The Treasury Department has named The Bank of New York Mellon as a financial agent of the U.S. government to help launch the new Trump Accounts program, officials announced on Monday.
The Trump administration is promoting the accounts as tax-advantaged investments for children and urging families to enroll during tax season as major companies and celebrities pledge matching funds. Known as Trump Accounts, the program deposits $1,000 from the Treasury into accounts for every U.S. citizen born between January 1, 2025, and December 31, 2028.
The money is invested in American companies and tracks the broader stock market. It cannot be withdrawn until the child turns 18, and the account offers tax benefits similar to those of a traditional IRA.
Accounts are set to launch on July 5, 2026.
Families enroll by filing IRS Form 4547 with their taxes; a sign-up sheet will be posted on the Treasury website in May. No contributions are required from families, though they may add up to $5,000 a year, and employers may contribute up to $2,500 per worker annually. The child owns the account, with parents acting as custodians until age 18.
Under the financial-agent designation, BNY will oversee the first round of accounts and assist in building a secure mobile app that lets families view balances and manage funds with ease. The bank has teamed with Robinhood, which will serve as the brokerage and initial trustee, to meet the department’s aim of providing every eligible child with fast, simple access.
The app is being built as a custom, Treasury-exclusive platform. The National Design Studio is working with Robinhood on a straightforward interface to help families navigate their accounts with confidence. Treasury will keep full oversight of the app and the early accounts.
The move relies on longstanding federal authority that allows the Treasury to appoint qualified institutions to handle government financial services in a fiduciary capacity. The department applies tight controls, performance benchmarks, and security measures to protect public money and serve taxpayer interests.