Where to Open a Trump Account: Best Brokerages Compared

Trying to figure out where to open a Trump Account for your child? You are not alone. With 27 companies signed up as approved trustees, choosing the right brokerage can feel overwhelming. This guide compares every major option so you can pick the best one in minutes.

How the Process Works

Opening a Trump Account is a two-step process: IRS first, brokerage second. Here is the full flow:

1. File IRS Form 4547: Include the Trump Account Election form with your 2025 tax return (due April 15, 2026), file through trumpaccounts.gov, or mail it to the IRS.
2. IRS activates the account: The IRS processes your election and sets up the Trump Account under IRC Section 530A.
3. Choose an approved trustee: Pick a brokerage (like Fidelity, Schwab, or Vanguard) to hold and invest the funds.
4. Select your fund: Choose a mutual fund or ETF that tracks the S&P 500 or a broad U.S. equity index. Expense ratios are capped at 0.1%.
5. Start contributing: Add up to $5,000/year in after-tax dollars. Your employer can also contribute up to $2,500/year tax-free.

Brokerage Comparison Table

Here is how the major brokerages stack up for Trump Accounts:

Our Recommendation

Fidelity is the best choice for most families. Its S&P 500 fund (FXAIX) has the lowest expense ratio at just 0.015% — that is $1.50 per year on a $10,000 balance. There is no minimum investment, no commissions, and Fidelity has over 200 branches if you prefer in-person help.

Schwab is a strong runner-up at 0.02%, with the largest branch network among brokerages (400+ locations). If you already have a Schwab account, it may be simplest to keep everything in one place.

Bank of America works well if you already bank there. With 3,700+ branches, it is the most accessible option. The iShares IVV fund has a 0.03% expense ratio — slightly higher than Fidelity but still very low.

All 27 Companies That Committed

At the January 2026 Trump Account trustee summit, 27 companies committed to serving as approved trustees or supporting the program:

Banks & Brokerages

• Fidelity Investments
• Charles Schwab
• Vanguard
• Bank of America / Merrill
• Robinhood
• SoFi
• JPMorgan Chase
• Wells Fargo
• Morgan Stanley / E*TRADE
• Goldman Sachs
• UBS

Payment Networks

• Visa
• Mastercard
• PayPal / Venmo
• Block (Cash App)
• Stripe

Tech & Other

• Apple
• Alphabet (Google)
• Intuit (TurboTax)
• H&R Block
• Acorns
• Betterment
• Wealthfront
• Public.com
• Ally Financial
• Interactive Brokers
• Webull

Not all 27 have launched Trump Account services yet. Check each company's website for current availability.

What to Look For in a Trustee

When choosing where to open your child's Trump Account, focus on these five factors:

1. Lowest expense ratio: This is the single biggest cost difference. Even small fractions of a percent add up over 18 years of compounding.
2. No account fees: Avoid any brokerage that charges an annual maintenance fee or custodial fee. All major brokerages listed above charge $0.
3. No minimum investment: Some funds (like Vanguard's VFIAX) require a $3,000 minimum. If you want to start small, pick a fund or ETF with no minimum.
4. Good mobile app: You will check this account for 18 years. A clean, easy-to-use app matters — especially for monitoring contributions and growth.
5. Branch access: If you like in-person help, Bank of America (3,700+) and Schwab (400+) have the most locations. If you are comfortable online-only, Robinhood and SoFi work fine.

Detailed Brokerage Guides

Want a deep dive on a specific brokerage? Read our step-by-step guides:

Frequently Asked Questions