Bank of New York Mellon and Robinhood will manage the new Trump accounts, a federal program creating tax-sheltered savings for children, the Treasury Department announced. The accounts, established last year in President Trump's domestic spending bill, will accept deposits starting in July. Four million children are enrolled, with one million qualifying for a $1,000 federal seed contribution each. BNY, the world's largest custodian bank with $60 trillion in assets, will handle account management, while Robinhood serves as brokerage and trustee, also designing the app.

Both firms are among employers who previously seeded accounts for workers' children. The program allows contributions subject to annual limits, with funds locked until the child turns 18. Michael Dell's $6 billion donation seeded accounts for 25 million children in lower-income ZIP codes. The government plans to expand the program to make accounts transferable.

This partnership signals growing fintech involvement in government-backed savings initiatives.