accounts and receive the $1,000 Treasury funds by filing IRS Form 4547 with their 2025 tax returns or via TrumpAccounts.gov. The “authentication process” is expected to come in May, and the seed money will arrive on July 4.
Parents, guardians, friends and others can contribute up to $5,000 annually in after-tax dollars to Trump accounts.
As part of the $5,000 limit, companies can deposit up to $2,500 pretax yearly for kids of employees. The limit is indexed for inflation after 2027. Philanthropists in multiple states have also committed to seed the accounts of certain qualifying families.
“It’s good to see BNY and Robinhood being named, it gives us more clarity,” Madeline Brown, senior policy associate at the Urban Institute, a Washington-based think tank, said of Monday’s announcement.
However, “there are certainly still questions that remain about what the interface and product will look like for account holders … and how financial planning and coaching may be integrated,” Brown said. “Given that at least some participants will be new to long-term savings there is this need for advisor-type guidance.”
