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If you are trying to choose a bank or brokerage for your child’s Trump Account, there is one important thing to know first: you do not currently shop among Fidelity, Schwab, Bank of America, Chase, and Vanguard the way you would shop for a normal IRA.
The official setup is much more specific. The U.S. Treasury designated BNY as its financial agent, while Robinhood serves as the brokerage and initial trustee for Trump Accounts. Other financial companies are involved in different ways, including employer contributions, program support, and the index funds available inside the account. That does not automatically make them Trump Account trustees.
For the basics on eligibility and contribution rules, see our complete Trump Account guide.
Key takeaways
- BNY is Treasury’s financial agent for Trump Accounts.
- Robinhood Securities is the initial trustee, while Robinhood Financial acts as the broker-dealer.
- You open an initial Trump Account through the government process, not by walking into Fidelity, Schwab, Chase, or Bank of America and opening one directly.
- There is no fee to activate or maintain the account, although the underlying investment fund has an expense ratio that cannot exceed 0.10%.
- Treasury launched Trump Accounts with SPYM as the default investment and selected IVV, VTI, SPTM, and ITOT as additional investment options.
- IRS rules allow a full trustee-to-trustee transfer to another Trump Account during the growth period, but that does not mean every brokerage is currently ready to accept those transfers.
Who actually holds your Trump Account?
The easiest way to understand the system is to separate the companies by what they actually do.
| Organization | Role in Trump Accounts | What it means for you |
|---|---|---|
| U.S. Treasury | Runs the federal program | Treasury oversees the initial account system |
| BNY | Treasury financial agent | Helps manage the initial accounts and program infrastructure |
| Robinhood Securities | Initial trustee | Legally serves as trustee of the initial Trump Account |
| Robinhood Financial | Broker-dealer | Handles brokerage functions connected to the account |
| State Street | Fund provider | SPYM is the default investment at launch |
| BlackRock / iShares | Fund provider | IVV and ITOT were selected as additional investment options |
| Vanguard | Fund provider | VTI was selected as an additional investment option |
| Fidelity | No current initial trustee role announced by Treasury | Do not assume a Fidelity Trump Account is available just because Fidelity offers other IRAs |
| Charles Schwab | Corporate participant and financial firm | Treasury has listed Schwab among corporate supporters, but that is different from being the initial trustee |
| Bank of America | Corporate participant and employer contributor | Its employee benefit is separate from the custody of the Trump Account |
| JPMorgan Chase | Corporate participant and employer contributor | Corporate participation does not automatically mean Chase is currently the account trustee |
Treasury’s April announcement is unusually clear on the first two financial companies. BNY is the federal government’s financial agent, and Robinhood is the brokerage and initial trustee. The official Trump Account privacy statement is even more specific, identifying Robinhood Securities LLC as the trustee and explaining that it acts through Treasury’s financial agent, BNY.
That is why I would not use a table claiming Fidelity charges 0.015%, Schwab 0.02%, or Bank of America 0.03% for their Trump Account products. Those figures may describe fees on existing index funds, but that is not the same thing as a confirmed Trump Account offering from each company.
How do you open a Trump Account?
The initial account begins through the federal Trump Account process.
IRS Form 4547 is used to elect to establish an initial Trump Account. The IRS also lets taxpayers submit and check Trump Account elections through their IRS Individual Account. Once the election is processed, the responsible party receives instructions to activate the account.
Our step-by-step guide to opening a Trump Account covers that process in more detail.
The important distinction is that you are not opening the initial account by starting at a retail brokerage website. The government process creates the account first.
Can you open a Trump Account directly at Fidelity or Schwab?
Based on the current Treasury launch structure, not as your initial Trump Account.
Treasury has publicly named Robinhood as the initial trustee. As of August 20, 2026, Treasury’s launch materials do not provide a consumer menu that says you can choose Fidelity, Schwab, Bank of America, Vanguard, or Chase instead when the initial account is created.
This is where some of the confusion comes from. Charles Schwab, Bank of America, JPMorgan Chase and many other companies have publicly supported the Trump Account program in various ways. Treasury included many of them in its January list of corporate commitments.
But supporting Trump Accounts is not the same as serving as the trustee for your child’s account.
For example, Bank of America says it plans to match the government’s $1,000 pilot contribution for eligible children of U.S. employees born from 2025 through 2028. That is an employee benefit. It does not mean every parent can currently open a Trump Account directly at Bank of America.
We track those separately in our Trump Account employer match list.
What does your Trump Account invest in?
This part is now much clearer than it was earlier in 2026.
Treasury announced on July 1 that SPDR Portfolio S&P 500 ETF (SPYM) from State Street would be the default investment at launch. Treasury also selected four additional low-cost ETFs:
IVV, the iShares Core S&P 500 ETF; VTI, the Vanguard Total Stock Market ETF; SPTM, the State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF; and ITOT, the iShares Core S&P Total U.S. Stock Market ETF.
Treasury said the additional allocation choices would become available in the coming months. Until the investment-selection functionality is available to your account, contributions remain invested in the default fund.
That also explains why seeing the Vanguard name in a Trump Account article does not mean Vanguard is necessarily the trustee. Vanguard can supply an ETF held inside an account whose trustee is someone else.
How much do Trump Account fees cost?
There is currently no fee to activate or maintain the Trump Account itself through the official platform. Contributions can also be made without an account-level contribution fee.
The investment funds inside the account do have their own operating expenses. Federal rules limit eligible Trump Account investments to qualifying broad U.S. equity index mutual funds or ETFs with annual fees and expenses of no more than 0.10% of fund assets. They also cannot use leverage.
That is a more useful number to watch than an unofficial comparison of what Fidelity, Schwab, Bank of America, or Chase might charge if they eventually offer their own rollover Trump Account products.
Can you transfer a Trump Account to another brokerage later?
Federal rules do allow a qualified rollover contribution during the child’s growth period.
But this is not a normal partial IRA transfer. The IRS describes it as a direct trustee-to-trustee transfer of the entire balance from the existing Trump Account into a rollover Trump Account for the same child. A child can only have one funded Trump Account at a time.
That means the legal framework exists for changing trustees.
What I would not do is assume that Fidelity, Schwab, Vanguard, Bank of America, or Chase is ready to receive that transfer simply because the company has been mentioned alongside Trump Accounts. Before starting any rollover, confirm that the receiving institution actually supports Section 530A rollover Trump Accounts and can perform the transfer trustee to trustee.
Do not withdraw the money yourself and try to redeposit it. During the growth period, Trump Accounts have strict distribution restrictions.
Why are so many banks and brokerages involved?
Because there are several completely different ways for a financial company to participate.
A company could provide infrastructure to Treasury. It could act as trustee. It could supply an ETF used inside the account. It could make contributions for employees’ children. It could support the program without offering retail Trump Accounts at all.
Those roles have been mixed together in a lot of early coverage.
For parents, the distinction matters because a headline saying a company “supports Trump Accounts” does not tell you where your child’s assets are actually held or whether you can transfer an account there.
The current setup is much simpler: BNY supports Treasury as financial agent, Robinhood is the initial trustee, and the investment lineup comes from several major fund providers.
What would I do if opening an account today?
I would not delay opening or activating a qualifying child’s Trump Account because I was waiting for my favorite brokerage to offer one.
The official account already has access to a broad U.S. stock index fund, the account itself has no activation or maintenance fee, and federal law puts a strict cap on the expenses of eligible investments.
If Fidelity, Schwab, Vanguard, Chase, Bank of America, or another provider later launches a rollover Trump Account with features you prefer, you can evaluate it then.
For now, I would focus on getting the account established correctly, making sure any eligible $1,000 pilot contribution arrives, and deciding how much your family can reasonably contribute.
FAQ
Who is the trustee of Trump Accounts in 2026?
Robinhood Securities LLC is the trustee of the initial Trump Account setup. Treasury designated BNY as its financial agent, and BNY partnered with Robinhood for the brokerage and trustee functions.
Is BNY the same thing as the trustee?
No. BNY is Treasury’s financial agent. Robinhood Securities is identified as the trustee.
Can I choose Fidelity instead of Robinhood?
Treasury’s current initial-account structure does not offer Fidelity as an alternative initial trustee. IRS rules do allow full-balance transfers to rollover Trump Accounts, but you should verify that a specific receiving institution actually supports those accounts before attempting a transfer.
Can I invest a Trump Account in Vanguard funds?
Treasury selected Vanguard Total Stock Market ETF (VTI) as one of the additional investment options for Trump Accounts. That does not make Vanguard the trustee of the account.
Does Bank of America have Trump Accounts?
Bank of America participates in the broader Trump Account initiative and has announced an employee contribution program. That should not be confused with the current Treasury setup for initial Trump Account custody.
Are Trump Accounts expensive?
The official platform currently charges no activation or maintenance fee. The investments have underlying expenses, but qualifying funds cannot exceed a 0.10% annual fee-and-expense limit.
Bottom line
There is no need to choose between Fidelity, Schwab, Bank of America, Chase, and Vanguard when opening an initial Trump Account today.
The current government setup uses BNY as Treasury’s financial agent and Robinhood as the initial trustee and brokerage partner. Other financial companies may provide investment funds, employee contributions, or other program support, but those are separate roles.
The good news is that parents do not need to solve the custody question before getting started. Open and activate the account through the official process, understand what the money is invested in, and only consider moving it later if another institution launches a confirmed Section 530A rollover option that gives you a real reason to switch.
This article is for educational and informational purposes only and is not individualized tax or investment advice. Trump Accounts are a new program, and trustee availability, investment choices, and administrative procedures may change. Check current IRS and Treasury guidance before making a rollover or other account decision.
