By Ginika Igboke
The U.S. Department of the Treasury has designated The Bank of New York Mellon Corp. (BNY) as a key financial agent to support the rollout of the new “Trump Accounts” program, an initiative aimed at expanding access to savings and investment opportunities for American families.
Under the arrangement, BNY will oversee the management of initial accounts and collaborate with the Treasury Department to develop a dedicated mobile application. The app will serve as a secure, user-friendly platform, enabling families to easily access and manage accounts established for eligible children.
The brokerage firm Robinhood will also play a central role in the program, acting as both a brokerage service provider and the initial trustee for the accounts. In addition, the National Design Studio—an agency within the White House—will assist in crafting the app’s user interface, ensuring accessibility and ease of use. Despite these partnerships, the Treasury Department will retain full control over both the platform and account operations during the program’s initial phase.
In a statement, the Treasury emphasized that the collaboration is intended to streamline account management and improve financial accessibility for families across the country.
Robinhood CEO Vlad Tenev signaled strong support for the initiative, noting that the company’s long-standing mission has been to expand financial access. He added that modern financial platforms must go beyond simply holding assets, instead helping families coordinate and transfer wealth across generations. Tenev also highlighted what he described as a significant opportunity tied to the ongoing “Great Wealth Transfer,” where new tools could make it easier for families to share and manage financial resources.
BNY CEO Robin Vince echoed those sentiments, stating that the program could help broaden participation in the U.S. economy, strengthen capital markets, and provide children with a foundation for long-term financial stability.
The bank had previously demonstrated its commitment to the initiative. In December 2025, BNY announced it would match the federal government’s initial $1,000 contribution for employees’ children under legislation backed by Republicans, known as the “One Big Beautiful Bill Act.” The institution was among the first major financial firms to publicly support the concept.
The accounts—also referred to as “Invest America” or 530A accounts—are structured as tax-advantaged savings and investment vehicles for children. The federal government will deposit $1,000 into each eligible account for children born between 2025 and 2028.
Eligibility extends to all American children under the age of 18 who have a Social Security number. Contributions to the accounts must be invested in stock market index funds, allowing the funds to grow over time under tax-deferred rules similar to those governing individual retirement accounts.
Once account holders reach the age of 18, they will be able to withdraw funds for approved purposes such as higher education, purchasing a home, or starting a business.
Officials estimate that approximately 25 million families across the United States could qualify for the program, making it one of the most expansive child-focused investment initiatives in recent years.
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