Trump Accounts at Bank of America: Funds, Fees & How to Open

Bank of America committed to supporting Trump Accounts at the January 2026 Trump Accounts Summit. As one of the largest banks in the country, BofA and its brokerage arm Merrill Edge are expected to serve as approved trustees for Section 530A accounts. Through Merrill, families would have access to some of the cheapest S&P 500 index funds available via BlackRock's iShares lineup.

Bank of America's Commitment to Trump Accounts

At the Trump Accounts Summit on January 28, 2026, Bank of America was among 27 companies that made commitments to the program. According to the U.S. Treasury press release, participating companies pledged to "match seed funding, broaden employee participation, or develop innovative channels for account growth."

For Bank of America — one of the "Big Four" U.S. banks — this likely means:

• Serving as a Trump Account trustee through its Merrill Edge brokerage platform
• Offering employer Trump Account contributions for its own employees under IRC Section 128
• Integrating Trump Accounts into its banking and mobile app experience

Eligible Funds Through Merrill Edge

Bank of America's brokerage platform is Merrill Edge (formerly Merrill Lynch). Through Merrill, families would have access to a wide range of S&P 500 and broad market index funds. BlackRock's iShares funds would likely be prominently featured, given Bank of America's close relationship with BlackRock.

IVV and ITOT at 0.03% are excellent choices — well below the 0.1% legal cap for Trump Accounts. Both are managed by BlackRock, which manages over $10 trillion in assets globally.

Merrill Edge Fees for Trump Accounts

Based on Merrill Edge's current pricing (which already applies to IRAs and custodial accounts):

• Account maintenance fees: None. No annual account charges.
• Trading commissions: $0 for online stock and ETF trades.
• Fund expense ratios: As low as 0.03% for IVV and ITOT.
• Minimum investment: No minimum for ETFs. Buy as little as one share.

Why Choose Bank of America / Merrill Edge?

BofA may be a good choice for families who:

• Already bank with BofA — managing your child's Trump Account alongside your checking, savings, and credit cards in one place.
• Participate in Preferred Rewards — BofA's loyalty program offers bonus rewards, reduced fees, and other benefits for customers with qualifying balances across all accounts.
• Want in-person support — BofA has over 3,700 branches and 15,000+ ATMs nationwide. If you prefer face-to-face help, they offer more locations than any other brokerage.
• Want iShares funds — Merrill's partnership with BlackRock means iShares funds like IVV and ITOT are seamlessly integrated.

How to Open a Trump Account (Then Select BofA)

1. File IRS Form 4547 with your 2025 tax return (due April 15, 2026) or through trumpaccounts.gov when it launches mid-2026.
2. Wait for IRS activation. The IRS will process your election.
3. Select Bank of America / Merrill Edge as your trustee from the approved list.
4. Choose your fund — IVV or ITOT recommended for lowest fees.
5. Start contributing up to $5,000/year.

For the complete walkthrough, see how to open a Trump Account step by step.

Bank of America vs Fidelity vs Schwab

Fidelity has the lowest expense ratio at 0.015%. Schwab is next at 0.02%. Bank of America's iShares IVV is 0.03%. The difference is tiny — on a $50,000 balance, it is $7.50/year at Fidelity vs $15/year at BofA. BofA's advantage is its massive branch network and integration with existing bank accounts.

For detailed comparisons, see Trump Accounts at Fidelity and Trump Accounts at Schwab.