BNY and Robinhood will help the Treasury Department implement its Trump Accounts program, the agency said Monday.
BNY will manage the initial accounts and develop an app for families to manage funds, and Robinhood will serve as brokerage and initial trustee of the accounts.
Trump Accounts are tax-advantaged investment accounts set to launch in July to help parents save for their children’s futures, designated by the One, Big, Beautiful Bill.
BNY CEO Robin Vince said the bank, in partnership with Robinhood, is “helping to expand access to financial opportunity for all Americans.”
“BNY has been part of the fabric of the U.S. financial system since our country's founding and, through this landmark initiative, will help more Americans invest in our economy, strengthen U.S. capital markets and give more children a foundation for long-term financial security,” he said in a prepared statement emailed to Banking Dive Monday.
The accounts will have a $1,000 U.S. Treasury seed contribution for kids born between 2025 and 2028, and money will be invested in mutual funds or exchange-traded funds, the department said. Tens of millions of children will be eligible for an account.
The Trump Accounts app will be designed by the National Design Studio, an agency within the White House established by executive order and run by Airbnb co-founder Joe Gebbia.
“We are proud to power Trump Accounts with Robinhood’s technology, and to work alongside a historic and trusted institution like BNY,” Robinhood CEO Vlad Tenev said in a prepared statement emailed to Banking Dive. “Our task is clear: to provide the next generation of Americans with a world-class, intuitive platform to jumpstart their financial future.”
Banks, brokerages and asset managers had been pitching their services to the Treasury Department in hopes of gaining a role within the Trump Accounts program since the program was first announced, The Wall Street Journal reported. Financial firms have seen involvement in the program as helpful from a customer acquisition standpoint, according to the Journal.
BNY is matching the Treasury seed for its own employees who sign their children up for Trump Accounts, Vince wrote on LinkedIn.
