Overview
- BNY Mellon, which the Treasury named financial agent Monday, will manage initial Trump Accounts as Robinhood serves as brokerage and initial trustee and helps build a white‑label app with the National Design Studio.
- Authentication for enrolled families is slated to start in May, and Treasury says accounts will open for contributions with $1,000 federal seed deposits landing on July 4.
- Children born from 2025 through 2028 who are U.S. citizens with a Social Security number qualify for the $1,000 contribution, while any child with a Social Security number can hold an account, with enrollment via IRS Form 4547 or TrumpAccounts.gov.
- Parents and others can contribute up to $5,000 after tax each year, employers can add up to $2,500 pretax within that cap, funds stay in low‑cost U.S. stock index funds capped at 0.1% in fees until age 18, and the accounts adopt IRA‑like tax rules at adulthood.
- The IRS reports more than 4 million children are signed up, with over 1 million eligible for the pilot deposit, as large employers and donors like Michael and Susan Dell pledge extra seeding, while critics warn the rollout favors big firms over community banks even with a planned rollover option within a year.