The Treasury Department has designated Bank of New York Mellon, or BNY, as the financial agent for the initial Trump Accounts ahead of the program’s launch in July.
Treasury said Monday that BNY will manage the first accounts and help develop a new Trump Accounts app. Robinhood will serve as brokerage and initial trustee for the program, while the National Design Studio, an agency of the White House, will assist with the user interface.
Treasury said it will keep full control over the app and the operation of 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 department said in a statement.
The Trump Accounts program was created under the GOP-backed “One Big Beautiful Bill.” The accounts are tax-advantaged savings and investment accounts for children. They are also known as Invest America or 530A accounts.
Under the program, the federal government will make a one-time $1,000 deposit for eligible children born between Jan. 1, 2025, and Dec. 31, 2028. Parents, guardians, and family members will also be able to contribute up to $5,000 a year starting in July.
The accounts must be invested in an index fund that tracks the broader U.S. stock market. The money will grow as children get older, and account holders will be able to withdraw funds at age 18.
Treasury said the goal is to make the accounts easy for families to access and manage.
“Together, these partners will support Treasury’s goal of ensuring every eligible child can access a Trump Account quickly and easily,” the department said.
The program is available to American children under 18 who have a Social Security number, according to the information released. Treasury estimates that about 25 million families could qualify.
Robinhood CEO Vlad Tenev said the company is prepared to help launch the platform.
“Robinhood is ready. Our mission has always been to democratize finance for all,” Tenev wrote on X.
In a separate post, he added, “A multi-generational wealth platform has to do more than hold assets. It has to help families coordinate.”
BNY CEO Robin Vince said the effort could help expand long-term investing and financial security.
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,” Vince said.
BNY was also one of the first major financial institutions to back the program publicly. The company announced in December 2025 that it would match the government’s initial $1,000 deposit for employees’ children.
According to the Washington Examiner, parents of more than 4 million children have already claimed Trump Accounts. As of March 25, 983,784 children had qualified for the $1,000 government bonus.
The accounts are meant to help young Americans build savings they can later use for major life expenses, including education, buying a home, or starting a business.