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 savings accounts known as “Trump Accounts” for eligible employees.

President Donald Trump introduced the Trump Accounts — formally Section 530A accounts — as part of the “One Big Beautiful Bill Act.” Under the program, the U.S. Treasury will place 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 start building long-term savings earlier.

“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 and will allow employees to make pre-tax contributions to Trump Accounts for children under 18, according to a memo issued to its 165,000 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 said in December that funds in the accounts “will be invested in a broad stock-market index.” Annual contributions are capped at $5,000, and recipients won’t take ownership of the funds until they turn 18. The White House also said the accounts, “if fully funded and left untouched, could grow to as much as $1.9 million by age 28.”

The government has said the funds will be invested in index funds, with taxes deferred during growth. When money is withdrawn, income taxes will apply.

The New York Times reported last month that the idea grew out of a 2021 discussion between Brad Gerstner, CEO of Altimeter Capital, and his children. Gerstner later formed a nonprofit, Invest America, to advocate for accounts seeded with $1,000 in federal contributions for children at birth.

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

Separately, wealthy donors have also 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.”

Those funds are intended for children 10 and younger 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.