The U.S. Department of the Treasury announced on Apr. 6 that it has designated The Bank of New York Mellon Corporation (NYSE: BK) as the U.S. government's financial agent to help implement the new Trump Accounts program .
BNY has partnered with Robinhood (Nasdaq: HOOD) ,which will serve as a brokerage and initial trustee for Trump Accounts.
Related: Largest U.S. crypto exchange announces support for Trump Accounts
Understanding Trump Accounts
The Trump accounts program is part of the Working Families Tax Cuts (Section 70204) provision of the One Big Beautiful Bill Act (OBBBA) that President Donald Trump signed into law on July 4 last year.
The account features a pilot program contribution of $1,000 from the U.S. Treasury for children who are born between Jan. 1, 2025, and Dec. 31, 2028, are U.S. citizens, and hold a valid Social Security number.
An American child under the age of 18 holding a valid Social Security number is eligible for the account.
While the funds in the accounts can be invested in certain mutual funds or exchange-traded funds that track a U.S. stock index such as the S&P 500, no crypto investment is allowed.
One can't withdraw money from these accounts until the child turns 18. Once the account holder is an adult, the Trump account will be treated like a traditional individual retirement account (IRA) with similar tax rules.
Trump Accounts launches on July 4, 2026.
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How BNY Mellon, Robinhood will help run Trump Accounts
Treasury said both BNY Mellon and Robinhood will support the administration's goal of ensuring every eligible child can access a Trump Account quickly and easily.
BNY will manage the initial accounts and help develop the new Trump Accounts app, a custom, white-label product designed exclusively for Treasury.
The National Design Studio, in conjunction with Robinhood, will take care of the app's user interface and user experience.
Robinhood, the e-trading platform popular for its crypto and tokenized stock offerings, had last year committed to contributing $1,000 each to Trump Accounts for eligible children of its employees.
Related: Popular crypto exchange joins growing list of Trump Accounts sponsors
This story was originally published by TheStreet on Apr 6, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
