Big Banks to Match $1,000 “Trump Account” Baby Boost for Employees’ Kids

CNBC, FOX Business, the Hill, and Business Insider contributed to this report.

JPMorgan Chase and Bank of America said Wednesday they’ll each match the federal government’s one-time $1,000 deposit into the new children’s savings accounts – the latest big firms signing on to back what’s been nicknamed the “Trump accounts.”

The pilot program will automatically seed a tax-advantaged investment account with $1,000 from the US Treasury for kids born between Jan. 1, 2025, and Dec. 31, 2028. Parents or other authorized adults can opt to open the account (they’ll need a Social Security number for the child), add up to $5,000 a year, and the money will be invested in broad US stock index funds. The program officially kicks off July 4, 2026.

JPMorgan, which says it has more than 190,000 US employees, framed the move as part of helping workers plan ahead. CEO Jamie Dimon said matching the contribution would make it “easier for them to start saving early, invest wisely, and plan for their family’s financial future.” Bank of America – which told its roughly 165,000 US employees about the match in a memo reviewed by reporters – said it “applauds” the government effort and will also let employees contribute pretax via payroll deductions.

Financial firms are leading the corporate push to sweeten the new accounts. Along with JPMorgan and Bank of America, firms including BlackRock, BNY, Robinhood, SoFi and Charles Schwab have pledged similar matches. Big donors – from Michael and Susan Dell to Ray Dalio and pop star Nicki Minaj – have also promised contributions to help seed accounts for certain kids.

Why it matters: Treasury officials say the accounts could grow substantially over time thanks to market returns – with high-end estimates projecting big balances decades down the road – and the program is pitched as a way to nudge long-term saving and help narrow wealth gaps.

A few awkward notes of timing: JPMorgan’s announcement lands about a week after President Trump sued the bank and Dimon, and it comes as the White House hosts a “Trump Accounts” summit with Treasury Secretary Scott Bessent and several CEOs.

Bottom line: For parents at these banks, a free $1,000 starter deposit plus an employer match is a tidy perk. For the banks, it’s an easy way to help employees – and to attach their brands to a headline-grabbing federal program that’s likely to get a lot of attention before it launches next summer.