The U.S. Department of the Treasury has announced that Bank of New York Mellon will be the designated financial agent for Trump accounts, officially managing the initial accounts and developing a new app for the app. The tax-deferred investing accounts for children will launch on July 4, with a one-time $1,000 deposit from the Treasury for kids born between 2025 and 2028. BNY, along with several other large employers, has previously pledged to match the Treasury's $1000 seed money for children of U.K.