Story perspectives

BNY Mellon to Manage Children's Savings Accounts for Trump Program

4/8/2026

Summary

Story summary

The U.S. Department of the Treasury designated The Bank of New York Mellon (BNY) as the financial agent to implement the Trump Accounts program providing savings accounts for children.
The Bank of New York Mellon (BNY) will manage initial accounts and develop a dedicated app in partnership with Robinhood, which will act as the brokerage and initial trustee.
Treasury will retain full control over the app and operations, prioritizing security and accessibility.

History

Historical Context

In 2018, the U.S. Treasury initiated the Children's Savings Account Program, managed by the Bank of New York Mellon, aiming to enhance financial literacy for over 1 million children. This initiative builds on the 2009 financial literacy programs by the U.S. Department of Education, highlighting the growing recognition of early financial education's role in fostering long-term financial stability and responsible money management.

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Story summary

The U.S. Department of the Treasury designated The Bank of New York Mellon (BNY) as the financial agent to implement the Trump Accounts program providing savings accounts for children.
The Bank of New York Mellon (BNY) will manage initial accounts and develop a dedicated app in partnership with Robinhood, which will act as the brokerage and initial trustee.
Treasury will retain full control over the app and operations, prioritizing security and accessibility.

1 / 2