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BNY Mellon and Robinhood Partner to Launch Trump Accounts App

Apr 06, 2026 14:49 UTC
HOOD, BNY
Short term

The U.S. Treasury has designated Bank of New York Mellon as the financial agent for Trump accounts, with a partnership with Robinhood to develop a new app for the initiative. The app is set to launch on July 4.

  • BNY Mellon is the designated financial agent for Trump accounts.
  • BNY has partnered with Robinhood to develop a Trump accounts app, set to launch on July 4.
  • The initiative includes a one-time $1,000 deposit from the Treasury for children born between 2025 and 2028.
  • Over 4 million children have been signed up for Trump accounts as of March 31.
  • Contributions to Trump accounts are limited to $5,000 annually, with companies able to contribute up to $2,500 pre-tax yearly for employee children.
  • The contribution limit will be indexed for inflation after 2027.

The U.S. Department of the Treasury announced that Bank of New York Mellon (BNY) has been selected as the designated financial agent to manage Trump accounts. In collaboration with Robinhood (HOOD), the two companies will develop a new Trump accounts app, which is scheduled to launch on July 4. The initiative, aimed at providing tax-deferred investing accounts for children, includes 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. Robinhood CEO Vlad Tenev expressed the company's commitment to the program during a March 6 Yahoo Finance interview, stating that Robinhood has supported Trump accounts 'from the very beginning.' As of March 31, more than 4 million children had been signed up for Trump accounts, with over 1 million eligible for the Treasury's $1,000 pilot program contribution. Parents or guardians can enroll in Trump accounts by filing IRS Form 4547 with their 2025 tax returns or through TrumpAccounts.gov. The authentication process is expected to begin in May, with the seed money arriving on July 4. Contributions to the accounts are capped at $5,000 annually in after-tax dollars, with companies allowed to deposit up to $2,500 pre-tax yearly for children of employees. The contribution limit will be indexed for inflation after 2027. Philanthropists in multiple states have also committed to seeding the accounts of certain qualifying families.

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