JPMorgan Chase and Bank of America said Wednesday that they will match a $1,000 government contribution to new children’s retirement savings accounts for eligible employees. The announcements were made in separate company releases.
The accounts, known as Trump accounts, are part of a pilot program launched by the U.S. government. The program provides a one-time $1,000 deposit from the U.S. Treasury for eligible children.
The accounts are available for children born in the United States between January 1, 2025, and December 31, 2028. They are tax-advantaged and designed to encourage long-term saving from an early age.
The program aims to reduce the U.S. wealth gap by helping families start investing for their children at birth. Hedge fund manager Brad Gerstner helped develop the idea.
Several high-profile figures have backed the initiative. Supporters include Michael and Susan Dell, Ray Dalio, and music artist Nicki Minaj.
JPMorgan CEO Jamie Dimon said the matching contribution reflects the bank’s commitment to employee financial well-being. He said the move helps families save early and plan for the future.
Bank of America also praised the program in a memo to employees. The bank said it supports innovative approaches to improving long-term savings.
Many financial firms have joined the effort. Companies such as BlackRock, BNY, Robinhood, SoFi, and Charles Schwab have also agreed to match contributions, signaling strong support from the financial sector.
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