The Wall Street giants joined a growing list of other companies and individuals matching seed money deposits.
Bank of America and JPMorgan Chase said on Jan. 28 they would match the U.S. government’s one‑time $1,000 contribution to children’s retirement accounts—also known as “Trump accounts”—for eligible employees.
The current administration’s pilot program sets aside a $1,000 Treasury-funded deposit in a tax‑advantaged account for eligible children born in the United States between Jan. 1, 2025, and Dec. 31, 2028.
JPMorgan Chase CEO Jamie Dimon, in a news release, said the company is focused on the financial health of its employees and their families, “including more than 190,000 here in the United States.
“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,” Dimon said.
In recent months, the bank has taken other measures to reward staff.
The Wall Street titan awarded a $1,000 special grant to eligible employees worldwide who earn under $80,000 in annual cash compensation, depositing the funds into U.S. workers’ 401(k) plans.
Beyond financial‑wellness benefits, JPMorgan Chase also provides all new parents with 16 weeks of paid leave, regardless of caregiver status.
Bank of America will also match the $1,000 seed money, according to an internal memo seen by Reuters.
“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.
Two of the largest U.S. banks join the growing chorus of other financial institutions that have made pledges for the new accounts.
BlackRock, BNY, Charles Schwab, Robinhood, and SoFi have announced matching contributions for the accounts.
Wealthy individuals have also made major commitments, most notably Michael and Susan Dell, hedge fund manager Ray Dalio, and rapper Nicki Minaj.
An authorized adult—parent, guardian, adult sibling, or grandparent—can open an account for a child if the adult has a valid Social Security number.
While contributions are not mandatory, families may deposit up to $5,000 into the account each year.
The account’s funds will be invested in broad U.S. stock index funds and will track the overall performance of the stock market.
An analysis by the Treasury Department estimated that a single deposit could be lucrative by the time recipients turn 60.
By Andrew Moran
