Robinhood, BNY to build Trump Accounts app
President Donald Trump on stage at the Treasury Department Trump Accounts Summit in Washington on January 28, 2026.
Kevin Lamarque | Reuters
The US Treasury Department said in a statement on Monday. Bank of New York Mellon He will be the designated financial representative for Trump accounts.
BNY will do officially manage first accounts and formed a partnership with robinhood According to the announcement made on CNBC’s “Squawk on the Street” program, a Trump accounts application that has not yet been released will be developed.
Tax-deferred investment accounts for children starting July 4 include a one-time $1,000 deposit from the Treasury for children born between 2025 and 2028.
BNY, along with many other large employers, precommitted It will match the Treasury’s $1,000 seed money for children of U.S. employees.
“We are honored to be chosen as Trump Accounts’ financial representative,” BNY CEO Robin Vince said in a statement regarding the announcement.
“By partnering 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, president and CEO of Robinhood Markets, said in a statement that the company is “proud to power Trump Accounts with Robinhood technology and work with such a historic and trusted institution as BNY.”
“Our mission is clear: to provide the next generation of Americans with a world-class, intuitive platform to jump-start their financial futures,” Tenev said. he said.
Taxpayers as of March 31 more than 4 million children More than 1 million people were eligible for the Treasury’s $1,000 pilot program contribution for Trump accounts, according to the IRS.
“The IRS is working closely with the Treasury Department to make the election process as simple and convenient as possible by allowing taxpayers to fill out a one-page form when filing their taxes,” IRS CEO Frank Bisignano said in a statement. he said.
Parents or guardians can sign up for Trump accounts and receive the $1,000 in Treasury funds by or by filing IRS Form 4547 with their 2025 tax returns. TrumpAccounts.gov. The “authentication process” is expected to arrive in May, and the seed money will arrive on July 4th.
Parents, guardians, friends and others can contribute up to $5,000 a year in after-tax dollars to Trump accounts.
As part of the $5,000 limit, companies can deposit up to $2,500 before taxes annual for employees’ children. Border indexed to inflation After 2027. Philanthropists in many states have committed to seeding accounts for specific families who meet the requirements.
“It’s nice to see BNY and Robinhood named, it gives us more clarity,” Madeline Brown, senior policy associate at the Urban Institute, a Washington-based think tank, said of Monday’s announcement.
But “there are still questions about what the interface and product will look like for account holders and how financial planning and coaching can be integrated,” Brown said. “Given that at least some participants will be new to long-term savings, advisor-type guidance is needed.”
