Bank of America Matches Employee Contributions to Trump Accounts Up to $1,000
U.S. Social Security Administration Commissioner Frank Bisignano joins ‘Mornings with Maria’ to outline how the Trump administration’s tax agenda could deliver record refunds, expand benefits for seniors, and improve government services.
Bank of America made headlines on Wednesday by announcing its commitment to contribute funds to the newly proposed “Trump accounts” for eligible employees. This initiative aims to support families and promote financial security among the bank’s workforce.
The bank revealed that it will match the federal government’s $1,000 contribution to the newly established accounts for children born between January 1, 2025, and December 31, 2028. This offer extends to all 165,000 U.S. employees of Bank of America.
Moreover, employees with children under the age of 18 will have the option to make pretax contributions to their Trump accounts through payroll deductions, enhancing their ability to save for their children’s future.
BESSENT SAYS TRUMP TAX CUTS COULD MEAN ‘SUBSTANTIAL REFUNDS’ FOR WORKING AMERICANS IN 2026
Bank of America said it will match the federal government’s $1,000 contribution to Trump accounts for eligible U.S. employees. (Michael Nagle/Bloomberg via Getty Images / Getty Images)
“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,” Bank of America stated. “When teammates have the opportunity to build long-term financial security for themselves and their families, it strengthens our company and the communities we serve.”
The Trump accounts were established under the One Big Beautiful Bill Act last year, aiming to provide newborns with a government-backed savings program. These accounts will officially launch on July 4, 2026, and will be funded with an initial $1,000 from the U.S. Treasury for every American child born during the specified period.
Parents or authorized adults, such as guardians or grandparents, can set up these accounts for their children if they possess a valid Social Security number. While additional contributions are not mandatory, families can deposit up to $5,000 annually into the accounts.
DAVID BECKHAM EXPLAINS WHY HIS BANK OF AMERICA SPORTS DEAL ISN’T YOUR TRADITIONAL SPONSORSHIP
A screenshot of the Trump Account’s homepage. (White House)
Parents can enroll their children by opting in during tax return filings. Bank of America expressed its enthusiasm for participating in this innovative federal program, stating, “We applaud that the federal government is providing innovative solutions for employees and families to plan for their future.”
President Donald Trump is expected to provide further details about the accounts alongside Treasury Secretary Scott Bessent. The funds in these accounts will be invested in broad U.S. stock index funds, similar to those used in many retirement accounts, allowing them to grow in value alongside the overall performance of the U.S. stock market.
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Bank of America joined the Trump accounts program by pledging matching contributions for eligible workers. (Bonnie Cash/UPI/Bloomberg via Getty Images / Getty Images)
According to the Treasury Department’s Office of Tax Analysis, a fully funded Trump account could potentially be worth as much as $1.9 million by age 28, with lower-end returns nearing $600,000 over the same period. The Treasury estimates that the savings account could grow to between $3,000 and $13,800 over 18 years without any contributions beyond the initial federal deposit.
FOX Business’ Amanda Macias contributed to this report.
U.S. Social Security Administration Commissioner Frank Bisignano joins ‘Mornings with Maria’ to outline how the Trump administration’s tax agenda could deliver record refunds, expand benefits for seniors, and improve government services.
Bank of America made headlines on Wednesday by announcing its commitment to contribute funds to the newly proposed “Trump accounts” for eligible employees. This initiative aims to support families and promote financial security among the bank’s workforce.
The bank revealed that it will match the federal government’s $1,000 contribution to the newly established accounts for children born between January 1, 2025, and December 31, 2028. This offer extends to all 165,000 U.S. employees of Bank of America.
Moreover, employees with children under the age of 18 will have the option to make pretax contributions to their Trump accounts through payroll deductions, enhancing their ability to save for their children’s future.
BESSENT SAYS TRUMP TAX CUTS COULD MEAN ‘SUBSTANTIAL REFUNDS’ FOR WORKING AMERICANS IN 2026
Bank of America said it will match the federal government’s $1,000 contribution to Trump accounts for eligible U.S. employees. (Michael Nagle/Bloomberg via Getty Images / Getty Images)
“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,” Bank of America stated. “When teammates have the opportunity to build long-term financial security for themselves and their families, it strengthens our company and the communities we serve.”
The Trump accounts were established under the One Big Beautiful Bill Act last year, aiming to provide newborns with a government-backed savings program. These accounts will officially launch on July 4, 2026, and will be funded with an initial $1,000 from the U.S. Treasury for every American child born during the specified period.
Parents or authorized adults, such as guardians or grandparents, can set up these accounts for their children if they possess a valid Social Security number. While additional contributions are not mandatory, families can deposit up to $5,000 annually into the accounts.
DAVID BECKHAM EXPLAINS WHY HIS BANK OF AMERICA SPORTS DEAL ISN’T YOUR TRADITIONAL SPONSORSHIP
A screenshot of the Trump Account’s homepage. (White House)
Parents can enroll their children by opting in during tax return filings. Bank of America expressed its enthusiasm for participating in this innovative federal program, stating, “We applaud that the federal government is providing innovative solutions for employees and families to plan for their future.”
President Donald Trump is expected to provide further details about the accounts alongside Treasury Secretary Scott Bessent. The funds in these accounts will be invested in broad U.S. stock index funds, similar to those used in many retirement accounts, allowing them to grow in value alongside the overall performance of the U.S. stock market.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Bank of America joined the Trump accounts program by pledging matching contributions for eligible workers. (Bonnie Cash/UPI/Bloomberg via Getty Images / Getty Images)
According to the Treasury Department’s Office of Tax Analysis, a fully funded Trump account could potentially be worth as much as $1.9 million by age 28, with lower-end returns nearing $600,000 over the same period. The Treasury estimates that the savings account could grow to between $3,000 and $13,800 over 18 years without any contributions beyond the initial federal deposit.
FOX Business’ Amanda Macias contributed to this report.
