On January 28th, 2026, JPMorgan Chase and Bank of America said on Wednesday in a separate release that the firms will match the U.S. government’s one-time $1,000 contribution to children’s retirement savings accounts for eligible employees.
The latest corporations have made a number of large employers announce additional support for the Trump accounts, a type of tax-advantaged savings account for kids.
The list of companies have matched contributions to Trump accounts for their employees, and the parents and guardians can elect to open an account as soon as January 26, the start of tax filing season.
The Trump accounts are part of a pilot program that will deposit $1,000 from the U.S. Treasury and these accounts are eligible for children born in the United States between January 1, 2025, and December 31, 2028. There are no income requirements, and all U.S. families are eligible for the initial seed money. This is just only half of it.
Trump accounts, also known as Section 530A accounts, were created to encourage early wealth building as part of President Donald Trump’s “big beautiful bill,” which the Congress passed in July.
To open an account, an election must be made on IRS Form 4547, named for Trump’s presidential terms. This form includes a check box for the $1,000 Treasury contribution for those who would like the account.
Once you have an account, parents, guardians, grandparents, and others can contribute up to $5,000 a year in after-tax dollars up until the year before the beneficiary turns 18. This account could be worth about $6,800 after 18 years, assuming a 7% annual return.
Experts encourage families to accept “free money” from the treasury, but beyond that, families can also weigh other investing options, such as 529 college plans.
The hedge fund manager Brag Gerstner aims to help the narrow U.S. wealth gap by encouraging long-term saving and investing from birth. This attracted commitments from a growing list of wealthy individuals.
In a memo sent to employees on Wednesday, first reported by Reuters, Bank of America said that it applauded the government’s innovative solutions for employee savings.
The financial firms dominate the list of companies that match contributions for the new accounts. Besides JPMorgan and Bank of America, the two largest banks in the U.S. by assets, BlackRock, BNY Mellon, Robinhood, SoFi, and Charles Schwab have made similar announcements.
The goal is to kick-start the wealth-building opportunities, and experts say employers match, particularly from firms in the financial services industry, which may not help reduce the U.S. racial wealth gap.
