BNY Mellon tapped as financial agent for Trump Accounts, partners with Robinhood on youth investing program
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The Treasury-backed initiative will give eligible American children $1,000 to invest, with a July 4 launch timed to the nation's 250th birthday Share BNY Mellon has been designated by the US Department of the Treasury as the financial agent for the Trump Accounts program, a government-backed initiative that will seed investment accounts for American children with $1,000 each. The bank will partner with Robinhood to build the brokerage infrastructure and deliver the accounts through a consumer-facing app. The program is scheduled to go live on July 4, 2026, a date chosen to coincide with the 250th anniversary of American independence. The Treasury will contribute $1,000 to each eligible child's account. Families and employers can then layer on additional contributions starting in July. The default investment vehicle is the State Street SPDR Portfolio S&P 500 ETF. The accounts are designed for participants under the age of 18, with a clear emphasis on long-term holding rather than active trading. BNY Mellon CEO Robin Vince announced the partnership, framing it as a vehicle for promoting financial education and investing in America. Robinhood CEO Vlad Tenev has also endorsed the program, with Robinhood reportedly planning to match the $1,000 Treasury contribution for eligible children of its own employees. More than 4 million children have already signed up ahead of the launch...
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