The planned rollout could create a framework for firms including Chime, Empower, Fidelity and SoFi to hold children’s savings accounts, though custody guidance may not come until August.
The Trump administration is expected to launch “Trump Accounts” next week, a move that could open a new channel for children’s savings products. Companies including Chime, Empower, Fidelity, and SoFi currently lack a mechanism to custody those accounts on their own platforms, and the guidance needed to do so may not arrive until August, PANews reported, citing Semafor and sources familiar with the matter.