President Donald Trump stands on stage at the Treasury Department’s Trump Account Summit in Washington, Jan. 28, 2026.
Kevin Lamarque | Reuters
The US Treasury announced this on Monday. new york mellon bank will be the designated financial agent for the Trump account.
BNY will officially manage the initial account and work with the following partners: robin hood According to an announcement on CNBC’s “Squawk on the Street,” Trump plans to develop a yet-to-be-released Trump Account app.
Tax-deferred investment accounts for children that open on July 4 will receive a one-time $1,000 deposit from the Treasury Department for children born between 2025 and 2028.
BNY, like several other large employers, previously pledged aid to the children of U.S. employees, matching $1,000 in Treasury seed money.
“We are honored to be selected as the financial representative for the Trump account,” BNY CEO Robin Vince said in a statement regarding the announcement.
“Together with Robinhood, a leading financial technology platform committed to democratizing markets for investors, we are helping expand access to financial opportunity for all Americans,” he said.
Vlad Tenev, chairman and CEO of Robinhood Markets, said in a statement that the company is “proud to power the Trump account with Robinhood technology and to work with a historic and trusted institution like BNY.”
“Our mission is clear: to provide the next generation of Americans with a world-class, intuitive platform to revitalize their economic future,” Tenev said.
As of March 31, taxpayers had enrolled more than 4 million children in Trump’s accounts, and more than 1 million were eligible for $1,000 contributions to the Treasury Department’s testing program, according to the IRS.
“The IRS is working closely with the Treasury Department to make the election process as simple and easy as possible by allowing taxpayers to fill out a one-page form when filing their tax returns,” IRS CEO Frank Bisignano said in a statement.
Parents or guardians can file IRS Form 4547 with their 2025 tax return or sign up for a Trump account via TrumpAccounts.gov to receive $1,000 in Treasury funds. The “certification process” is expected to take place in May, and the seed money is expected to arrive on July 4th.
Parents, guardians, friends and others can contribute up to $5,000 a year after taxes to Trump’s account.
As part of the $5,000 limit, businesses can deposit up to $2,500 annually before taxes for an employee’s child. This limit will be indexed for inflation starting in 2027. Philanthropists in several states have also pledged to seed the accounts of certain eligible families.
“It’s good to see BNY and Robinhood mentioned. It brings more clarity,” Madeline Brown, a senior policy associate at the Urban Institute, a Washington-based think tank, said of Monday’s announcement.
But “there are certainly still questions about what the interface and product will look like for account holders and how financial planning and coaching will be integrated,” Brown said. “Given that at least some participants are new to long-term savings, advisor-type guidance is needed.”
