JPMorgan is throwing its support behind the administration's new investment accounts for infants. In an announcement that coincides with the White House's Wednesday call on parents to open the accounts as they file their 2025 taxes, the bank said it will match the federal government's new $1,000 "Trump account" deposits for eligible employees' newborns, effectively turning the government's seed money into $2,000 per child. Bank of America announced a similar move in an internal memo the same day, as big financial firms line up behind the White House-backed pilot program.
ABC News reports the administration's Wednesday event is to be attended by President Trump, Treasury Secretary Scott Bessent, Sen. Ted Cruz, investor Kevin O'Leary, Dell CEO Michael Dell, actress Cheryl Hines, and rapper Nikki Minaj. Trump touted the long-term impact of the accounts, saying, "Decades from now, I believe the Trump accounts will be remembered as one of the most transformative policy innovations of all time," per the Hill.
The initiative sets up tax-advantaged investment accounts for children born in the US between Jan. 1, 2025, and Dec. 31, 2028. Washington kicks in $1,000 at birth; ABC News reports families can add up to $5,000 a year, with employers able to add another $2,500 annually. The effort is pitched as a long-horizon tool to chip away at the wealth gap by getting compounding investment returns working from day one.
ABC News reports an account opened in 2026 with the single $1,000 deposit is expected to grow to $5,800 over 18 years, while an account that has $5,000 added to it annually would hit $303,800. CNBC notes financial firms are heavily represented among corporate participants: BlackRock, BNY, Robinhood, SoFi, and Charles Schwab have all pledged to match the federal deposit for eligible staff.
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