Treasury Partners BNY Mellon, Robinhood for Trump Accounts

The U.S. Treasury Department announced on Monday that Bank of New York Mellon and Robinhood will partner with the federal government to implement the Trump Accounts program, a new tax-advantaged savings and investment initiative for children that begins accepting deposits this July.

The program, established last year under the One Big Beautiful Bill Act signed by President Donald Trump, aims to provide eligible children with a financial head start. Any American child under age 18 with a valid Social Security number qualifies for an account. As part of a pilot, the government will contribute $1,000 to accounts for children born between January 1, 2025, and December 31, 2028, who are U.S. citizens. Parents, relatives, employers, and others can add contributions up to annual limits, with funds invested in mutual funds or exchange-traded funds tracking U.S. stock indices like the S&P 500. Withdrawals are restricted until the child turns 18, after which the accounts function like traditional individual retirement accounts with similar tax benefits. Cryptocurrency investments are not permitted.

Bank of New York Mellon, the world's largest custodian bank with $60 trillion in assets...