Trump Accounts: The Financial-Institution Rules

Accurate as of September 2026. Which institutions accept Trump Account transfers or rollovers depends on Treasury guidance that is still developing; check trumpaccounts.gov for the current status.

At the program’s launch, Fidelity, Schwab, Vanguard, and E*TRADE could not directly open an initial Trump Account the way the official Treasury process (with Robinhood as brokerage) can.

The official launch structure is:

• Initial account access: through the official Trump Accounts app / TrumpAccounts.gov, after the parent or guardian makes the election on IRS Form 4547. Treasury said families activate through the official app or web app; contributions could not be made before July 4, 2026.
• Financial agent: BNY / Bank of New York Mellon manages the initial accounts for Treasury.
• Brokerage and initial trustee: Robinhood. Treasury said BNY partnered with Robinhood, which serves as the brokerage and initial trustee for the initial Trump Accounts.

So, besides Robinhood, BNY is involved, but BNY is not a retail firm where a family goes to “open” the account. The starting point is Treasury’s official Trump Account process.

Other institutions to watch

Fidelity: Fidelity has a Trump Account page, but it said families start by applying through the U.S. Treasury and that, pending Treasury guidance, accounts may eventually be transferred to Fidelity. So Fidelity was positioned as a future transfer/rollover option, not the initial opening platform.

Vanguard: Vanguard said Treasury selected Vanguard Total Stock Market ETF (VTI) as an alternate investment option, and that Vanguard intends to support Trump Account rollovers after receiving Treasury guidance. That does not mean the initial account is opened directly at Vanguard.

State Street / BlackRock / Vanguard: These firms are part of the investment lineup, not necessarily the account-opening institution. Treasury said the default launch investment is State Street SPDR Portfolio S&P 500 ETF (SPYM), with other options including iShares IVV, Vanguard VTI, State Street SPTM, and iShares ITOT.

E*TRADE / Morgan Stanley: E*TRADE’s guidance said Trump Accounts are opened through Treasury/Form 4547 or TrumpAccounts.gov, and that transfers to other institutions would be permitted only from a later date, to be announced after the July 4, 2026 launch.

In short

The initial Trump Account is opened through the official Treasury/IRS Trump Account process, not directly at Fidelity, Schwab, Vanguard, or E*TRADE. BNY is the Treasury financial agent, and Robinhood is the brokerage and initial trustee. Transfers or rollovers to other financial institutions such as Fidelity or Vanguard depend on Treasury guidance; check trumpaccounts.gov for whether transfers are available yet.