These Major Employers Are Doubling ‘Trump Accounts’ for Kids

A new wave of employer perks could double the value of your child’s “Trump Account.”

Bank of America, JPMorgan Chase, and Intel announced this week they’ll match the federal government’s deposit into the newly created accounts, giving eligible employees’ children a $2,000 head start.

Billed as a “jumpstart” to the American dream, the federal program offers $1,000 to every child with a valid social security card, born between Jan. 1, 2025, and Dec. 31, 2028. Parents aren’t required to contribute, though they can add up to $5,000 per year to grow the account.

Bank of America will also let employees contribute to the accounts via pre-tax payroll deductions for any child under 18.

Other major employers—including SoFi, Charter Communications, BNY, BlackRock, the Investment Company Institute, Robinhood, and Charles Schwab—have made similar announcements.

What are Trump Accounts?

The new investment accounts were created under the One Big Beautiful Bill Act and are slated to launch July 4, 2026. 

Each eligible child will receive a $1,000 deposit from the U.S. Treasury, which will be invested in low-cost index funds. These funds will grow tax-deferred, with income taxes due only when the money is withdrawn.

At a press conference announcing them, President Trump described the accounts as “a pro-family initiative that will help millions of Americans harness the strength of our economy to lift up the next generation.”

Brad Gerstner, CEO of Altimeter Capital and one of the architects of the legislation, emphasized the power of compounding interest.

“Children with savings accounts are more likely to graduate high school and college, buy a home, start a business, and are less likely to be incarcerated,” he said. “Trump Accounts will contribute to the lifelong success of millions of newborn babies.“

How are Trump Accounts different from other investment vehicles?

At first glance, Trump Accounts may sound like a 529 plan—tax-advantaged investment accounts commonly used for education savings. But they differ in several important ways.

For starters, 529 plans are restricted to qualifying educational expenses. Trump Accounts, on the other hand, offer far more flexibility: Funds can be used not just for college, but for any purpose after the beneficiary turns 18.

That flexibility could prove especially valuable as more young adults question the cost-benefit equation of a traditional college degree. The average federal student loan borrower now carries nearly $40,000 in debt; and for one in four graduates, that debt delays homeownership by a decade or more, according to a recent survey.

Trump Accounts could flip the script, giving young adults capital instead of debt as they enter adulthood.

Another key distinction: 529 plans are state-sponsored, while Trump Accounts would be privately held and federally seeded. Parents don’t need to contribute a dime to receive the initial $1,000 deposit, although they’re welcome to.

That could unlock more equitable access. While nearly every state offers a 529 plan (except Wyoming), participation remains uneven. At the end of 2025, there were 17 million 529 accounts nationwide, but nearly half of all savings were concentrated in just five states.

A centralized, universal program like the Trump Account could lead to broader adoption, though it’s still in its early days. Regardless, there’s optimism that beneficiaries of these accounts could parlay them into debt free college or even the cornerstone of the American dream: homeownership.

“Down payment savings, or the lack thereof, can be a major difference maker for many households as they contemplate buying their first home,” said Danielle Hale, chief economist at Realtor.com®, when the accounts were first announced in June. “Having funds can mean getting into your own home years sooner than if you have to save up for a down payment.”

Today, the average buyer spends seven years saving for a down payment. With employer matches and an 18-year head start, Trump Accounts could dramatically shift that timeline.