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Robinhood Markets Says Trump Accounts App Available Ahead of July 4 Launch

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Robinhood Markets (HOOD) said the official Trump Accounts app is now available for download ahead of the tax-advantaged investment accounts' July 4 launch.

Eligible US children born from 2025 to 2028 will qualify for a $1,000 initial contribution from the Treasury Department, the company said Thursday in a statement.

Family members and employers can collectively contribute up to $5,000 per year with money automatically invested in a default low-cost index fund, the company said.

Account holders will assume control of the assets at age 18 subject to traditional individual retirement account rules, Robinhood said.

The Trump Accounts app, available in Apple (AAPL) and Alphabet's Google (GOOG) app stores, was built in partnership with Bank of New York Mellon (BNY) and Robinhood, CNBC reported Thursday, citing a Treasury spokeswoman.

Robinhood shares rose 9.1% in Thursday trading, and Bank of New York Mellon gained 0.7%.

Price: $83.16, Change: $+6.93, Percent Change: +9.09%

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