By 
You can’t open a Trump Account directly at Fidelity, Schwab, Bank of America, or Chase. Trump Account banks work differently: the U.S. Treasury opens the initial account after you file IRS Form 4547 or enroll at trumpaccounts.gov, and only afterward can you transfer it to an approved trustee.
The choice of trustee still matters because expense ratios differ. Here’s how the major Trump Account banks compare.
KEY TAKEAWAYS
- No bank or brokerage lets you open a Trump Account directly. The Treasury creates the account once you enroll through the IRS or trumpaccounts.gov.
- 27 companies committed to serve as approved trustees at a January 2026 summit, including Fidelity, Schwab, Vanguard, Bank of America, and J.P. Morgan, but not all have launched services yet.
- Every approved trustee is legally required to offer only mutual funds or ETFs tracking the S&P 500 or a broad U.S. equity index, capped at a 0.10% expense ratio, so the fund choices are more similar than a typical brokerage account.
- Reported expense ratios: Fidelity around 0.015%, Schwab around 0.02%, Bank of America and Vanguard around 0.03%, all below the 0.10% legal cap.
- “Bank of America Trump Account” as a place to hold the money is a different thing from “Bank of America matching,” which is an employer benefit for BofA’s own employees.
Trump Account Banks: Why Can’t You Just Open One Directly?
Because the government creates it first. Enrollment happens through the IRS, either by filing Form 4547 with your tax return or through the online tool at trumpaccounts.gov, and the Treasury opens and initially holds the account. The seed money (the $1,000 federal deposit, and the $250 Dell Foundation deposit if your child qualifies) lands in that Treasury-held account before you ever pick a bank. Our step-by-step guide to opening a Trump Account covers the enrollment process in full.
Once the account exists and is funded, you can roll it over to an approved trustee, similar to how you might transfer a 401(k) to an IRA provider after leaving a job. You are not required to transfer it. The Treasury-held default account keeps working; moving it is about choice, not necessity.
What Is an “Approved Trustee,” and Who Qualifies?
An approved trustee is a financial institution the IRS has authorized to hold Trump Account assets under Section 530A. At a January 2026 trustee summit, 27 companies committed to serve as trustees or otherwise support the program, including Fidelity, Schwab, Vanguard, Bank of America, and J.P. Morgan (the wealth-management arm of JPMorgan Chase). Not all 27 had launched a live Trump Account product as of this writing, so check each institution’s own site for current availability before assuming yours is ready.
Every approved trustee, regardless of brand, has to follow the same investment rule: the account can only hold mutual funds or ETFs that track the S&P 500 or a similarly broad U.S. equity index, with an expense ratio (the fund’s annual fee, charged as a percentage of your balance) capped at 0.10%. That rule exists specifically so a child’s account can’t be steered into expensive or risky products. It also means the real difference between trustees is smaller than it looks: mostly expense ratio, account interface, and whether you already bank there.
Fidelity vs Schwab vs Vanguard vs Bank of America vs Chase (J.P. Morgan): How They Compare
Reported expense ratios on the qualifying index funds vary slightly by trustee. Lower is better since it’s a direct, guaranteed drag on returns every year the money stays invested.
| Trustee | Reported expense ratio | Notes |
|---|---|---|
| Fidelity | ~0.015% | Lowest reported cost; no account minimum; 200+ branch locations for in-person help. |
| Charles Schwab | ~0.02% | Also on the employer-match list for its own employees; separate from the trustee product. |
| Vanguard | ~0.03% | Long track record running low-cost index funds; one of the government’s own default ETF providers. |
| Bank of America | ~0.03% | Convenient if you already bank there; do not confuse with BofA’s separate employer-match benefit (below). |
| J.P. Morgan (Chase) | Not widely published as of this writing | Rollover option under the JPMorgan Chase umbrella; JPMorgan Chase also matches $1,000 for its own employees. |
The gap between the cheapest and priciest options here is still tiny in dollar terms on a $1,000 to $2,000 starting balance, a few dollars a year at most. It compounds over 18 years, but it’s a much smaller decision than, say, choosing the wrong investment entirely. If you already have accounts at one of these firms, that convenience is a reasonable tiebreaker.
What Investments Does the Government Default To?
According to CNBC’s reporting, the Treasury’s default investment lineup for Trump Accounts draws on ETFs from State Street, BlackRock, and Vanguard tracking broad U.S. equity indexes. If you never transfer the account or actively choose a fund, this is roughly what you’re already invested in. Our guide to the best qualifying index funds breaks down the specific tickers and how they compare.
How Do You Actually Transfer the Account?
Once your child’s Trump Account is open and funded, you can request a trustee-to-trustee transfer through the receiving institution, similar to an IRA rollover. Contact the brokerage you want to move to, most have a Trump Account or Section 530A transfer request on their site, and provide your child’s account information. Because this is a new process at a brand-new institution type, expect some friction and paperwork delays industry-wide in 2026. There’s no tax consequence to moving custodians as long as the money stays inside the account.
Is “Bank of America Trump Account” the Same as “Bank of America Matching”?
No, and this trips a lot of people up. Bank of America as a trustee is a place to hold and invest the money, available to any family regardless of employer. Bank of America’s matching contribution is a separate employee benefit: BofA has committed to depositing $1,000 into the Trump Accounts of its own employees’ eligible children, the same kind of program dozens of other companies (JPMorgan Chase, Schwab, SoFi, and more) have announced. Our full list of companies matching contributions covers that separately.
Frequently Asked Questions
Can I open a Trump Account directly at Fidelity or Schwab?
Not initially. The Treasury opens the account through the IRS enrollment process. You can transfer it to Fidelity, Schwab, or another approved trustee afterward.
Which trustee has the lowest fees?
Fidelity has reported the lowest expense ratio, around 0.015%, on its qualifying index fund, followed by Schwab around 0.02%. All approved trustees are capped by law at 0.10%.
Does it matter which trustee I pick?
The investment options are legally similar everywhere (broad U.S. equity index funds under a 0.10% expense ratio cap), so the difference mostly comes down to small fee variations and whether you already use that institution.
Is Bank of America’s Trump Account the same as its employer match?
No. One is a place to hold the account, open to any family; the other is a $1,000 benefit for Bank of America’s own employees. They’re unrelated programs that happen to share a name.
Do I have to transfer my child’s account to a bank at all?
No. The default Treasury-held account continues to work and invest according to the program’s rules. Transferring is optional.
Bottom Line
You can’t open a Trump Account directly at any bank; the Treasury creates it through IRS enrollment first. Afterward, you can transfer it to an approved trustee like Fidelity, Schwab, Vanguard, Bank of America, or J.P. Morgan, and the real differences between them are small, mostly a fraction of a percent in fees, since federal law caps every trustee’s fund options the same way. If you already bank somewhere on the approved list, that convenience is a fine reason to pick it.
Last updated: July 7, 2026. Trustee and fee details sourced from Fidelity, CNBC’s reporting on Treasury’s default investment lineup, and IRS Section 530A trustee requirements. Trump Accounts are a new program; participating institutions and terms may change. This article is for educational purposes only and does not constitute financial or investment advice. Compare current offers directly with each institution before transferring.
