- The US Treasury has named BNY Mellon as the financial agent and partnered with Robinhood as the brokerage and initial trustee for the new Trump Accounts program.
- A dedicated Trump Accounts app is being developed as a white-label product, which will provide a single platform for families to access and manage their children’s accounts.
- The Treasury will maintain control over the app and operations with strict monitoring and security controls under its long-term fiscal agent authority.
US Treasury Department announced today It has designated the Bank of New York Mellon Corporation (BNY) as the federal government’s financial agent to support the rollout of Trump Accounts – a new savings program aimed at building wealth for American children.
As part of the arrangement, Robinhood will serve as brokerage and initial trustee, putting the popular fintech platform at the center of one of the most ambitious government savings initiatives in recent memory.
Last week, the IRS announced that 4 million households have already opted to open a Trump account.
How does a partnership work?
This partnership connects one of the oldest financial institutions in the country with one of the newest. BNYwhich traces its roots to 1784 and manages more than $50 trillion in assets under custody, will handle the initial account infrastructure and help build the Trump Accounts app. Robinhood, the commission-free brokerage that rose to prominence during the meme-stock era, will manage the brokerage side and serve as the program’s first trustee.
The Trump Accounts app is being designed as a custom, white-label product built specifically for Treasury. National Design Studio is working closely with Robinhood to create what officials describe as an intuitive interface that will let families locate and manage their Trump accounts.
Treasury will retain full control over the app and day-to-day operations for the initial wave of accounts.
Treasury, Robinhood, and BNY
The power of the Treasury to nominate financial agents is not a new thing. The Department has long-standing statutory powers to appoint qualified financial institutions to perform services in a fiduciary capacity for the U.S. Government. These designations come with strict inspection requirements, performance standards, and security controls aimed at protecting public funds.
Robinhood’s selection as a brokerage partner is unexpected, he said. Company paid $26 million in 2025 settle finra fees Related to anti-money laundering and disclosure violations, and it faced intense public criticism during the GameStop trading restrictions in early 2021.
Robinhood has since expanded its product lineup and grown its customer base, but its selection as trustee for the government savings program marks a significant step in the company’s history.
In contrast, BNY’s role is more traditional. The firm regularly acts as custodian and agent for large-scale government and institutional programs. Its participation provides operational strength and institutional confidence to the initiative.
What does this mean for families
For families, the program is designed to remove common barriers to opening investment accounts for children. Instead of having to navigate multiple brokerages or compare fee structures, eligible families will have a single, government-backed platform to set up and monitor accounts.
Treasury officials have stressed that the goal is to make participation as frictionless as possible — especially for families who don’t have existing brokerage relationships.
More than 4 million Americans have already signed up for the program, of which more than 1 million have claimed their $1,000 seed fund baby bonus.
The Treasury has indicated that additional guidance will be provided closer to the app launch. It is clear that every eligible child is intended to have access to a Trump account, and the app is the primary channel through which families will interact with the program.
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