Major U.S. banks, including JPMorgan Chase and Bank of America, have announced they will match the federal government’s $1,000 contribution to “Trump Accounts” for eligible employees’ children. This move comes as part of a growing corporate effort to support a new government pilot program aimed at boosting long-term savings for American kids.
Trump Accounts are a type of tax-advantaged retirement savings account, similar to an IRA but designed specifically for children. They were created under legislation passed in 2025 as part of the One Big Beautiful Bill Act and the Working Families Tax Cuts. The program gives a one-time $1,000 seed deposit from the U.S. Treasury into these accounts for eligible newborns. The money is invested in low-cost index funds tracking the U.S. stock market, such as those mirroring the S&P 500.
To qualify for the government’s $1,000 pilot contribution, a child must be a U.S. citizen born between January 1, 2025, and December 31, 2028, and have a valid Social Security number. Parents or guardians can open an account by filing IRS Form 4547, often during tax season. Contributions from families can begin on July 4, 2026 (or July 5 in some sources), with an annual limit of up to $5,000 per child (excluding the initial government seed). Employers can contribute up to $2,500 tax-free per year, which counts toward the overall limit. Funds generally cannot be withdrawn until the child turns 18, after which the account follows traditional IRA rules and can be used for purposes like education, a first home purchase, starting a business, or retirement.
The idea behind Trump Accounts is to help close the wealth gap by encouraging early investing and compound growth over time. Supporters, including hedge fund manager Brad Gerstner (who helped promote the concept), argue that even a modest starting amount can grow significantly. For example, with average stock market returns, the initial $1,000 could potentially reach hundreds of thousands of dollars by adulthood, especially with added contributions.
JPMorgan Chase, Bank of America, and Wells Fargo made their announcements on January 28, 2026. JPMorgan Chase CEO Jamie Dimon stated that matching the contribution aligns with the bank’s long-standing commitment to the financial well-being of its more than 190,000 U.S. employees and their families. “By matching this contribution, we’re making it easier for them to start saving early, invest wisely, and plan for their family’s financial future,” Dimon said.
Bank of America echoed similar support in an internal memo, praising the government’s “innovative solutions” for family savings. The bank will match the $1,000 and allow employees to make pre-tax payroll contributions to their children’s accounts.
These banks join other major financial firms that have already pledged similar matches, including BlackRock, BNY Mellon, Charles Schwab, Robinhood, and SoFi. Beyond finance, companies like Intel, Visa, and others have announced support—such as allowing credit card rewards to fund accounts or direct employer contributions. Prominent individuals have also stepped in: Billionaire Michael Dell and his wife Susan pledged $250 per account for up to 25 million children (a potential $6.25 billion commitment), while Ray Dalio focused on low-income kids in Connecticut. Even organizations like Turning Point USA have promised matches for employees’ children.
At a January 28, 2026, Treasury Department event, President Trump encouraged more employers to join, describing the accounts as a way to bring “hope and prosperity to every community.” Treasury Secretary Scott Bessent highlighted the program’s momentum, noting early sign-ups and predicting millions of families will participate.
The announcements reflect strong backing from the financial sector for a program that combines government seed money with private-sector involvement to promote wealth-building from birth. While details like exact investment options and full regulations continue to develop, Trump Accounts represent a novel approach to helping the next generation achieve greater financial security.
