An application designed to help parents manage “Trump Accounts” for their children is scheduled to be released on Thursday, preceding the official program launch on July 4. Treasury Secretary Scott Bessent announced the app’s impending debut during a White House cabinet meeting, according to Bloomberg.
The Trump Accounts initiative aims to provide children with a head start in saving for their retirement through tax-advantaged investment accounts. These accounts will be managed by Robinhood and the Bank of New York Mellon. The app will allow parents to track these investments, access financial literacy modules, and utilize the program’s $1,000 newborn initiative, which can be supplemented with up to $5,000 in annual contributions per child.
The Trump Accounts were established by the One Big Beautiful Bill Act (OBBBA) of 2025, signed into law by President Trump on July 4, 2025. Eligible children, born between January 1, 2025, and December 31, 2028, will receive a $1,000 federal seed deposit. While these accounts are intended for eligible children, parents can also open them for children born outside this period, though they will not receive the government seed money. Funds in the accounts are restricted until the child reaches age 18 and are intended for expenses such as education, birth or adoption, or down payments for a first home, after which they function similarly to an individual retirement account.
BNY Mellon is managing the initial accounts and developing the app, while Robinhood will serve as the brokerage and initial trustee. The U.S. Treasury Department has designated BNY Mellon as the financial agent responsible for managing these initial accounts.
Nearly six million children have already been registered for the program, according to Bessent. While the official funding and contributions will commence on July 4, 2026, the app will provide immediate access to financial literacy resources. The app will be available on both the Apple App Store and Google Play Store, supporting iOS and Android devices.
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