Bank of America Matches $1,000 Government Deposits for Trump Account Holders
Bank of America has announced a new initiative that aligns with the government’s Trump accounts, aimed at providing financial security for families. This initiative involves Bank of America matching the federal government’s $1,000 contribution for eligible employees’ children.
Bank of America Matches $1,000 Government Deposits
The matching program targets children born between January 1, 2025, and December 31, 2028. Bank of America will offer this contribution to all of its 165,000 U.S. employees. The move is seen as a commitment towards supporting employees in building long-term financial stability.
Details of the Trump Accounts
The Trump accounts are part of the One Big Beautiful Bill Act, designed to initiate government-backed savings for newborns. These accounts will officially launch on July 4, 2026, and will be funded by a $1,000 deposit from the U.S. Treasury.
- Eligibility: Children born between January 1, 2025, and December 31, 2028.
- Funding: Initial deposit of $1,000 from the U.S. Treasury.
- Contributions: Parents can deposit up to $5,000 annually, although additional contributions are optional.
To set up the account, an authorized adult—such as a parent or grandparent—must have a valid Social Security number for the child. Parents can enroll their children in the program during tax filing season.
Financial Growth Potential
The funds in these accounts will be invested in broad U.S. stock index funds, aimed at growing in value alongside the U.S. stock market’s performance. The Treasury Department estimates that a fully funded Trump account could potentially reach values between $600,000 and $1.9 million by the time the child reaches age 28.
- Projected growth: $3,000 to $13,800 over 18 years without additional contributions.
Bank of America’s participation reflects its commitment to investing in employees and families. This initiative is part of a broader strategy to enhance financial planning solutions for employees, reinforcing the company’s reputation as a great place to work.
