Banks Boost Trump Accounts for Newborns

JPMorgan, Bank of America to match federal $1,000 deposits for eligible employees' children

Jan. 28, 2026 at 7:23pm

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Major banks like JPMorgan and Bank of America have announced they will match the federal government's new $1,000 "Trump account" deposits for eligible employees' newborns, effectively turning the government's seed money into $2,000 per child. This coincides with the White House's call on parents to open the accounts as they file their 2025 taxes, part of a pilot program to set up tax-advantaged investment accounts for children born in the U.S. between 2025-2028.

Why it matters

The Trump accounts initiative is pitched as a long-term tool to help address the wealth gap by getting compounding investment returns working from day one for children. With major financial firms like BlackRock, BNY, Robinhood, SoFi, and Charles Schwab also pledging to match the federal deposit, the program aims to encourage broader participation and savings.

The details

The administration's new investment accounts for infants, called "Trump accounts", will provide a $1,000 deposit from the federal government for eligible children born in the U.S. between 2025-2028. Families can then add up to $5,000 per year, and employers can contribute another $2,500 annually. Financial firms are lining up to match the initial $1,000 government deposit for their employees' newborns.

  • The White House event to promote the Trump accounts is scheduled for Wednesday.
  • The Trump accounts are for children born in the U.S. between January 1, 2025 and December 31, 2028.

The players

JPMorgan

A major bank that will match the federal government's $1,000 deposit for eligible employees' newborns.

Bank of America

A major bank that will match the federal government's $1,000 deposit for eligible employees' newborns.

Donald Trump

The former U.S. President whose name is attached to the new investment accounts for infants.

Scott Bessent

The current U.S. Treasury Secretary.

Ted Cruz

A U.S. Senator who will attend the White House event promoting the Trump accounts.

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What they’re saying

“Decades from now, I believe the Trump accounts will be remembered as one of the most transformative policy innovations of all time.”

— Donald Trump (The Hill)

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This new program to provide investment accounts for newborns, with matching contributions from the government and employers, represents a significant effort to address wealth inequality by getting compounding returns working from an early age. The involvement of major financial firms signals broad industry support for the initiative.