Big Banks Back ‘Trump Accounts’ With Matching $1,000 Contributions for Employees’ Children

Bank of America, Wells Fargo, and JPMorgan Chase will match the U.S. government’s proposed $1,000 seed contribution to new “Trump Accounts” for the children of eligible employees, according to internal communications reported on Wednesday. The initiative is tied to the Trump administration’s One Big Beautiful Bill Act and is expected to launch on July 4. Under the program, the U.S. Treasury would deposit $1,000 into investment accounts for children born between 2025 and 2028 who have valid Social Security numbers, positioning the scheme as an early-life wealth-building tool.

The accounts are being promoted by supporters as a way to boost long-term financial security and economic mobility by encouraging savings and investment from birth. President Donald Trump has urged American companies to participate, framing the move as part of broader efforts to address household affordability concerns ahead of the November midterm elections. The program allows families to contribute up to $5,000 annually, with employer contributions expected to be capped at $2,500 per year. Bank of America said it will enable eligible workers to make pre-tax payroll deductions into the accounts.

The announcement comes amid a strong period for major U.S. banks. Bank of America recently unveiled plans to distribute roughly $1 billion in equity awards to employees outside senior management after a year of rising profits. JPMorgan earlier granted a special $1,000 award to many lower-paid employees globally. With investment banking activity rebounding and loan demand improving, lenders are anticipating another solid year, even as they expand benefits aimed at supporting employees’ families and long-term financial wellbeing.

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