BNY and Robinhood handed joint role in federal children's savings scheme
The U.S. Treasury designated Bank of New York Mellon as financial agent for the Trump Accounts programme on 6 April, placing the 241-year-old custody bank at the centre of a new government-backed savings initiative for children, according to CNBC.
BNY will partner with Robinhood, which will build and operate the dedicated Trump Accounts app, giving the retail brokerage a direct role in distributing a federally administered product. The pairing is notable: BNY's mandate is institutional custody and asset servicing, while Robinhood's platform is built around mass-market retail investors, many of them first-time participants in financial markets.
The Treasury's choice of a financial agent is significant because that institution bears administrative and compliance responsibility for the programme on the government's behalf. BNY's designation means it will manage the underlying account infrastructure, while the Robinhood app serves as the primary interface for families enrolling children.
Further details on account eligibility, contribution limits, investment options, and the programme's rollout timeline have not been reported in the available sources.
