The U.S. Treasury has named BNY Mellon as the financial agent for the new child savings program called Trump Accounts, removing a key operational uncertainty just weeks before the initiative begins sending seed deposits on July 4. The move pairs BNY with fintech firm Robinhood to run account technology as the government and private partners roll out the program to millions of families.
Under the plan, the Treasury will make a one-time, $1,000 contribution to eligible children born between 2025 and 2028. Parents can enroll through their 2025 tax filings or at TrumpAccounts.gov, and the Internal Revenue Service says the system is being set up so the application can be completed on a single tax form.
How the program will operate
BNY Mellon will act as the designated financial agent while Robinhood supplies the consumer-facing platform. Treasury officials say the first round of seed deposits will be distributed on July 4, after an authentication step slated for May.
The IRS reported that, as of March 31, more than 4 million children had been registered for the accounts and over 1 million were eligible for the Treasury’s pilot $1,000 contribution. Treasury and IRS officials have emphasized streamlined enrollment through tax filing to speed delivery of the initial payments.
- Who is eligible: Children born in 2025–2028 for the one-time Treasury deposit.
- How to enroll: File Form 4547 with 2025 tax returns or sign up at TrumpAccounts.gov.
- Timing: Authentication expected in May; Treasury seed funds arrive July 4.
- Contribution limits: Individuals can add up to $5,000 per year in after‑tax dollars; employers may contribute up to $2,500 pretax annually for employee children.
- Indexing: The contribution limit will be adjusted for inflation beginning in 2028.
BNY’s chief executive described the selection as an honor and highlighted the bank’s collaboration with Robinhood to broaden access to investment opportunities. Robinhood’s leader said the company will supply the technology to help families open and manage accounts.
Taxpayers who want the Treasury seed payment must complete the election process when they file 2025 taxes or through the program website; the agencies say they aim to keep the paperwork minimal. IRS leadership framed the one-page election as part of efforts to make participation straightforward.
What this means for families and employers
The accounts are structured as tax-deferred savings vehicles meant to jump-start long-term financial planning for children, but they will also introduce many families to basic investing tools and payroll-linked savings options. Several large employers and some philanthropists have already pledged matching funds to supplement the Treasury contribution for qualifying children.
Policy experts caution that product design and user experience will matter. Madeline Brown, a senior policy associate at the Urban Institute, said naming a financial agent helps clarify operations but left open questions about the user interface and whether participants will have access to guidance or financial coaching.
Practical issues remain for employers considering payroll contributions, and for families unfamiliar with investment accounts who may need more help understanding fees, investment choices and long-term implications.
Treasury, BNY Mellon and Robinhood will oversee the technical and operational rollout in the coming weeks. The next concrete milestones are the May authentication step and the July 4 deposit date, which will largely determine the program’s early reception and whether it reaches the intended families on schedule.
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