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

2026-01-28

The BareStory

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.

Left Perspective

  • Major U.S. employers are actively integrating the federal program into their benefit structures.
  • Executives view the contributions as a means to support the long-term financial health of their workforce.
  • Momentum for the matching initiative is spreading across the financial and technology industries.

Right Perspective

  • Initial public demand for the accounts has been substantial since the filing period began.
  • The initiative relies on a mix of federal funding, family contributions, and private philanthropy.
  • The accounts are structured to foster tax-advantaged growth for specific future economic activities.

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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