The Treasury Department said Monday it has designated the Bank of New York Mellon Corporation as the manager of the initial Trump accounts ahead of the program's July launch.

The corporation is also expected to partner with Robinhood, a financial services and technology company, to design an app for the accounts, which will act as a trust fund or Individual Retirement Account for American children. The program was created under the "One Big Beautiful Bill."

The department said Robinhood will also act as brokerage and initial trustee for the Trump Accounts, but the Treasury Department will retain control over the app and operations for the initial accounts.

"Together, these partners will support Treasury’s goal of ensuring every eligible child can access a Trump Account quickly and easily," the department said. 

The pilot program allows parents, guardians and family members to invest up to $5,000 a year starting in July, and the Treasury Department will be making a one-time $1,000 investment into funds for babies born between Jan. 1, 2025, and Dec. 31, 2028.

The accounts will also be invested in the U.S. stock market as children grow up, and the recipients will be taught how to manage and invest the money on their own. The money can only be withdrawn once the person is 18-years-old.

Parents of more than 4 million children have claimed Trump accounts so far, according to the Washington Examiner, and 983,784 children have qualified for the $1,000 bonus as of March 25.

Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.