JPMorgan Chase and Bank of America Match Employees’ $1,000 ‘Trump Accounts’

JPMorgan Chase and Bank of America said Wednesday, Jan. 28, that they will match the U.S. government’s one-time $1,000 contribution to children’s retirement-style savings accounts — known as “Trump Accounts” — for eligible employees.

President Donald Trump introduced the accounts (formally Section 530A accounts) as part of the “One Big Beautiful Bill Act.” Under the program, the U.S. Treasury will make a one-time “$1,000 government seed contribution” into tax-advantaged accounts for eligible children born in the United States between Jan. 1, 2025, and Dec. 31, 2028, according to the U.S. Treasury Department.

JPMorgan Chase Chairman and CEO Jamie Dimon said the company’s match is aimed at helping employees begin saving earlier for their families.

“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,” Dimon said.

“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 said it will also match the government’s $1,000 contribution for eligible employees. The bank additionally plans to let employees make pre-tax contributions to Trump Accounts for their children under 18, according to a company memo sent to employees.

“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. “When teammates have the opportunity to build long-term financial security for themselves and their families, it strengthens our company and the communities we serve.”

The White House has said funds in the accounts “will be invested in a broad stock-market index.” Annual contributions are capped at $5,000, and recipients do not take ownership of the funds until they turn 18. The White House has also claimed that an account “if fully funded and left untouched, could grow to as much as $1.9 million by age 28.”

The government has said the money will be invested in index funds and that taxes on the funds will be deferred, with income taxes due when funds are withdrawn.

The New York Times reported last month that the idea for Trump Accounts stemmed from a 2021 conversation between Brad Gerstner, the CEO of Altimeter Capital, and his children. Gerstner later founded a nonprofit, Invest America, to advocate for accounts funded by $1,000 federal contributions for each child at birth.

Along with JPMorgan and Bank of America, financial firms BlackRock, BNY, Robinhood, SoFi and Charles Schwab have also said they will match the government’s $1,000 contributions.

Separately, several wealthy Americans have pledged additional funding. In December, billionaires Michael and Susan Dell said they would contribute $6.25 billion to “seed 25 million additional accounts with $250 each.”

Their contribution is expected to go to children age 10 and under who live in zip codes with a median income of $150,000 or less — and who do not qualify for the Treasury’s $1,000 seed contribution because they were born before the program’s start date.