Bank of NY, Robinhood Named to Administer Trump Accounts

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Financial services firm Bank of New York Mellon Corp. and investment platform Robinhood have been selected by the Treasury Department to help administer so-called Trump accounts, a new type of savings vehicle created by the 2025 GOP tax law and geared toward children. Bank of New York Mellon will manage the initial accounts and develop a Trump Accounts app, while Robinhood will serve as the brokerage and initial trustee.

Why it matters

The Trump accounts are part of a broader push by the federal government to encourage long-term savings and investment, especially among younger Americans. The partnership between established financial firms and a popular investment app aims to make these accounts accessible and user-friendly for families.

The details

Under the arrangement, Bank of New York Mellon will oversee the initial Trump accounts and create a dedicated mobile app to provide families easy access to their accounts. Robinhood, known for its commission-free trading platform, will serve as the brokerage and initial trustee for the accounts. The Trump accounts have received contribution pledges from several prominent business leaders since being created by the 2025 GOP tax law.

• The Trump accounts were created by the 2025 GOP tax law.
• Bank of New York Mellon and Robinhood were named to administer the accounts on April 6, 2026.

What they’re saying

What’s next

The Treasury Department is expected to provide more details on the Trump accounts, including contribution limits and tax implications, in the coming weeks.