JPMorgan Chase and Bank of America announced on Wednesday that they will match the U.S. government’s one-time $1,000 deposit to new children’s retirement savings accounts for eligible employees, reports Baltimore Chronicle via CNBC. The program, informally referred to as “Trump accounts,” is a pilot initiative that provides $1,000 from the U.S. Treasury into a tax-advantaged account for children born in the United States between January 1, 2025, and December 31, 2028.
The initiative was partially developed by hedge fund manager Brad Gerstner to promote early financial literacy and encourage long-term saving from birth. Several high-profile individuals and investors have already pledged support for the program, including Michael and Susan Dell, Ray Dalio, and musician Nicki Minaj.
JPMorgan Chase CEO Jamie Dimon emphasized the bank’s dedication to the financial health of its employees and their families worldwide, noting that over 190,000 U.S. employees stand to benefit. “By matching this contribution, we’re helping employees start saving early, invest wisely, and plan for their family’s future,” Dimon stated.
Bank of America, in a memo reported by Reuters, described the government initiative as an “innovative solution” for fostering employee savings and confirmed its participation in matching the $1,000 deposits.
Financial firms lead the companies offering matches for these new accounts. Alongside JPMorgan Chase and Bank of America, BlackRock, BNY Mellon, Robinhood, SoFi, and Charles Schwab have confirmed similar matching programs.
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