Robinhood, BNY to build Trump Accounts app

In this articleThe U.S. Department of the Treasury said Monday that Bank of New York Mellon will be the designated financial agent for Trump accounts.BNY will officially manage the initial accounts and has partnered with Robinhood to develop a yet-to-be-released Trump accounts app, according to an announcement on CNBC's "Squawk on the Street." Launching on July 4, the tax-deferred investing accounts for children include a one-time $1,000 deposit from the Treasury for kids born between 2025 and 2028.BNY, along with several other large employers, previously pledged to match the Treasury's $1,000 seed money for children of U.S. employees. "For more than two centuries, BNY has supported our nation's financial ecosystem and the people who power it, including our own employees. This initiative advances that mission in a meaningful way," Robin Vince, BNY's CEO said in a statement about the matching announcement. In a March 6 Yahoo Finance interview, Robinhood CEO Vlad Tenev said the company has supported Trump accounts "from the very beginning." "We have technology resources and people that can do whatever is necessary to make the program a success," he said. As of March 31, taxpayers had signed up for more than 4 million children for Trump accounts, and more than 1 million were eligible for the Treasury's $1,000 pilot program contribution, according to the IRS. "The IRS has been working closely with the Treasury Department to make the election process as simple and easy as possible by permitting taxpayers to fill out a one-page form when they file their tax return," IRS CEO Frank Bisignano said in a statement.Parents or guardians can enroll in Trump accounts and receive the $1,000 Treasury funds by filing IRS Form 4547 with their 2025 tax returns or via TrumpAccounts.gov. The "authentication process" is expected to come in May, and the seed money will arrive on July 4.Parents, guardians, friends and others can contribute up to $5,000 annually in after-tax dollars to Trump accounts. As part of the $5,000 limit, companies can deposit up to $2,500 pre-tax yearly for kids of employees. The limit is indexed for inflation after 2027. Philanthropists in multiple states have also committed to seed the accounts of certain qualifying families.Got a confidential news tip? We want to hear from you.Sign up for free newsletters and get more CNBC delivered to your inboxGet this delivered to your inbox, and more info about our products and services.© 2026 Versant Media, LLC.

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