Trump Accounts Launched on Wall Street

BNY Mellon and Robinhood selected to manage new government-backed savings program for children

Apr. 6, 2026 at 9:49pm

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An extreme close-up of the complex inner workings of a banking machine, its gears and mechanisms rendered in high detail, conceptually representing the secure infrastructure behind the new government-backed Trump Accounts savings program.The intricate machinery of the new Trump Accounts program, designed to provide families a secure platform to build savings for their children's futures.NYC Today

At least two major Wall Street firms, Bank of New York Mellon and Robinhood Markets, have secured contracts to begin setting up and managing Trump Accounts, a new type of government-backed savings account created by Congress last year to help families build wealth for their children. The accounts will provide a one-time $1,000 credit from the federal government for children born between 2025-2028, with additional incentives for low-income households.

Why it matters

The Trump Accounts program is designed to give families, especially those with lower incomes, a head start on saving for their children's futures through investments and compound growth. As major financial institutions compete for a role in the program, it highlights the potential impact these accounts could have in addressing wealth inequality and providing more Americans access to financial tools typically reserved for the affluent.

The details

Under the contract, BNY Mellon will manage the accounts and create a new Trump Accounts app, while Robinhood will be responsible for brokering the accounts and developing the user interface. The Treasury Department will maintain oversight of how the accounts operate. Parents can open a Trump Account for their child and contribute up to $5,000 per year until the child turns 18, at which point the account can be treated like a traditional IRA. Children in low-income households may also receive an additional $250 credit from the Dell family.

  • The Trump Accounts program was initially approved in President Donald Trump's tax package last summer.
  • The accounts are expected to become available as soon as this summer (2026).

The players

Bank of New York Mellon

A major Wall Street firm that has been selected as the initial developer of Trump Accounts, responsible for managing the accounts and creating the new app.

Robinhood Markets

A financial services company that will work closely with BNY Mellon to manage the Trump Accounts, responsible for brokering the accounts and creating the user interface.

Vlad Tenev

The chairman and chief executive of Robinhood, who stated the company's goal is to provide the next generation with a platform to jump-start their financial future.

Blake Moore

A Utah congressman who had an early hand in the development of the Trump Accounts program.

Michael and Susan Dell

A philanthropic couple who will provide an additional $250 credit to children under 10 living in low-income households to be added to their Trump Accounts.

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What they’re saying

“Our task is clear: to provide the next generation of Americans with a world-class, intuitive platform to jump-start their financial future.”

— Vlad Tenev, Chairman and Chief Executive, Robinhood

What’s next

The Trump Accounts are expected to become available to families as soon as this summer (2026), allowing parents to begin opening accounts and contributing to their children's savings.

The takeaway

The launch of the Trump Accounts program highlights the government's efforts to help address wealth inequality and provide more Americans, especially those from lower-income backgrounds, with access to financial tools and savings opportunities typically reserved for the affluent. As major Wall Street firms compete for a role in managing these accounts, it underscores the potential impact these savings vehicles could have in empowering the next generation.