Treasury Selects BNY, Robinhood as Financial Agent for Trump Accounts Program

The U.S. Department of the Treasury has named The Bank of New York Mellon Corp. as a financial agent to assist the launch of the new Trump Accounts program, which will provide families easy access to bonus accounts for eligible children. 

BNY is tasked with managing initial accounts and partnering on the development of a Trump Accounts app, a custom, white-label product made for the Treasury Department. Robinhood will also act as a brokerage and initial trustee for the Trump Accounts.

The National Design Studio, an agency of the White House, will also help to design the user interface. The Treasury Department will have full control over the app and operation for the initial accounts. 

“Under this designation, BNY will manage the initial accounts and help develop the new Trump Accounts app — a secure, user-friendly platform that will enable families to easily access and manage their accounts,” the Treasury said in a statement on Monday. 

Robinhood CEO Vlad Tenev wrote on X: “Robinhood is ready. Our mission has always been to democratize finance for all.

“A multi-generational wealth platform has to do more than hold assets. It has to help families coordinate,” he added in a separate post. “The big opportunity in the Great Wealth Transfer is building products that make financial trust easier to share across generations.”

BNY CEO Robin Vince said the initiative “will help more Americans invest in our economy, strengthen U.S. capital markets, and give more children a foundation for long-term financial security.”

BNY announced in December 2025 that it would match the government’s initial $1,000 deposit into “Trump Accounts” for employees’ children under the GOP-backed One Big Beautiful Bill Act. It was one of the first major financial institutions to publicly support the new investment accounts for newborns. 

The accounts, which are also known as Invest America or 530A accounts, are savings and investment accounts for young children. The U.S. government will deposit $1,000 into the tax-advantaged savings accounts for eligible children born between 2025 and 2028.

The accounts are available to any American child under 18 with a Social Security number. Account contributions must be invested in an index fund that tracks the overall stock market. When the children turn 18, they can withdraw the funds to put toward their education, buy a home, or start a business.

The funds will be invested in stock index funds under tax-deferred rules akin to an individual retirement account. Roughly 25 million families are estimated to be eligible.

Jack Phillips contributed to this report.