US EditionJPMorgan Chase and Bank of America Match $1,000 Trump Account Deposits for Employees
JPMorgan Chase and Bank of America will double the $1,000 federal seed deposit for employees' newborns, incentivizing early savings under the Trump Accounts program.
- On Wednesday, Bank of America and JPMorgan Chase pledged to match the federal $1,000 for employees who open a Trump Account, with JPMorgan citing more than 190,000 U.S. staff, Jamie Dimon said.
- The U.S. Department of the Treasury designed the plan to seed Trump Accounts with $1,000 for babies born between Jan. 1, 2025 and Dec. 31, 2028 who meet U.S. citizen and Social Security number requirements.
- Private banks and brokerages will manage the money, investing in U.S. equity index funds with a 0.10% annual fee cap; parents can register now using IRS Form 4547, though contributions start July 2026 and the child cannot access funds until age 18.
- Companies including Bank of America said, `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`, and employers can add pre-tax contributions up to $2,500 annually.
- Critics say the Trump Accounts will widen the wealth gap and note Republicans included the accounts in the Trump tax bill that cut some youth programs, even as Michael and Susan Dell pledged $6.25 billion for 25 million children.
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86 Articles
Trump Administration Launches Bold New $1,000 ‘Trump Accounts’ in Major Financial Shake
The Trump administration has unveiled a new financial initiative dubbed the “$1,000 Trump Accounts” at a recent summit, aiming to promote economic empowerment among American families. Presented as a cornerstone of the administration’s economic agenda, these accounts are designed to provide individuals with a $1,000 deposit intended to encourage savings and investment. The announcement comes [...]
JPMorgan, BofA will match the $1,000 'Trump Accounts' for employees' children. Here's how to open an account
"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," Jamie Dimon said.
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Earlier this morning President Trump spoke to the audience about a new headstart program for every child born in America via a savings account called “Trump Accounts.” The money to deposit an estimated accrual rate of $3 to $4 trillion in wealth into the savings accounts for America’s children, comes from an assembly of private […] The post President Trump Delivers Remarks Introducing Trump Savings Accounts for American Children appeared first o…
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