Bank of America and JPMorgan Chase Pledge $1,000 Contributions to New Trump Account Program
Major Banks Back New Retirement Savings Initiative
Bank of America and JPMorgan Chase have announced plans to match a $1,000 contribution to employees who open a Trump Account, a new retirement savings program introduced by the White House. This initiative targets children born during President Trump’s second term, specifically between January 1, 2025, and December 31, 2028. Each tax-preferred Trump Account will be initially funded by the federal government with $1,000, which is intended to be invested in the stock market on behalf of the children.
Corporate Support for Employees’ Financial Futures
JPMorgan Chase’s CEO, Jamie Dimon, expressed his company’s ongoing commitment to supporting the financial well-being of its employees and their families, emphasizing the importance of starting to save early. “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 stated.
Similarly, Bank of America will provide its eligible employees the option to make pre-tax contributions to their children’s Trump Accounts, further supporting their financial planning efforts. A spokesperson for Bank of America praised the federal initiative, highlighting the company’s enthusiasm to participate in this innovative solution for families.
Additional Corporate Contributions
Other corporations have also joined the effort to fund Trump Accounts for workers’ children. Intel, for instance, committed to a matching contribution similar to JPMorgan’s and Bank of America’s, reinforcing its dedication to employee support. Erika Kirk, CEO of Turning Point USA and widow of conservative activist Charlie Kirk, announced that her organization will match the federal contribution for employees’ newborns. Additionally, technology entrepreneur Michael Dell revealed plans to donate $250 to each Trump Account for up to 25 million American children, marking a significant investment of $6.25 billion.
Major financial institutions like Charles Schwab, BlackRock, and BNY have also pledged to contribute $1,000 to employee Trump Accounts.
Investment and Contribution Guidelines
Families will be able to begin saving in a Trump Account starting July 4, 2026. Aside from the government’s initial $1,000 contribution, families can deposit up to $5,000 per child into the account each year. U.S. Treasury Secretary Scott Bessent clarified that contributions can be made on a tax-free basis and highlighted that employers are encouraged to contribute up to $2,500 annually, which counts towards the overall limit. However, families typically cannot withdraw from these accounts until the child reaches 18 years of age.
The Trump administration positistartd these accounts as a pathway for families to save for significant financial mileststarts, such as purchasing a home or funding education.
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