Bank of America, JPMorgan Chase to contribute $1,000 to Trump Accounts for their employees

Bank of America and JPMorgan Chase are pledging to make a matching $1,000 contribution to their employees who open a Trump Account, a retirement savings plan announced by the White House last year for children born during President Trump’s second term in office. 

The program calls for the federal government to start each tax-preferred Trump Account for eligible kids with $1,000, which would be invested in the stock market on their behalf. To qualify for the accounts, children must be born in the U.S. between Jan. 1, 2025, and Dec. 31, 2028.

“JPMorganChase has demonstrated a long-term commitment to the financial health and well-being of all of our employees and their families around the world, including more than 190,000 here in the United States,” CEO Jamie Dimon said in a statement on Wednesday. “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.”

Bank of America also said that it will match the government’s $1,000 contribution for eligible employees. The company will also allow workers to make pre-tax contributions to their children’s Trump Account. 

“We applaud that the federal government is providing innovative solutions for employees and families to plan for their future, and we welcome the opportunity to participate,” Bank of America said.

Other companies have made similar pledges to fund their workers’ Trump Accounts. Intel on Tuesday said it will give its workers’ kids a head start through its contribution. 

“By matching the federal government’s contribution, Intel is reinforcing our longstanding commitment to investing in our people and expanding the ways we support employees’ families as they prepare for the future,” the company said in a statement. 

Charles Schwab said last year that it would seed employee Trump Accounts with $1,000, while BlackRock, BNY and Charter Communications have made similar promises. 

When families can start saving in a Trump Account

At a Treasury Department event promoting the new investment vehicle on Wednesday, Mr. Trump urged other U.S. employers to contribute to their workers’ Trump Accounts. 

“Trump accounts will help bring the hope and prosperity to every community,” he said in touting the accounts as a way for Americans to save money to buy a home, pay for college, put money away for retirement and address other financial needs.

Families can start making financial contributions to a Trump Account on July 4, according to the Trump administration. Excluding the government’s $1,000 donation, a total of $5,000 per child can be deposited into an account each year. 

Employers can contribute up to $2,500 per year to an employee’s account tax-free, which counts toward the $5,000 limit. In most cases, families cannot withdraw funds from a Trump Account before a child turns 18.