Bank of America, JPMorgan Chase to contribute $1,000 to Trump Accounts for their employees
President Trump’s call for support of his “Trump Accounts” savings plan has been met with enthusiasm from big companies. Bank of America and JPMorgan Chase have pledged to match a $1,000 contribution for their employees who open a Trump Account, a retirement savings plan designed for children born during President Trump’s second term in office.
The Trump Account program involves the federal government starting each tax-preferred account for eligible children with $1,000, which is then invested in the stock market on their behalf. Children born in the U.S. between Jan. 1, 2025, and Dec. 31, 2028, are eligible for these accounts.
JPMorgan Chase’s CEO, Jamie Dimon, expressed the company’s commitment to the financial health of its employees by matching the government’s contribution, making it easier for them to save early and plan for their family’s financial future. Bank of America also announced that it will match the $1,000 government contribution for eligible employees and allow pre-tax contributions to their children’s Trump Accounts.
Other companies, such as Intel and Visa, have also pledged to support Trump Accounts by matching contributions or allowing credit card holders to make contributions using rewards earned from purchases. Erika Kirk, CEO of Turning Point USA, announced that the organization will support families by matching the government’s $1,000 contribution to eligible employees’ newborn baby’s Trump Account.
In a significant investment move, technology entrepreneur Michael Dell and his wife Susan have pledged to donate $250 to each Trump Account for 25 million American children, totaling a $6.25 billion investment. Financial institutions like Charles Schwab, BlackRock, BNY, and Charter Communications have also committed to seeding employee Trump Accounts.
When families can start saving in a Trump Account
President Trump urged U.S. employers to contribute to their workers’ Trump Accounts at a Treasury Department event promoting the new investment vehicle. Families can start making financial contributions to a Trump Account on July 4, with a total annual deposit limit of $5,000 per child, excluding the government’s $1,000 contribution.
Employers can contribute up to $2,500 per year to an employee’s account tax-free, which counts towards the $5,000 limit. In most cases, funds cannot be withdrawn from a Trump Account before a child turns 18, ensuring long-term savings and financial security.
