Robinhood to Manage Trump Accounts App with $271,000 Potential per Child
The US Treasury tapped Robinhood and BNY Mellon to develop the Trump Accounts app, opening July 4 for children born 2025-28 with a $1,000 seed deposit and $5,000 annual contributions. More than 4 million children have enrolled, and balances could reach $271,000 by age 18 with 6% returns.
1. Treasury Appoints Robinhood and BNY Mellon
The Treasury Department designated BNY Mellon as financial agent and Robinhood as brokerage and initial trustee to build an unbranded app for tax-advantaged Trump Accounts, created under the One Big Beautiful Bill Act.
2. Account Mechanics and Growth Projections
Each account receives a $1,000 government deposit for children born between 2025 and 2028, with up to $5,000 in annual contributions; at a 6% annual return, balances could reach $271,000 by age 18, then follow traditional IRA rules.
3. Enrollment and Launch Timeline
Families can enroll by filing IRS Form 4547 or signing up at TrumpAccounts.gov ahead of the July 4 app launch; over 4 million children have registered, with roughly 25% qualifying for the $1,000 seed deposit.
4. Long-Term Asset Potential
The program could direct substantial long-duration assets into low-cost US stock-index funds capped at 0.1% fees, bolstering Robinhood’s brokerage revenues as account balances mature and roll into other brokerages.