Bank of America has announced it will contribute to the newly created Trump accounts for all eligible U.S.-based employees, offering an additional $1,000 to complement the government’s funding. The announcement comes ahead of further details expected from former President Donald Trump and Treasury Secretary Scott Bessent.
The Trump accounts, scheduled to launch in July 2026, aim to provide a financial foundation for American children born between 2025 and 2028. The move by Bank of America marks a rare instance of private sector participation in a federal savings initiative targeting long-term family financial planning.
Bank of America Aligns with Federal Program to Support Employee Families
Bank of America announced on Wednesday it will match the U.S. government’s $1,000 contribution to the Trump accounts for children born between January 1, 2025, and December 31, 2028. This match will be available to all of the company’s 165,000 U.S. employees who meet the eligibility criteria. According to a statement released by the bank, the decision is part of its wider efforts to invest in the long-term financial well-being of its workforce and their families.
The bank will also offer its employees the ability to make pre-tax contributions to these accounts via payroll deductions. This move is designed to enhance the usability and accessibility of the accounts for working parents. “Our announcement to support and complement this new federal program for our teammates is one of the many ways we continue investing in our teammates and reinforce our commitment to being a Great Place to Work,” the company stated.
According to FOX Business, this contribution initiative is a direct response to the One Big Beautiful Bill Act, which established the Trump accounts as a government-backed savings program for newborns. Participation from private institutions like Bank of America is not mandated by the legislation, making the bank’s decision a notable development in the rollout of the program.
New Trump Accounts Target Long-Term Wealth Growth from Birth
The Trump accounts will officially launch on July 4, 2026. Each account will receive a $1,000 deposit from the U.S. Treasury and will be available to every child born within the specified four-year window. The account must be opened by an authorized adult (including a parent, legal guardian, grandparent, or adult sibling) provided they hold a valid Social Security number.
According to the Treasury Department’s Office of Tax Analysis, the funds will be invested in broad U.S. stock index funds, similar to low-cost retirement plans. The purpose is to allow the account to grow in value based on overall market performance. While no additional contributions are required, the program permits up to $5,000 in annual deposits.
Parents can opt into the program during the tax filing process. For those who choose not to make further contributions, the Treasury estimates the account could reach a value between $3,000 and $13,800 over an 18-year period, based solely on the government’s initial deposit and market conditions. FOX Business reports that a fully funded account (assuming maximum yearly contributions) could see significantly higher returns by the time the child reaches adulthood.
Bank of America applauded the federal government for initiating the plan and emphasized its desire to take part in the effort. “We welcome the opportunity to participate,” the bank said, highlighting its intention to strengthen both employee benefits and community impact. The Trump accounts represent a long-term federal effort to stimulate wealth-building at the earliest stages of life. With participation from large private employers, the program may signal a shift toward more integrated public-private models in national savings strategies.
