Millions of parents and guardians in the United States will soon be able to save money for their children through new Trump Accounts. These Trump Accounts are officially called Section 530A accounts. The accounts were created after the One Big Beautiful Bill Act (OBBBA) was passed last summer.
President Donald Trump proposed these accounts to help children start saving money from birth. Trump Accounts work like a traditional IRA, meaning money grows tax-deferred over time, as stated by Daily Express US. The accounts are funded by the U.S. Treasury for eligible children. Babies born in the U.S. between January 1, 2025, and December 31, 2028 can qualify.
These company matches apply to eligible employees’ children, not everyone. The goal is to encourage early wealth-building for kids starting at birth. Major financial institutions are leading the employer matching effort, Daily Express US reported. JPMorgan Chase confirmed it will match the $1,000 Trump Account contribution. Bank of America also announced it will match the $1,000 government deposit. Bank of America said helping families build long-term financial security benefits communities.
Along with companies, wealthy individuals are also donating money. Tech CEO Michael Dell and his wife Susan Dell pledged $6.25 billion to the program. Their donation supports children 10 years old or younger born before January 1, 2025. Eligible children must live in ZIP codes with median income of $150,000 or less. Each qualifying child under the Dell pledge will receive $250. Hedge fund billionaire Ray Dalio and his wife Barbara Dalio also made a major pledge.
The Dalios pledged $250 per child to around 300,000 children. These children live in Connecticut ZIP codes with median incomes below $150,000. Rap artist Nicki Minaj has also pledged money to Trump Accounts. Nicki Minaj attended a Trump summit on Wednesday. She said she will donate between $150,000 and $300,000 to Trump Accounts, as cited by Daily Express US. The combined effort from government, companies, and donors aims to boost long-term savings for American children.
Babies born in the U.S. between 2025 and 2028 with a Social Security number can qualify for the $1,000 deposit.
Q2. Which companies are matching Trump Account contributions?
Big firms like JPMorgan Chase, Bank of America, Intel, and Robinhood are matching the $1,000 for eligible employees’ children.
President Donald Trump proposed these accounts to help children start saving money from birth. Trump Accounts work like a traditional IRA, meaning money grows tax-deferred over time, as stated by Daily Express US. The accounts are funded by the U.S. Treasury for eligible children. Babies born in the U.S. between January 1, 2025, and December 31, 2028 can qualify.
Trump Accounts eligibility and $1,000 deposit
Each eligible child must have a Social Security number to receive the benefit. Every eligible newborn will get a one-time $1,000 deposit from the government. Parents will be able to open Trump Accounts starting in July. Parents and guardians can also add their own money to these accounts over time. To support the program, several companies are matching the $1,000 government contribution.These company matches apply to eligible employees’ children, not everyone. The goal is to encourage early wealth-building for kids starting at birth. Major financial institutions are leading the employer matching effort, Daily Express US reported. JPMorgan Chase confirmed it will match the $1,000 Trump Account contribution. Bank of America also announced it will match the $1,000 government deposit. Bank of America said helping families build long-term financial security benefits communities.
JPMorgan, Bank of America, Steak ‘n Shake join
JPMorgan CEO Jamie Dimon said the match helps employees save early and plan for their family’s future. The fast-food chain Steak ‘n Shake also joined the matching program. Steak ‘n Shake said it will match $1,000 for each employee’s child born between 2025 and 2028. The company said the move supports the next generation’s financial future. More companies across finance and tech have joined the effort.Full list of employers matching $1,000
Intel is on the list of companies matching Trump’s $1,000 contribution. SoFi has also pledged to match the Trump Account seed money. Charter Communications is participating in the matching program. Chime has confirmed its involvement in matching contributions. BNY (Bank of New York Mellon) is part of the matching employers. BlackRock has announced support through matching contributions. The Investment Company Institute is also on the matching list. Robinhood has pledged to match Trump Account contributions. Charles Schwab has joined the employer matching program. These companies aim to help employees’ children start saving from birth, as noted by Daily Express US.Along with companies, wealthy individuals are also donating money. Tech CEO Michael Dell and his wife Susan Dell pledged $6.25 billion to the program. Their donation supports children 10 years old or younger born before January 1, 2025. Eligible children must live in ZIP codes with median income of $150,000 or less. Each qualifying child under the Dell pledge will receive $250. Hedge fund billionaire Ray Dalio and his wife Barbara Dalio also made a major pledge.
The Dalios pledged $250 per child to around 300,000 children. These children live in Connecticut ZIP codes with median incomes below $150,000. Rap artist Nicki Minaj has also pledged money to Trump Accounts. Nicki Minaj attended a Trump summit on Wednesday. She said she will donate between $150,000 and $300,000 to Trump Accounts, as cited by Daily Express US. The combined effort from government, companies, and donors aims to boost long-term savings for American children.
FAQs
Q1. Who can get the $1,000 Trump Account money?Babies born in the U.S. between 2025 and 2028 with a Social Security number can qualify for the $1,000 deposit.
Q2. Which companies are matching Trump Account contributions?
Big firms like JPMorgan Chase, Bank of America, Intel, and Robinhood are matching the $1,000 for eligible employees’ children.
