Robinhood Fields State Requests for Local Trump Accounts Programs

Robinhood’s participation in the Trump Accounts program may lead to the company entering additional public-sector partnerships, Bloomberg reported Friday (May 29).

The federal program could serve as a model for similar initiatives, and some states and other public-sector organizations have approached Robinhood about partnering on similar projects, Robinhood Chief Financial Officer Shiv Verma said in the report.

“We’ve shown we know how to work with the U.S. Treasury, which is a very high bar,” Verma said. “I think it’s given a lot of other folks interest that maybe we can help them too.”

Trump Accounts provide tax-advantaged investment accounts for U.S. citizens under the age of 18, according to the U.S. government website about the program. The program provides $1,000 for those born between Jan. 1, 2025, and Dec. 31, 2028; creates an account that is in the child’s name, with a parent as the sole custodian until the child reaches 18; and allows optional contributions of up to $5,000 per year.

The Treasury Department announced in April that it chose BNY to manage the initial accounts and help develop an associated app, and that BNY teamed with Robinhood, which will act as a brokerage and initial trustee for the Trump Accounts program.

Ahead of the announcement, Robinhood Chairman and CEO Vlad Tenev told the Wall Street Journal: “Our task is clear: to provide the next generation of Americans with a world-class, intuitive platform to jump-start their financial future.”

Robinhood announced Thursday that the official Trump Accounts app is now available for download, that activation emails were sent to eligible people who elected to open an account, and that the accounts will launch on July 4.

The company said in a press release that Trump Accounts contributions are automatically invested in a default qualifying low-cost index fund designed for long-term growth potential; families will be able to track contributions, account activity and investment performance in the app; and the child will be able to take control of the account at age 18.

Tenev said in a Thursday post on X: “On launch day, [Trump Accounts] app hits #1 in finance and #4 overall in the App Store. Fastest growing app outside of AI.”

The White House said in a Friday post on X that nearly 6 million children have been signed up for Trump Accounts.

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