Politics

Major Banks and Tech Firms to Match Federal "Trump Accounts" as Applications Top 600,000

Illustration for: Major Banks and Tech Firms to Match Federal "Trump Accounts" as Applications Top 600,000
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Jan 28, 2026

THE BARE STORY

Several major U.S. corporations, including Intel, JPMorgan Chase, and Bank of America, have announced plans to match federal contributions to the government’s new "Trump Accounts" program. The initiative, officially known as the 530A program, provides a $1,000 seed deposit from the U.S. Treasury into tax-advantaged investment accounts for eligible children born between 2025 and 2028.

On Tuesday, Intel stated it would match the $1,000 government payout for children of eligible U.S. employees. CEO Lip-Bu Tan described the benefit as a way to provide an early financial foundation for future generations. The following day, JPMorgan Chase and Bank of America confirmed they would offer similar matches to their workforces. JPMorgan CEO Jamie Dimon said the move demonstrates a commitment to the financial health of employees and their families. These firms join a growing list of participants, including BlackRock, BNY, SoFi, Robinhood, and Charles Schwab.

Treasury Secretary Scott Bessent announced on Wednesday that 600,000 families have applied for the accounts since tax filing season began on Monday. Parents can currently open accounts by filing IRS Form 4547 with their tax returns, with an online enrollment tool expected to launch by mid-2026. The funds grow tax-deferred and generally become accessible when the child turns 18 for specific uses such as education, purchasing a first home, or starting a business.

Beyond the government seed money and employer matches, the program allows for private contributions. Parents and guardians may contribute up to $5,000 annually. The initiative has also drawn support from wealthy donors; Dell founder Michael Dell previously pledged roughly $6.25 billion to support children born before the program’s cutoff, while investor Ray Dalio and artist Nicki Minaj have also committed funds.

Same Facts. Different Perspectives.

Two AI models. Two viewpoints. One factual foundation.

Perspective by Claude

• Major U.S. employers are actively integrating the federal program into their benefit structures. Intel, JPMorgan Chase, and Bank of America have announced they will match the government’s $1,000 seed deposit for the children of eligible employees. This corporate response aims to align private sector benefits with the new 530A program initiative.

• Executives view the contributions as a means to support the long-term financial health of their workforce. Intel CEO Lip-Bu Tan characterized the matching funds as a way to build a financial foundation for the next generation. Similarly, JPMorgan CEO Jamie Dimon stated that participating in the program demonstrates a commitment to the financial well-being of employees and their families.

• Momentum for the matching initiative is spreading across the financial and technology industries. Beyond the initial banking giants, a growing list of firms including BlackRock, BNY, SoFi, Robinhood, and Charles Schwab have joined the effort. These companies are collectively moving to supplement the federal "Trump Accounts" for their respective employee bases.

How it may affect me

As a U.S. reader:

• Parents of eligible children born between 2025 and 2028 can currently secure a $1,000 federal deposit by filing IRS Form 4547 with their tax returns.

• Employees at participating companies, including Intel and JPMorgan Chase, may receive employer-matched contributions that double the initial government seed funding for their children.

• Families can voluntarily contribute up to $5,000 annually to these accounts, allowing funds to grow tax-deferred until the beneficiary reaches adulthood.

• Upon turning 18, account holders generally access the accrued capital specifically to fund higher education, purchase a first home, or launch a business.

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